IMARC Group’s latest report, titled “Fava Beans Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global fava beans market size reached 8.6 Million Tons in 2022. Fava beans, also known as broad and bell beans, refer to one of the most popular bean varieties belonging to the Fabaceae family. They are usually planted as a winter annual in subtropical areas, mainly in North Africa and southwest and south Asia. They can grow in various soil types, but loamy soil is best suited for their proper growth. They are a rich source of essential nutrients, including iron, protein, potassium, magnesium, selenium, zinc, thiamine, and copper. Compared to most legumes, they have a relatively low-fat content with a good amount of dietary fiber and B-complex vitamins. Since they aid in treating Parkinson’s disease and help regulate blood pressure levels, reduce the risk of cardiovascular diseases, and maintain the fluid balance in the body, fava beans have gained immense popularity among individuals.
Global Fava Beans Market Trends:
The rising intake of legumes due to the changing consumer dietary preferences and widespread adoption of healthier lifestyle habits represents the primary factor driving the market growth. This can be attributed to the growing awareness about the health benefits associated with their regular consumption and the widespread prevalence of various chronic diseases. Additionally, the increasing applications of fava beans in the food industry as an essential ingredient in a wide variety of traditional dishes across numerous regions acts as another growth-inducing factor. For instance, fava bean flour is commonly used to impart volume and excellent texture to bread loaves and pasta while improving their nutritional profile. In line with this, the surging adoption of fava beans as a vegetable and seasoning and in salads, sauces, stews, and fillings in food items has augmented the product demand. Furthermore, the growing popularity of fava beans as a rich source of protein among fitness-conscious consumers has accelerated product adoption rates. Besides this, the emerging trend of veganism and the increasing number of vegetarians have propelled market growth. Other factors, including the rising consumer preferences for organic fava beans, surging health consciousness, increasing applications in the animal feed industry, and easy product availability via organized retail channels, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach 11.0 Million Tons by 2028, expanding at a CAGR of 4.11% during 2023-2028.
- On a geographical front, the market has been divided into China, Ethiopia, Australia, France, Morocco, and others.
- The competitive landscape of the market has also been examined, along with detailed profiles of the key players operating in the industry. }
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