Dublin, Dec. 13, 2021 (GLOBE NEWSWIRE) -- The "Faba Beans Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global faba beans market is expected to grow from $3.06 billion in 2020 to $3.18 billion in 2021 at a compound annual growth rate (CAGR) of 3.77%. The growth is mainly due to the growing demand for natural and plant-based proteins. The market is expected to reach $3.47 billion in 2025 at a CAGR of 2.19%.
Major players in the faba beans market are Prairie Fava, Unigrain, Roland Beans, Aviip Group, Alberta Pulse Growers, Stamp Seeds, Riddell Seed Co., and Pawnee Buttes Seed Inc.
The faba beans market consists of sales of faba beans. The market consists of revenue generated by establishments that are engaged in the production of faba beans. 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. The companies in the faba beans production distribute their products through various distribution channels to both individual customers and commercial establishments.
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 produced using high-input modern agriculture with synthetic chemical fertilizers, 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, specialty stores, online retailers and other channels.
Asia Pacific was the largest region in the faba beans market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The yield loss due to various diseases in faba beans could restrict the market in the forecast period. Faba beans are subject to number of diseases which reduces their yield and quality. Some of main diseases impacting the productivity of faba beans are botrytis chocolate spot, stemphylium blight, alternaria leaf spot and sclerotinia stem rot. This is expected to negatively impact the growth of the market in the forecast period.
In 2019, the companies Fava Trading and Roland Mills United formed Roland Beans GmbH as a joint venture. This allows the businesses to combine their complementary competencies in faba bean production, raw material supply, manufacturing, and utilization technologies in the supply chain.
Roland Mills United GmbH & Co. KG is a conventional milling company with several years of experience in the manufacturing of customer-specific grain milling products in Northern Germany. Fava Trading GmbH & Co. KG is a trading company based in Germany, in 2016 by visionary farmers from the Weser-Elbe region, is capitalizing on the field bean new opportunities in this conventional cultivation sector.
The increasing shift towards veganism boosted the growth of the faba beans market during the historic period. Veganism involves abstaining of animal products, particularly in the diet of an individual. As per the Vegan Society, 14,262 brands with the vegan trademark were registered in 2019 globally, which represented an improvement of 49% on last year registrations. Moreover, plant-based goods are driving revenues at grocery stores worldwide, expanding at nearly double the rate of total food sales.
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 2020. 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 demand for faba beans over the historic period.
Major companies in the market are focusing on technical advancements of their products in order to cater to the growing need for plant-based proteins. For instance, in 2020, Belgium based Verso Food using wet extrusion, developed a method to manufacture a faba-based food product with a fibrous structure close to cooked meat and chicken.
Key Topics Covered:
1. Executive Summary
2. Faba Beans Market Characteristics
3. Faba Beans Market Size and Growth
3.1. Global Faba Beans Historic Market, 2015 - 2019, Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Faba Beans Forecast Market, 2019 - 2023F, 2025F, 2030F, Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Faba Beans Market Segmentation
4.1. Global Faba Beans Market, Segmentation By Nature, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Billion
- Organic
- Conventional
4.2. Global Faba Beans Market, Segmentation By End Use, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Billion
- Food Processing
- Animal Feed
- Nutraceuticals
- Sports Nutrition
- Infant Nutrition
4.3. Global Faba Beans Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Billion
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retailers
- Others
5. Faba Beans Market Regional and Country Analysis
5.1. Global Faba Beans Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Billion
5.2. Global Faba Beans Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Billion
Companies Mentioned
- Prairie Fava
- Unigrain
- Roland Beans
- Aviip Group
- Alberta Pulse Growers
- Stamp Seeds
- Pawnee Buttes Seed Inc.
For more information about this report visit https://www.researchandmarkets.com/r/aybsf6
