Press release
Faba Beans Market Witnesses Steady Growth, Projected to Reach $3.51 Billion in 2024
Faba Beans Market
The faba beans market has experienced steady growth, with an anticipated increase from $3.41 billion in 2023 to $3.51 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 2.9%. Projections for the coming years indicate a continued upward trajectory, reaching $4.09 billion in 2028, with a forecasted CAGR of 3.9%.
Driving Factors:
Meeting the Demand for Plant-Based Proteins:
The surge in veganism has been a catalyst for the faba beans market, aligning with the increasing shift towards plant-based diets. Data from SPINS, The Good Food Institute (GFI), and Plant Based Foods Association (PBFA) reveals a 27% rise in supermarket sales of plant-based foods, reaching $7 billion. This significant increase reflects consumer preference for plant-based alternatives, boosting the demand for faba beans as a crucial source of plant-based proteins.
Rising Demand for Nutritious Foods:
The market is witnessing growth driven by an escalating demand for nutritious foods. Faba beans, recognized for their high protein, fiber, and mineral content, are integral to nutritious food products. With 52% of Americans reporting adherence to a specific diet or eating pattern, as indicated by the International Food Information Council, the consumption of nutritious foods is on the rise, propelling the faba beans market forward.
Explore the Global Faba Beans Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=4117&type=smp
Key Players:
Leading companies in the faba beans market include Prairie Fava Ltd., Unigrain Pty Ltd., Roland Beans, Aviip Group, and other major players contributing to the market's growth.
Innovations:
Plant-Based Beverage Development:
Companies like Nestle S.A. are actively contributing to the market through innovative product development. Nestle introduced a plant-based beverage combining oats and fava beans, offering a mild, nutty taste and smooth texture. This product aligns with the rising demand for plant-based alternatives.
Strategic Partnerships for Market Expansion:
Collaborative efforts are underway to enhance the market presence of faba beans. In a strategic partnership, Tesco PLC and AB Mauri aim to triple their overall product production by incorporating faba beans into a diverse range of products and ingredients.
Regional Insights:
Asia-Pacific stands as the largest region in the faba beans market in 2023, maintaining its prominence in the forecasted period. The regions covered include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The faba beans market covered in this report is segmented -
1) By Nature: Organic, Conventional
2) By End Use: Food Processing, Animal Feed, Nutraceuticals, Sports Nutrition, Infant Nutrition
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retailers, Other Distribution Channels
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/faba-beans-global-market-report
Faba Beans Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Faba Beans Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on faba beans market size, faba beans market drivers and trends, faba beans market major players, competitors' revenues, market positioning, and faba beans market growth across geographies. The faba beans market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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