Faba Beans Market Size was estimated at 2.01 (USD Billion) in 2022. The Faba Beans Market Industry is expected to grow from 2.12(USD Billion) in 2023 to 3.5 (USD Billion) by 2032. The Faba Beans Market CAGR (growth rate) is expected to be around 5.71% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Growing demand for plant-based foods has led to an increased interest in faba beans' nutritional properties. Their high protein content and favorable amino acid profile make them an attractive alternative to animal protein. This has driven demand from food manufacturers looking to cater to the growing vegan and vegetarian population.Another market trend is the increasing demand for gluten-free foods. Faba beans are naturally gluten-free, making them a suitable ingredient for gluten-sensitive individuals. As the number of people with gluten intolerance continues to rise, the market for faba beans as a gluten-free alternative is expected to expand.Moreover, the growing awareness of the environmental sustainability of faba beans has contributed to their market growth. Faba beans require less water and nitrogen fertilizer than many other crops, making them an attractive option for sustainable agriculture practices. As a result, the market for faba beans is expected to continue to grow as consumers become more conscious of their environmental impact.
Rising Demand for Plant-Based Proteins
The primary driver of the faba beans market is the elevating consumer trend of consuming plant-based proteins. Being a source of protein, fibers, and other nutritious elements, faba beans are considered one of the ideal alternatives for animal-based proteins. Furthermore, awareness of the environmental effects of animal agriculture and the inclining adoption of plant-based diets are also raising the demand for faba beans.According to the article, the plant-based protein market is anticipated to reach USD 162 billion by 2030. Considering these trends, the demand for plant-based protein content will raise faba beans and the market offers a good opportunity for prestige.
Expansion of Aquaculture Industry
The expansion of the aquaculture industry is another major factor driving the faba beans market. Faba beans are a vital ingredient in aquafeed, as they offer a high-quality source of protein for farmed fish and shrimp. The aquafeed market is expanding due to the rising demand for seafood and the increasing adoption of environmentally friendly aquaculture. Faba beans are beneficial for use in aquafeed because they have a remarkable nutrient profile, do not adversely affect the environment, and are economical to produce.The aquafeed market is anticipated to grow at a CAGR of 12.3% through 2032, reaching over USD 26 billion.
Government Support for Sustainable Agriculture
Government support is a prominent feature driving the faba beans market. Faba beans are a sustainable crop that helps improve soil health, decrease greenhouse gas emissions, and improve water quality. Given the benefits, governments across the globe are formulating policies and economic support measures to facilitate the growth of sustainable practices, including faba beans cultivation. Financial assistance, R support, and provision of technical support to farmers are some of the measures taken to help the adoption of the crops.The increased focus on sustainability will drive the demand for faba beans in the future.
Origin Segment Insight and Overview the Origin segment is divided into local and imported market segments. The local segment acquired a larger market share in 2023, and it is expected to dominate the market throughout the forecast period. Growth of the local segment is attributed to an increase in the demand for locally produced products and the support of governments for local farmers. The imported segment is forecasted to grow with a faster CAGR. The increase in demand for new and dietary faba beans in developing and developed countries is the major factor responsible for the growth of the segment.The creation of various platforms in emerging markets will facilitate consumers' ability to import faba beans on a large scale. Local segment was valued at USD 1,200 million in 2023 and it is expected to reach USD 1,800 million at a CAGR of 4.5% by the year 2032. The imported segment was valued at USD 900 million in 2023, and it is expected to reach USD 1,700 million by the year 2032, which is a faster CAGR of 6.1%. Increasing demand for plant-based proteins and an increase in the awareness of healthy faba beans are the major drivers of the faba beans market. Increased consumption of faba beans in animal feeds is expected to boost the market.An increase in government support for the production of faba beans is expected to drive the faba beans market. Lack of knowledge on the benefits of healthy faba beans, unavailability of large faba beans in some areas, and expensive production costs are the major restraints of the market. The faba beans market is a fragmented market with a large number of small- and medium-sized players. Major players in the faba beans market are AGT Foods, Archer Daniels Midland Company, Cargill, Incorporated and Ingredion Incorporated.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
In conclusion, the Culinary Use division had a notable share of the Faba Beans Market in 2023 and will continue to maintain its leadership throughout the period under consideration. The segment is being driven by the increasing popularity of plant-based sources of protein and increasing consideration of faba beans in various cuisines. Fresh beans are increasingly being used in salads and soups, as well as to make dips and spreads, where they give a creamy texture and a nutty flavor. At the same time, dried beans are popular in soups, stews, and curries and demand a measure of soaking and boiling before use, but they have a longer shelf life than fresh beans.On the other hand, canned beans have a wider appeal as they can be consumed directly and are used in salads and sandwiches as well as side dishes. Lastly, frozen beans are also convenient as they can be served directly but can also be used as an ingredient in various foods such as soups, stews, and casseroles. In all, this segment will experience modest growth in the future due to increasing awareness of the positive nutritional value of faba beans and increasing consideration of plant-based diets.
