Global Fava Beans Market Size to Worth USD 7.09 Billion by 2033: Forecast Analysis Report

Global Fava Beans Market Size to Worth USD 7.09 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Fava Beans Market Size is Expected to Grow from USD 4.46 Billion in 2023 to USD 7.09 Billion by 2033, Growing at a CAGR of 4.74% during the forecast period 2023-2033.

Browse key industry insights spread across 215 pages with 110 Market data tables and figures & charts from the report on the Global Fava Beans Market Size, Share, and COVID-19 Impact Analysis, By Product (Fava Beans Flour and Whole Fava Beans), By Application (Animal Feed and Human Nutrition), By Distribution Channel (Supermarkets/Hypermarkets and Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

Fava beans are a type of legume that are grown for their edible seeds inside large pods. They are also referred to as broad beans. Their nutritional advantages, such as being high in protein, fiber, vitamins (such as folate and vitamin K), and minerals (such as iron and manganese), have made them valuable for thousands of years. Grown across the globe, fava beans are used in a wide variety of culinary applications, from salads and soups to dips and main courses. The globalization of vegetarian and vegan populations is a major element propelling the market's progress. Fava beans have become a crucial source of protein as more people switch to plant-based diets because of ethical considerations, environmental sustainability, and the health advantages of consuming less meat. Owing to their adaptability, they can be used in a wide range of culinary applications, from innovative snacks and meat substitutes to traditional entrees. Manufacturers are expanding the market's reach in response to this trend by creating new fava bean-based goods that satisfy changing consumer tastes. However, important issues about fava bean farming and climate change that hindered the fava bean market.

The fava beans flour segment is expected to hold the largest market share of the global fava beans market through the forecast period.                        

Based on the product, the fava beans market is categorized into fava beans flour and whole fava beans. Among these, the fava beans flour segment is expected to hold the largest market share of the global fava beans market through the forecast period. As health consciousness increases throughout the world, more people are looking for nutritious foods that offer significant health advantages. Fava bean flour is a popular option for people who want to add nutritious products to their diets because of its high protein, fiber, and mineral content. Growing knowledge of fava beans' nutritional benefits, such as their ability to lower blood pressure and enhance general health, is fueling the market for fava bean flour in a variety of culinary applications.     

The human nutrition segment is predicted to hold a significant market share in the global fava beans market over the projected timeframe.           

Based on the application, the fava beans market is classified into animal feed and human nutrition. Among these, the human nutrition segment is predicted to hold a significant market share in the global fava beans market over the projected timeframe. Fava beans are popular in vegan diets because of their high protein content, which offers a complete amount of essential amino acids that are often hard to obtain from plant-based foods. Fava beans are a rare complete protein among legumes, providing about 13 grams of protein per cooked cup and including all nine necessary amino acids. For vegetarians and vegans who must make sure they obtain enough protein without utilizing animal products, this feature is very appealing. Leucine and lysine are two amino acids that promote muscle growth and repair, which is essential for people who lead active lifestyles or regularly exercise.                

The supermarkets/hypermarkets segment is anticipated to hold the highest market share of the global fava beans market through the projected period.

Based on the distribution channel, the fava beans market is divided into supermarkets/hypermarkets and online. Among these, the supermarkets/hypermarkets segment is anticipated to hold the highest market share of the global fava beans market through the projected period. Raw beans, flour, and creatively processed foods such as pasta and snacks are among the many fava bean products available in supermarkets and hypermarkets. The growing demand from consumers for wholesome and adaptable plant-based foods is met by this wide range, especially as the popularity of veganism and vegetarianism keeps growing. Since several fava bean products are available in one place, customers are inclined to try these components, which increases sales.

North America is expected to hold the largest share of the fava beans market through the forecast period.

North America is expected to hold the largest share of the fava beans market through the forecast period. Consumers are significantly shifting to plant-based diets as a result of growing health consciousness and knowledge of the nutritional advantages of legumes. A common option for people who are health-conscious or trying to get back on their meat intake, fava beans are known for their high protein level, fiber, and vital vitamins and minerals. Concerns about the health hazards of red meat, together with the rise of vegetarianism and veganism, have increased demand for wholesome plant-based substitutes such as fava beans.

Asia Pacific is predicted to grow at the fastest CAGR of the fava beans market over the forecast period. Important factors include the growing population and rising disposable incomes in nations such as China and India. Plant-based proteins and other nutrient-dense food options are becoming more and more popular as more customers reach higher income levels. Health-conscious consumers looking for meat substitutes are increasingly choosing fava beans because they are high in protein, fiber, and vital minerals. The traditional usage of fava beans in a variety of Asian cuisines, including falafel and ful medames, also encourages their continued use and inclusion into contemporary diets. Their appeal as an essential in both classic and modern cuisines is increased by this cultural familiarity.

Company Profiling

Major key players in the fava beans market include Tereos, AGT Foods, Millet International, Conagra Brands, Viterra, Wilmar International, World Food Programme, Ebro Foods, ADM, Kerry Group, Scoular Company, Cargill, Olam International, Ingredion, and others.

Recent Developments

• In March 2023, Nestle opted to use a blend of fava and oats in its new dairy substitute. To provide increased nutrient levels, the company's most recent milk substitute blends two plant-based products.

• In January 2023, Tesco PLC, a multinational grocery store chain based in the United Kingdom, collaborated with AB Mauri, a company that processes fava beans, and its own-brand suppliers, such as Samworth Brothers, which produces ready meals, to test the fava bean in a variety of product categories and component combinations. Demand in the UK will rise as a result of this.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the fava beans market based on the below-mentioned segments:

Global Fava Beans Market, By Product

• Fava Beans Flour
• Whole Fava Beans

Global Fava Beans Market, By Application

• Animal Feed
• Human Nutrition

Global Fava Beans Market, By Distribution Channel

• Supermarkets/Hypermarkets
• Online

Global Fava Beans Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa