Augmenting Consumer Demand for Plant-based Proteins to Propel Market

Despite losing its popularity over the past century, faba beans are gradually making a comeback. Increasing awareness pertaining to the benefits of consuming faba beans, growing demand for natural and plant-based proteins, evolving consumer behavior, and rising interest in faba beans from the nutraceutical sector are some of the key drivers expected to augment the growth of the global faba beans market during the forecast period. The shift from traditional manual agricultural practices to the adoption of automated and modern agricultural equipment and techniques has resulted in a higher yield value, improvement in the quality of faba beans, and several other benefits, which is anticipated to bolster the expansion of the global faba beans market during the assessment period.

In the current scenario, consumers are increasingly shifting toward veganism or a vegetarian diet in several parts of the world due to which, the demand for plant-based proteins has witnessed a notable spike, thus driving the demand for faba beans during the forecast period. Furthermore, increased access to marketing, improved agronomic practices worldwide, and growing adoption of an integrated approach for crop improvement are some of the other key factors likely to fuel the growth of the global faba beans market in the upcoming decade.

At the back of these factors, along with the entry of several established and upcoming brands in the faba beans market, the global faba beans market is anticipated to reach ~US$ 79 Mn by the end of 2030.

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Collaborative Research Programs to Fuel Market Growth

The increasing focus on collaborative research programs is expected to play an imperative role in improving the quality of faba beans– a factor that is expected to propel the global faba beans market during the assessment period. Collaborative research programs around the world have played a major role in establishing a solid foundation for the global faba beans market. For instance, consistent efforts by the International Center for Agricultural Research in Dry Areas (ICARDA) and the European Union via collaborative projects have gradually improved the popularity of faba beans in Europe. The entry of new genotypes coupled with interesting prospects on the research front are set to propel the global faba beans market during the forecast period. In addition, ICARDA is increasingly pushing for the integration of biotechnological tools in the breeding of faba beans due to which, thus increasing the growth prospects of the global faba beans market.

While the demand for plant-based proteins continues to grow across the world, the demand for faba bean seeds is on the rise owing to its rich nutritional content in a range of animal feed and conventional food products.

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Research Activities Indicate Faba Beans Likely to be Utilized as Soy Alternative

Research and development activities are set to play an imperative role in shaping the growth of the global faba beans market in the upcoming years. As the demand for plant-based protein alternatives continues to grow, investments spike for the improvement of various aspects of the faba beans, including cultivation techniques and integration of biotechnological tools. For instance, a team of Danish researchers recently developed a relatively new processing technique, which according to them is expected to usher faba beans as an eco-friendly alternative to soy. The research is primarily aimed to explore the possibility of using faba beans as an alternative to soy due to the environmental impact of the latter. Currently, consumers are increasingly opting for environment-friendly food ingredients and products due to the increasing awareness pertaining to the dire need for environment sustainability and protection.

Demand for Faba Beans to Witness Slight Decline amid COVID-19 Pandemic

The outbreak of the novel COVID-19 pandemic is expected to result in a slight drop in the demand for faba beans, particularly in 2020, thus affecting the faba beans market. Disruption in the supply chain due to the stringent lockdowns, closure of non-essential service and commodity sectors, and restrictions on domestic as well as international transportation are projected to negatively impact the demand for faba beans during the COVID-19 pandemic. However, the demand is anticipated to grow gradually across regions, wherein the COVID-19 situation is under control. Online sales are expected to increase in 2020, as consumers are likely to skip visiting retail stores, supermarkets, and brick and mortar stores as a precautionary measure. Faba beans offer various health benefits as they has antioxidants that improve the immune response of the body. Faba beans also prevent cell damage and ageing, and inhibit immune cells against the oxidative stress and membrane damage.

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Analysts’ Viewpoint

The global faba beans market is expected to expand at a moderate CAGR of 4.2% during the forecast period. The market growth can be primarily attributed to evolving consumer landscape, increasing demand for plant-based proteins and ingredients, commendable research findings, and growing support from international as well as local agricultural organization for the development of the faba beans agronomics. Market players should focus on increasing awareness related to the benefits of faba beans and continue to curate engaging branding and marketing strategies to gain a competitive edge in the current faba beans market landscape.

Faba Beans Market: Overview

  • The global value for the faba beans market stood at ~US$ 52.3 Mn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is anticipated to reach ~US$ 79 Mn by 2030, at a CAGR of 4.2%.
  • The faba beans market is estimated to have lucrative business due to the surge in the demand for natural protein ingredients in several end-use industries that are directly influencing human and animal health, which has been witnessed over the past few years

 Faba Beans: Market Frontrunners

  • Protein isolates, concentrates, and flour among other product types are the key segments; of these, the leading segment is protein isolates registering a market share of ~45.9% in 2020
  • Conventional is a dominating nature segment in the global faba beans market, which is expected to account for 95.4% share in 2020, in terms of market value
  • Based on end use, the global faba beans market is segmented into food processing, nutraceuticals, animal feed, infant nutrition, and sports nutrition. The food processing segment is anticipated to hold a leading market share of 69.4% of the market in 2020.
  • Dry and wet processing are key segments based on processing type, among which, wet processing type is the most lucrative segment and is anticipated to grow with CAGR of 4.9% during the forecast period
  • Regionally, global faba beans market comprises North America, Latin America, Europe, Asia (South & East), Oceania, Middle East & Africa (MEA). Among these regions, North America and Europe holds ~69% share.

