The latest report by IMARC Group tilted, “Fava Beans Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global fava beans market reached a volume of 4.85 Million Tons in 2018, growing at a CAGR of 1.34% during 2011-2018. Fava beans, also known as viciafaba, faba beans, and bell beans, belong to the Fabaceae family. They are one of the most popular beans varieties, cultivated mostly in North Africa, and southwest and south Asia. Fava beans have a great fund of nutrients, such as magnesium, potassium, iron, copper, phosphorous, vitamin B1, thiamine, etc. As a result of this, fava beans offer several health benefits such as controlling blood pressure, lowering the risk of developing cardiovascular diseases, helping in the treatment of Parkinson’s disease, and maintaining the balance of fluids in the body. Additionally, these legumes have high protein content which makes them popular among the increasing number of vegetarians.
Highlights of the global fava beans market:
- The market is driven primarily by the applications of fava beans in the food industry.
- China represents the largest producer of fava beans accounting for the majority of the market share.
- The market is expected to reach a volume of 5.2 Million Tons by 2024.
The market for fava beans is escalated by several growth-inducing factors. The major factor is the diverse applications of fava beans in the food industry. These are used as an essential ingredient in a wide array of traditional dishes across various regions. Fava beans serve as a common staple food in the Egyptian diet; as a side-dish with lamb, or kid in Italy; with collar of pork as the national dish of Luxembourg, etc. Apart from this, fava bean flour provides volume and excellent texture to bread loaves and pasta, besides increasing their nutritional profile. Owing to this, the market is further expected to reach a volume of 5.2 Million Tons by 2024.
The market has been segmented on the basis of key regions. At present, China represents the largest producer of fava beans accounting for the majority of the market share. It is followed by Ethiopia, Australia, France, Morocco, Egypt, United Kingdom, Germany, Peru and Italy. An evaluation of the key exporting and importing regions of fava beans is also given, with Australia and Egypt being the largest exporter and importer, respectively. Some of the other major exporters of fava beans are France, United Kingdom, Ethiopia, the United States, Egypt, China, Canada, Lithuania, and Latvia. On the other hand, Saudi Arabia, Sudan, Norway, Canada, Indonesia, Spain, United Arab Emirates, France, and Italy, count among some of the key importers.
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