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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 Share
Fava beans are being increasingly consumed due to high demand for plant-based protein sources
In the food applications segment, fava beans are utilised for human consumption in various forms, including direct consumption and incorporation into food products. They are used in dishes like soups, stews, salads, and as a meat substitute in vegetarian and vegan recipes, catering to the increasing demand for plant-based protein sources and nutritious food options globally.
As per fava beans market analysis, in the feed applications segment, fava beans serve as a protein-rich feed ingredient for livestock, including poultry, swine, and cattle. The feed applications segment plays a crucial role in supporting the livestock industry's need for high-quality and sustainable feed sources.
Easy availability of fava beans across supermarkets and hypermarkets to supplement the market growth
The market is being driven by the increasing availability of fava beans across supermarkets and hypermarkets to meet the growing consumer demand for food products packed with nutrients. In addition, the rapid expansion of e-commerce channels is also expected to prove beneficial for the growth of the fava beans market. For instance, through online stores, such as Amazon Pantry, consumers can purchase fresh, canned, and packaged fava beans . Convenience stores, such as 7-Eleven, offer quick access to fava beans and may stock canned fava beans or snacks for on-the-go consumers. Speciality stores, like gourmet food stores, offers organic dried fava beans or fava bean flour.
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