Fava Beans Market Is Further Expected To Reach 5.1 Million Tons By 2024

Fava or Faba beans refer to an annual legume crop botanically known as Vicia faba L. The crop is known by many names, most of which belong to a particular subgroup rather than the whole species. They are best adapted to moist and cooler environments and are not recommended for areas where there is little precipitation or no access to irrigation. They can be cultivated early in the spring, giving farmers the ability to spread the work load during seeding.

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Having great standability, fava beans can easily withstand difficult environmental conditions which leads to the ease of harvest. In addition, fava beans can fix more than 90 percent of their own nitrogen requirements, thereby, resulting in lesser requirements of nitrogen fertilizers.

Fava beans are rich in potassium, magnesium, selenium, iron, protein, copper and zinc. They have relatively low fat content with a decent amount of dietary fibre and B-complex vitamins. Besides this, fava beans also help fight various health problems such as Parkinson’s disease and dopamine responsive dystonia disorders. They find applications in a number of ready-to-eat food products across segments such as bakery, batter and breading, beverages, meat and snack food industry, etc. One of the major factors augmenting the demand for fava beans is the rising health consciousness among the consumers. Several other factors such as rising population, increasing disposable incomes and a growing demand from developing markets are also fuelling the growth of the global fava beans market. According to a new report by Expert Market Research, the market reached a volume of 4.9 Million Tons in 2018 and is further expected to reach 5.1 Million Tons by 2024.

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Market breakup by Region:

• Asia-Pacific

• Middle East and Africa

• South America

• Europe

Top Players:

• AGT Foods and Ingredients Inc.

• BroadGrain Commodities Inc.

• Simpson Seeds Inc.

• ADM-Benson Quinn

• Cargill Foods

• Victoria Foods Pvt. Ltd.

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Key findings from the report:

• Region-wise, Asia-Pacific dominated the market with the majority of the total global production. Other major markets for fava beans are Asia-Pacific, Middle East and Africa, South America and Europe.

• The global fava beans market is highly fragmented in nature with a number of local and global players operating in the market. Some of the key players include AGT Foods and Ingredients Inc., BroadGrain Commodities Inc.,

• Simpson Seeds Inc., ADM-Benson Quinn, Cargill Foods and Victoria Foods Pvt. Ltd.

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