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Report Overview
The global fava beans production expanded at a CAGR of around 1.00% in the historical period of 2018-2023. The fava beans market is further estimated to witness a steady growth in the forecast period of 2024-2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Manitoba grew over nine percent of Canada's total fava bean production in 2021, with Saskatchewan producing 41 percent and Alberta producing 50 percent.
- As per industry reports, seeded acreage of fava beans in Manitoba increased from 7,100 acres in 2019 to 9,500 acres in 2021.
- In 2019 and 2020, Manitoba exported USD 10.6 million and USD 6.2 million worth of fava beans.
Fava Beans Market Growth
Fava Beans, also known as broad beans or faba beans, are a member of the pea family and are one of the oldest known cultivated plants. Fava beans contain a high level of protein, usually between 20-40%, depending on the variety and the environmental conditions in which they are grown. It is a good source of iron, magnesium, potassium, zinc, copper, selenium, and many vitamins as well. The high nutritional value of fava beans is a major driver of market growth. Hence, rising adoption of healthier eating habits, growing middle class population, and increasing disposable incomes are fuelling demand for fava beans.
Moreover, improved availability of fava beans through organised retail channels like supermarkets, hypermarkets, and online stores is also contributing to the fava beans market expansion. Additionally, the use of fava beans in various food applications, such as ready meals, and the development of new fava bean varieties optimised for different climate and growing regions are expected to further drive the market in the coming years. Moreover, the rising trend of vegetarianism is also anticipated to bolster the consumption of fava beans in the coming years.
Fava Beans Market Report Snapshots
Fava Beans Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global fava beans market witnessed a growth at a CAGR of 1.00% in the historical period of 2018-2023.
The major drivers of the market include rising adoption of healthier eating habits, rising disposable incomes, growing middle class population, and the rising consumption of legumes.
Fava beans are the seeds of the broad-bean plant, also known as Vicia faba, and are commonly used as vegetables in various culinary dishes. They are rich in protein, fibre, and nutrients like folate, manganese, and iron.
Key trends aiding fava beans market expansion include the growing awareness about the high nutritional value of fava beans, the expansion of e-commerce channels, and the development of fava bean-based snacks.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Food and feed are the leading applications of the product.
Supermarkets and hypermarkets, convenience stores, speciality stores, and online retailers, among others, are the major distribution channels in the market.
Key players in the market are BroadGrain Commodities, AGT Food and Ingredients, Simpson Seeds Inc., and Archer Daniels Midland Company, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124