The global fava beans market is expected to reach USD 3.72 billion by 2025. The rapidly growing vegan population on a global level as a result of increasing concerns regarding cardiovascular disorders associated with red meat is expected to remain a favorable factor for the market.
Fava beans are considered a key source of protein, folate, fiber, minerals, vitamins, copper, zinc, magnesium, potassium, and selenium. It is considered effective in maintaining blood pressure, boosting the immune system, and improving bone health in the human body.
In 2017, animal feed accounted for more than 20.0% revenue share. Brown beans are primarily used as a functional ingredient in animal feed industry countries such as the U.S., UK, and Germany. The positive outlook of the animal feed industry in countries such as China and India is projected to present growth opportunities for the market in the near future.
Faba beans form a part of the diet in the Middle East and Africa due to its nutritional value. The beans are an essential ingredient in the formulation of ful medames, a traditional breakfast in the Middle East & Africa region. It is also consumed as a staple food in South American countries such as Venezuela, Brazil, and Bolivia. The powder form is expected to gain momentum as an ingredient in making bread and pasta due to its fine texture and nutritional profile.
As of 2017, China was the largest producer of fava beans followed by Australia, Ethiopia, France, Egypt, Morocco, UK, Germany, Peru, and Italy. Some prominent exporters include China, UK, France, Ethiopia, Canada, Latvia, and Lithuania. On the other hand, Sudan, Saudi Arabia, Norway, Indonesia, Canada, Spain, and UAE are among the key importers of faba beans.
Asia Pacific was the largest market accounting for more than 40.0% in 2017. Increasing health consciousness among consumers in countries such as India and China are expected to drive consumption of roasted seeds including fava beans as a low-fat protein alternative. In the North America region, increasing concerns over glutamic disorders and lactose intolerances is expected to have a positive impact on the market.
Over the past few years, the manufacturers have increased their spending on product innovation. In November 2018, Enlightened, a food & beverage manufacturer, launched a wide range of snacks derived from broad beans.
Some of the key companies in the market include BI Nutraceuticals, GrainCorp, Dunns (Long Sutton) Limited, Sun Impex, Centre State Exports Pty Ltd, Nuttee Bean Co., The Happy Snack Company Prairie Fava, and VERSO FOOD OY.
In November 2018, VERSO FOOD OY invested Euro 10 million in the new production facility in Kauhava, Finland. This production capacity expansion is expected to ensure the supply of its finished products including faba beans.
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Hexa Research has segmented the global fava beans market report based on application, distribution channel and region:-
Segmentation by application
• Human Nutrition
• Animal Feed
Segmentation by distribution channel
Segmentation by region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key players analyzed:
• GrainCorp Limited
• BI Nutraceuticals
• Dunns (Long Sutton) Limited
• Centre State Exports Pty Ltd
• Sun Impex B.V.
• Nuttee Bean Co.
• Prairie Fava
• The Happy Snack Company
• VERSO FOOD OY
• Adag International Trading PLC