Faba Beans Market: Trends

  • Shift Toward Natural Ingredients in End-use Industry

The sedentary lifestyle of consumers across the word has forced them to opt for healthy food products, which is related to good nutrition and lifestyle. Consumer focus on natural ingredients-based products is on the rise, as more customers are keenly rolling up their sleeves and are getting involved in preventive healthcare. These days, buyers are becoming more conscious regarding health and wellness. They are preferring those products and ingredients that have been sourced naturally. However, the natural trend is anticipated to grow; it is estimated that the sales of conventional products may fall. The demand for natural products among costumers is encouraging manufacturers across the globe to reformulate their product offerings to eliminate artificial ingredients. Consumer move from synthetic to natural ingredients is one of the major factors, which is behind the changing preferences of customers over time. The shift from artificial to natural products is prompting all end-use manufacturers, from food to cosmetic and healthcare industries and from feed to aquaculture industries.

  • Significance of Health Attributes Influencing Purchasing Decision of Customers

Demand for faba beans is on the rise, as costumers are aware concerning ingredients in terms of associated health benefits. In earlier times, faba beans are mostly used in the animal feed industry but after research, it is found that faba beans has very high protein and fiber content and are free from saturated fats and cholesterol. Faba beans is also a low-cost lean protein source; it can be either served cooked or raw. Consumption of fresh or cooked faba beans significantly enhances the level of iron, folate, dietary fiber, and manganese.

One cup of cooked fava beans provides 37% of daily dietary fiber requirement, where as a cup of raw or fresh fava beans offers 150% of the total requirement. Fava beans has both insoluble and soluble fiber, as compared with other legumes, though it is enriched with insoluble fiber. Consumption of plenty of insoluble fiber supports digestive health and prevents the cancer of colon. The soluble fiber intake reduces the risk of diabetes and high blood cholesterol. However, faba beans also have high-fiber content that prevents stroke, heart disease, and obesity. These properties of faba beans provide a growth prospect for the manufacturers to support the offerings with the desired claims, which are trending across the global market.

Faba Beans Market: Strategies

  • Innovation and remodeling as per the requirement of consumers have apprehended the global faba bean market. Key players operating in global market are innovating their manufacturing of plant-based protein, owing to rising demand across the globe.
  • However, mergers & acquisitions is the most preferred strategy among multinational players to expand their regional presence
  • Product Launches and Key Innovations: Faba beans manufacturers have started launching various products with several health beneficial properties
    • For instance, in November 2018, Puris- a U.S. based company has debuted with the PURIS faba bean protein that can be widely used in range of applications in the food industry - from dry beverage bars and blends to plant-based meat alternatives
    • In November 2019, Vestkorn- a European manufacturer announced the launch of textured faba bean and pea protein that is produced without using chemicals

Target Region for Market

  • As of 2020, North America holds the major market share and is estimated to continue leading the global faba beans market during the forecast period

Faba Beans Market: Players

  • Key manufacturers operating in the global faba beans market,
    • as profiled in the study
    • include BI Nutraceuticals
    • Alberta Pulse Growers
    • Prairie Fava.
    • Puris Proteins, LLC.
    • Dunns (Long Sutton) Limited
    • Sun Impex B.V.
    • Nuttee Bean Co.
    • Vestkorn Milling AS
    • Roquette Frères
    • GrainCorp Limited.
    • Centre State Exports Pty Ltd
    • Australian Plant Proteins,
    • among others

Faba Beans Market - Scope of the Report

Transparency Market Research (TMR) has recently published a market study on the faba beans market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the faba beans market structure. The market study presents exclusive information about how the faba beans market will grow during the forecast period of 2020-2030.

Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) have been elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the faba beans market during the forecast period.

The study is intended to offer a holistic market overview to stakeholders in the faba beans, including manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the faba beans market, which include investors, industry experts, researchers, and journalists, and business researchers can leverage the information and data presented in TMR’s study.  

The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the faba beans market. Furthermore, small businesses and new entrants in the faba beans market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.

Key Questions Answered in TMR’s Faba Beans Market Report

  • Which region will continue to remain the most profitable regional market for faba beans market players?
  • Which factors will induce a change in the demand for faba beans during the assessment period?
  • How will the changing trends impact the faba beans market?
  • How can market players capitalize on low-hanging opportunities in the faba beans market in developed regions?
  • Which companies are leading the faba beans market?
  • What are the winning strategies of stakeholders in the faba beans market to catapult their position at the forefront?  

Faba Beans Market: Research Methodology

In TMR’s study, a unique research methodology has been used to conduct extensive research on the growth of the faba beans market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts for compiling the faba beans market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers who contributed to the development of this report as a primary source.

Information acquired from primary sources and secondary sources has been compiled in a comprehensive manner. This also acts as a validation from companies in the faba beans market, which makes TMR’s projections more accurate and reliable.

Faba Beans Market – Segmentation

TMR’s study on the faba beans market offers information divided into important segments — product type, nature, end use, processing type, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Product Type

  • Protein Isolates
  • Protein Concentrates
  • Flour
  • Other Product Types

Nature

  • Organic
  • Conventional

End Use

  • Food Processing
    • Bakery & Confectionery
    • Meat Alternatives
    • Functional Foods
    • Dairy Replacements
    • Infant Foods
    • Other Food Applications
  • Animal Feed
    • Livestock
    • Cattle
    • Swine
    • Poultry
    • Pet Food
    • Aquafeed
  •  Nutraceuticals
  •  Sports Nutrition
  •  Infant Nutrition

Processing Type

  • Dry Processing
  • Wet Processing

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

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