Faba Beans Global Market Navigating Trends, Share Report, Growth Drivers, Market Size And Future Outlook 2024-2033 | Prairie Fava Ltd., Unigrain Pty Ltd., Roland Beans, Aviip Group, SunOpta Inc.

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 .

Market Overview -
The faba bean is a common legume cultivated for its edible seeds or beans. Some varieties of faba beans are used as a source of protein for livestock. Faba beans are also widely used in the production of products such as protein powders and custom blends.

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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

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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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