Press release
Faba Beans Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Faba Beans Market
The Business Research Company offers in-depth market insights through Faba Beans Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The faba beans market size has grown steadily in recent years. It will grow from $3.41 billion in 2023 to $3.51 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to traditional food production, microbiome and gut health, food preservation, ethnic and cultural foods, nutritional benefits.
The faba beans market size is expected to see steady growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to sustainability and eco-friendly production, plant-based fermentation, clean label and natural ingredients, export opportunities, plant-based fermentation. Major trends in the forecast period include innovative fermented ingredients, personalized nutrition, probiotic and gut health focus, artisanal and craft fermentation, technological advancement .
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Market Segmentation:
The main types of faba beans are organic and conventional faba beans. Organic faba beans are produced using natural principles such as biodiversity and composting. Conventional faba beans are grown using high-input modern agriculture with synthetic chemical fertilisers, fungicides, insecticides and others. Faba beans are used in food processing, animal feed, nutraceuticals, sports nutrition, and infant nutrition. These are made available to the end-users through supermarkets, hypermarkets, convenience stores, speciality stores, online retailers and other channels.
Major Driver - Meeting The Demand For Plant-Based Proteins Drives Faba Beans Market Growth
The increasing shift towards veganism boosted the growth of the faba beans market during the historic period. Veganism involves abstaining from animal products, particularly in an individual's diet. According to data compiled by SPINS on behalf of advocacy nonprofit The Good Food Institute (GFI) and trade group Plant Based Foods Association (PBFA) released in April 2021, supermarket sales of plant-based foods that directly replace animal products increased by 27% to $7 billion in previous year. Moreover, sales of plant-based foods increased three times more quickly than those of non-plant-based meals as compared to previous years in the year 2021 in the US. Consumers are rapidly moving toward veganism in many parts of the world, resulting in a significant increase in demand for plant-based proteins, which drove the need for faba beans over the historic period.
Competitive Landscape:
Major companies operating in the faba beans market include Prairie Fava Ltd., Unigrain Pty Ltd, Roland Beans, Aviip Group, Alberta Pulse Growers Commission, Stamp Seeds Inc., Pawnee Buttes Seed Inc., Archer Daniels Midland Company, Cargill Incorporated, Bunge Limited, AGT Food and Ingredients Inc., Ingredion Incorporated, SunOpta Inc., The Scoular Company, Roquette Frères, Verdient Foods Inc., Grain Millers Inc., Best Cooking Pulses Inc., The Andersons Inc., Legumex Walker Inc., Bonduelle Group, Dakota Dry Bean Inc., Nordic Foods Inc., Greenleaf Foods SPC, Valley Proteins Inc., JBS USA Holdings Inc., Seaboard Corporation, Alico Inc., Bean Growers Australia, Mercer Foods
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Top Trend - Innovative Product Development
Major companies in the faba beans market are focusing on technical advancements of their products to cater to the growing need for plant-based proteins. For instance, in March 2023, Nestle S.A., a Switzerland-based food and beverage company, developed a new plant-based beverage that combines oats and fava beans. The milk alternative has a mild, nutty taste and smooth texture coming from the fava and oat, making it perfect for any time of day on its own, in a smoothie, or with cereal.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Faba Beans Market Characteristics
3. Faba Beans Market Trends And Strategies
4. Faba Beans Market - Macro Economic Scenario
5. Faba Beans Market Size And Growth
…..
27. Faba Beans Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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