Press release
Global Faba Beans Market to Reach $4.29 Billion by 2029, Growing at 0.0439766684453329% CAGR
The growth of the faba beans market was significantly driven by the escalating trend towards veganism during the past years. Veganism, which is a lifestyle that excludes the consumption of animal products particularly in diet, saw a surge. For example, the World Animal Foundation, a U.S. digital platform advocating animal rights, stated in March 2023 that around 4% of the U.S. population, around 13.4 million people, were living vegan. Moreover, statistics relating to plant protein showed that over 6% of U.S. consumers, equivalent to over 15.5 million individuals, are committed to a vegan lifestyle. This swift switch towards veganism across many regions of the world has led to a substantial rise in the demand for plant-based proteins and will continue to stimulate the need for faba beans in foreseeable future.
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How will the growth rate of the faba beans market shape industry trends by 2034?
The market size of faba beans has seen consistent growth over the past years. It is projected to increase from a worth of $3.51 billion in 2024 to about $3.61 billion in 2025, with a compound annual growth rate (CAGR) of 2.9%. This expansion in the historical period can be credited to factors like traditional food manufacturing, gut health and microbiome, food preservation, cultural and ethnic foods, along with their nutritional advantages.
The market size of faba beans is predicted to have a consistent rise in the coming years, reaching $4.29 billion in 2029 with a compound annual growth rate (CAGR) of 4.4%. The surge during the predicted period could be due to sustainable and environment-friendly agriculture, the use of plant-based fermentation, adopting clean and natural elements, along with export potential. Key trends during this projection period include the emergence of inventive fermented elements, tailored nutrition, emphasize on probiotics and gut health, artisanal and crafted fermentation, and technological progression.
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What trends are poised to drive the future success of the faba beans market?
Leading businesses in the faba beans market are pivoting towards technological innovation in their product line to meet the increasing demand for plant-based proteins. For instance, in March 2023, Nestle S.A., a renowned food and beverage corporation headquartered in Switzerland, introduced a novel plant-based beverage that blends oats and fava beans. The dairy substitute boasts a gentle, nutty flavor and velvety texture derived from the fava and oat, making it an ideal choice for all times of the day, whether consumed alone, in a smoothie, or paired with cereal.
Which primary segments of the faba beans market are driving growth and industry transformations?
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: Super markets/Hyper markets, Convenience Stores, Specialty Stores, Online Retailers, Other Distribution Channels
Subsegments:
1) By Organic: Certified Organic Faba Beans, Non-Certified Organic Faba Beans
2) By Conventional: Non-GMO Conventional Faba Beans, GMO Conventional Faba Beans
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Which geographical regions are pioneering growth in the faba beans market?
Asia-Pacific was the largest region in the faba beans market in 2024. The regions covered in the faba beans market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the influential players reshaping the faba beans market landscape?
Major companies operating in the faba beans market include Prairie Fava Ltd., Unigrain Pty Ltd, Roland Beans, 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., Bonduelle Group, Dakota Dry Bean Inc., Greenleaf Foods SPC, JBS USA Holdings Inc., Seaboard Corporation, Bean Growers Australia, Mercer Foods
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What Is Covered In The Faba Beans Global Market Report?
•Market Size Forecast: Examine the faba beans market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the faba beans market for a structured understanding.
•Key Players Overview: Analyze major players in the faba beans market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the faba beans market.
•Segment Contributions: Evaluate how different segments drive overall growth in the faba beans market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the faba beans market.
•Industry Challenges: Identify potential risks and obstacles affecting the faba beans market.
•Competitive Landscape: Review strategic developments in the faba beans market, including expansions, agreements, and new product launches.
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