17-May-2021 | Facts and Factors
As per the market research report published by Facts and Factors, the global Faba Beans Market was valued at USD 2,500 Million in 2020. This market is further expected to generate revenue of around USD 2,800 Billion by end of 2026, growing at a CAGR of around 2.1% between 2021and 2026.
Despite losing a dominant grip on the market over the past several decades, faba beans seem to be making a triumphant return. The nutraceutical sector witnesses growth due to greater awareness regarding the consumption of faba beans, data-driven studies showing valid results as well as the traditional shift from century old traditional practices to modern measures.
Browse the full “Faba Beans Market By Application (Human Nutritional Products & Animal Feed), By Distribution Channel (Online & Offline), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” report at https://www.fnfresearch.com/faba-beans-market.
Following the current trends in the industry, key players in the market have taken several steps to rack up revenue streams such as upgrading the quality of their products, higher volume production, greater marketing gimmicks, and also by updating agronomic practices, amongst others.
Market Dynamics
An increase in consumers driven toward the practice of veganism or a vegetarian diet has been observed around the globe. This current fire is also fueled by notable factors such as a hands-on modification for the betterment of crop farming. The present-day attention seems to be on joint research programs which are further meant to pave the way for the future of faba beans. As such, several collaborative research programs across the globe have played a significant role in upscaling the latter. The International Center for Agricultural Research (ICARDA) and the European Union are extremely vital in increasing the footprint of faba beans in Europe. Furthermore, ICARDA is even working to push the combination of advanced technologies such as bioengineering tools towards the breeding of faba beans in hopes of ramping up greater quality products.
The distribution channel consists of offline and online means of disposition measures. The offline measures include other sub-categories such as supermarket, special retail stores and other third party vendors. The latter occupies the larger market share due to the large quality of alternative in lieu of the former.
The application segment is further disintegrated toward human nutritional products and animal feed. Revenue generated by the human nutritional products accounts for the larger revenue w.r.t market share. Given the restricted use cases in the animal feed sector coupled with extreme scientific developments in the human nutritional products, the following statement proves itself.
The Asia-Pacific Region Is Set to dominate the Global Faba Market
India and China gobble up the major sales when it comes to import and production of faba beans. Principal reason can be attributed to the sheer population as well as the fact that the main components in faba beans make up for a variety of staple dishes for both the powerful economies. The region is further expected to keep their strong stance on the market due to allocated reasons such as studies indicating the health benefits, rising awareness among the robust population and the ease of availability of the product due to it’s ability to grow in almost any kind of soil. Furthermore, China and India both belong to a culture of strong agricultural background.
However, the region of North America will witness the highest growing CAGR due to health related concerns amongst their population w.r.t obesity related conditions.
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 2,500 Million |
Projected Market Size in 2026 |
USD 2,800 Million |
CAGR Growth Rate |
2% CAGR |
Base Year |
2020 |
Forecast Years |
2021-2026 |
Key Market Players |
GrainCorp Limited, BI Nutraceuticals, Prairie Faba, Dunns (Long Sutton) Limited, Centre State Exports Pty Ltd, Nuttee Bean Co, and Sub Impex B.V, and Others |
Key Segment |
By Application, Distributiont, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Top Market Players
Major players in the Faba Beans Market are GrainCorp Limited, BI Nutraceuticals, Prairie Faba, Dunns (Long Sutton) Limited, Centre State Exports Pty Ltd, and Nuttee Bean Co, among others.
The global faba beans market is segmented as follows:
Global Faba Beans Market: By Application Segment Analysis
- Human Nutritional Products
- Animal Feed
Global Faba Beans Market: By Distribution Channel Segment Analysis
- Online
- Offline
- Supermarkets
- Convenience Stores
- Speciality Stores
Global Faba Beans Market: By Regional Segment Analysis
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Brazil
- Mexico
- Rest of Latin America
- GCC Countries
- South Africa
- Rest of MEA
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