Fava Beans Protein Market- Industry Growth and Trends Analysis

Fava Beans Protein Market Overview

The Fava Beans Protein Market size is expected to grow from USD 59.41 billion in 2023 to USD 88.29 billion by 2032, at a CAGR of 4.5% during the forecast period (2024-2032).

Fava Beans are also known as Broad Beans. It contain high source of protein and consumed in all over the world. This is a sessional crop, in springtime, it is taken by the northern side of India and in the rainy season, it is taken in the mountain region area. That means it is Kharif and Rabi crop according to the area. This crop is taken as a single crop on the field or in a mixed crop, the variety of combinations is available. Fava Beans are used as a substitute for meat, and because of that, the demand for this product is increased in the market. Fresh favas Beans can be eaten cooked, dried, and the versatile bean can be used for snacks, sauces, sabji, salads, fillings, and more. Fava Beans are grown on big green pods like chickpeas; inside the pods some beans are green in color, flat, and big. The pod is removed before cooking like the other ones; the pod is clean, and green in color. This takes more effort for harvesting and growing. This is labor dependent process. So the cost of this product is more than the other beans.

Market Dynamics And Factors For Fava Beans Protein Market

Drivers: 

Increasing Consumption of Healthy Food

People are Consuming Healthy Food and adopting healthy eating habits which supports the growth of fava beans protein market during the forecast period. People are more concerned about their diet, health, and exercise and it’s a good thing for everyone. In the past years, consumption of unhealthy food is increased, the more focus has been on junk food. But now more focus is on fitness and a healthy diet. Fava Beans are high in protein content; in 1 cup of Fava Beans contain 39.18 g of protein. Also, people are eating veggies and beans more than meat. Many people are converting to veg, veganism is trending this year so this trend can help the vegetable market to boost. After this covid 19 pandemic, there is more focus on immunity boosters, protein shakes, and overall healthy habits to maintain and survive in this hard time. 

Restraints:

Unavailability of the Row Material and Labor

Unavailability of the raw material and labor is a restraining element for the growth of the fava beans protein market during the forecast period. Various types of beans are in the market which contains a high amount of protein. So, the market is already crowded. The production of these beans depends on the climate, it's a session-able crop Kharif and Rabi both sessions are favourable but in different areas of land, so the production quantity of this crop has scope to increase. Also, its labor-dependent work the country like US also facing this problem.

Opportunity:

High Demand for Protein-Containing Beans

Fava Bean is contained high protein and Increasing demand for protein-containing beans is anticipated to dominate the Fava Bean market during the forecast period other important nutrients. Eating fava beans can be beneficial for weight loss, help to increase immunity, and also provide other health benefits. The demand for protein is increasing day by day. Meat is high in protein but for non-meat-eating people meat is not an option so the focus of the consumer is more on protein by direct diet or through shakes, protein powders, protein supplements, etc. Fava Beans are consumed directly and also the production of other by products of this crop is also in high demand. Fava Beans are used as row, a primary product by many protein supplements making companies.

Segmentation Analysis Of Fava Beans Protein Market

By Application, the Human Nutrition segment is led to dominate the fava bean market during the forecast period; Human Nutrition products have huge demand in the market. The work culture and habits of people are changing and it also changing the demand of that market for different products. A healthy diet is a new trend. Vegetables are new meat. People are now converting to vegetarianism. And people have the mentality of combining vegetables with healthy habits, diet so this increasing demand for fava beans, they contain a good amount of protein, rich in the nutrition content and others. In the future, the demand for fava beans are increasing because the consumption is increasing day by day people is adding beans into their daily diet. The conversion rate of people is very high from meat to plant-based protein diet. For the production of bread, fava bean flour is used. 

By Distribution Channel, the Offline segment is dominate the growth of the fava bean market during the forecast period. The offline market is good for the new developing product because people can able to see the product personally and check the quality of the product so it adds more transparency to the consumer for buying the product. The offline market is on the front line for fava beans. Offline distribution channels are markets, malls, retail shops, hypermarkets, wholesale shops, and super shops. These stores have the availability of products in different varieties and different price ranges. Online channels are growing so hugely for this product; this will bring growth in the market.

Regional Analysis Of Fava Beans Protein Market

Asia Pacific region is expected to grow in Fava Beans Protein Market with a significant growth rate in the upcoming year. Asia Pacific region has the largest demand for this product. China has the largest production of fava beans. From the total market share, 40% of the market was acquired by this region. The population is continuously increasing and people are becoming more aware of a healthy diet and having control over diet, with calculated consumption of food. In a country like India, China is traditionally very rich in culture. Fava beans are used for many traditional dishes in past years and because of the population, there is the availability of manpower. These are the factors that drive the increasing demand for fava beans protein in this region. 

During the forecast period, North America is expected to rise in the fava beans protein market at a stable pace. North America is the region where most of the part is developed; they have all the technological support, machines, and investment in the agricultural area. A variety of beans is available, in different types, shapes, and price ranges. The consumption of beans is comparatively very high in this sector. The area under fava bean cultivation is increasing; this crop is taken in the field separately, with other crops, or as a guard for another crop. After Asia Pacific North America is in the lead for the production of fava beans and the production of another by-product of fava beans. The government also contributes to the protein industry. In countries like Canada, these non-profit organizations are helping with this protein production section they provide funds, partnerships, and ideas for private firms to grow in this business.

Top Key Players Covered In Fava Beans Protein Market

• Alberta Pulse Growers(Canada)
• GrainCorp Limited (Australia)
• BI Nutraceuticals (US)
• Dunns (Long Sutton) Limited (UK)
• Centre State Exports Pty Ltd (Australia)
• Sun Impex B.V (India)
• Nuttee Bean Co
• Prairie Fava. (Canada)
• Puris Proteins LLC. (US)
• Dunns Long Sutton (UK)
• Vestkorn Milling AS (Norway)
• Roquette Frères (France)
• GrainCorp Limited (Australia)
• Centre State Exports Pty Ltd (Australian) and Other Major Players.

Key Industry Development In The Fava Beans Protein Market

• In January 2023, Tesco PLC, a British multinational grocery, partnered with the fava bean processor AB Mauri and its own-brand suppliers, including ready meal producer Samworth Brothers, to trial the fava bean across various product ranges and ingredients. This will cause an increase in demand in the United Kingdom.