The global fava beans market size reached 8.6 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 11.0 Million Tons by 2028, exhibiting a growth rate (CAGR) of 4.11% during 2023-2028. The growing preference for plant-based diets, increasing health consciousness among the masses and the ability of fava beans to ability to fix nitrogen in the soil represent some of the key factors driving the market.
Fava beans, also known as broad beans, are types of legumes that are native to North Africa and Southwest Asia. They are large and flat, with a distinctive oval shape and are green or beige in color, and have a smooth, velvety texture on the outside. They contain numerous essential nutrients and are a good source of protein, dietary fiber, vitamins, and minerals and are particularly rich in folate, iron, and potassium. Additionally, they are also low in fat and calories, making them a great addition to a healthy diet. They can be cooked in a variety of ways, including boiled, roasted, or pureed and can also be eaten raw. They are a common ingredient in Mediterranean and Middle Eastern cuisines and are often used in the preparation of falafel, hummus, soups, and pasta dishes. Due to the easy product availability via online and offline organized distribution channels and the advent of home delivery models, the demand for fava beans has rapidly increased.
Fava Beans Market Trends:
The global market is primarily driven by the growing health consciousness among the masses. Coupled with the shifting preferences toward plant-based diets among individuals, there has been a considerable rise in the demand for fava beans. Along with this, continual developments in the food and beverage sector and the proliferation of numerous restaurants and food chains are providing a boost to the sales of fava beans across the globe. Moreover, the popularity of fava beans is growing due to their ability to fix nitrogen in the soil, which can reduce the need for synthetic fertilizers, which is making fava beans a more sustainable crop option, thereby driving the demand on the global level. Apart from this, the widespread adoption of fava beans in crop rotation systems in order to improve soil health and reduce the environmental impact of agriculture is impacting the market growth favorably. Furthermore, the increasing popularity of Mediterranean and Middle Eastern cuisines among the masses is significantly supporting the demand. Other factors, including growing demand for plant-based proteins on account of environmental and ethical reasons and penetration of social media, are also positively influencing the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global fava beans market, along with forecasts at the global, regional, and country levels from 2023-2028.
The report has also provided a comprehensive analysis of all the major regional markets, which include China, Ethiopia, Australia, France, Morocco and others. According to the report, China was the largest market for fava beans. Some of the factors driving the China fava beans market included the growing utilization of fava beans in the preparation of stir-fries, soups and stews, extensive research and development (R&D) activities conducted by key players in the development of new varieties of fava beans that are resistant to diseases and pests, have higher yields, and better nutritional profiles, presence of favorable policies, including subsidies for farmers, research and development funding, and marketing support for exporters, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global fava beans market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Key Questions Answered in This Report:
- How has the global fava beans market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global fava beans market?
- What is the impact of each driver, restraint, and opportunity on the global fava beans market?
- What are the key regional markets?
- Which countries represent the most attractive fava beans market?
- What is the competitive structure of the global fava beans market?
- Who are the key players/companies in the global fava beans market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the fava beans market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global fava beans market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the fava beans industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.