The application segment of the Faba Beans Market is categorized into food, feed and industrial applications. In 2023, the food segment held the largest market share, accounting for approximately 58.2% of the Faba Beans Market revenue. Increasing demand for plant-based protein sources, coupled with the nutritional benefits of faba beans, is driving the growth of this segment. The feed segment is expected to witness steady growth over the forecast period, owing to the rising demand for high-protein feed ingredients in the livestock industry.
The industrial segment is anticipated to gain traction, driven by the growing use of faba beans in the production of bioplastics, biofuels, and other industrial applications.
The Processing Stage segment in the Faba Beans Market plays a crucial role in determining the quality and value of the final product. This segment encompasses various stages of processing, including Raw, Roasted, Split, and Flour. Each stage caters to specific market needs and preferences. The Raw segment represents the unprocessed form of faba beans, typically sold to food manufacturers or processors for further handling. Roasted faba beans, on the other hand, undergo a roasting process to enhance their flavor and aroma, making them suitable for snacks and culinary applications.Split faba beans are obtained by splitting the beans into halves or smaller pieces, increasing their surface area for faster cooking and easier digestion. Flour made from faba beans has gained prominence as a gluten-free alternative to wheat flour. It is rich in protein and fiber, making it a valuable ingredient in baked goods, pasta, and other food products. The growing demand for gluten-free and plant-based diets is expected to drive the growth of the Faba Beans Flour segment in the coming years. Overall, the Processing Stage segment in the Faba Beans Market is expected to witness significant growth due to the increasing popularity of faba beans as a nutritious and versatile food source.The rising demand for plant-based proteins and gluten-free products is expected to further fuel the growth of this segment in the years to come.
The Faba Beans Market segmentation by Appearance into Whole, Split, and Ground offers valuable insights into the diverse product types available in the industry. Whole faba beans are completely unprocessed beans that retain their natural shape. Split faba beans are processed by splitting the beans into halves, increasing their surface area and reducing cooking time. Ground faba beans are finely pulverized into a powder, offering convenience and versatility in various culinary applications. In 2023, the Whole segment held the largest market share, accounting for approximately 55% of the Faba Beans Market revenue.Whole faba beans are preferred for their nutritional value and versatility, as they can be cooked in various dishes, including soups, stews, and salads. Split faba beans have a smaller market share of around 30%, primarily used in salads, dips, and falafel due to their faster cooking time. Ground faba beans hold the remaining market share of approximately 15%, gaining popularity as a gluten-free flour alternative and thickener in baking and cooking applications. The increasing demand for plant-based proteins and gluten-free alternatives is driving the market growth of the Split and Ground segments.
The regional segmentation of the Faba Beans Market offers insights into the market's geographic distribution and performance. North America held a significant share in 2023 and is projected to maintain its dominance throughout the forecast period. The region's well-established agricultural infrastructure, coupled with increasing demand for plant-based proteins, drives growth. Europe follows closely, with a strong contribution from countries like France, Germany, and the United Kingdom. The rising health consciousness and adoption of vegan and vegetarian diets fuel market expansion in this region.APAC, led by China and India, is anticipated to witness substantial growth over the coming years, driven by increasing disposable incomes and changing dietary patterns. South America and MEA also present potential growth opportunities, with Brazil and Egypt emerging as key markets due to their favorable climatic conditions and growing food processing industries.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Faba Beans Market Key Players And Competitive Insights
Being under fierce competition, major players in the Faba Beans Market industry continue to seek a competitive advantage by bringing new products and services. Faba Beans Market's leading players are investing in research and development to expand their product portfolio and to address the market changes. Faba Beans Market growth is also leveraged by technology, and many players are investing in new technologies and innovation. The growing Faba Beans Market Competitive Landscape is also characterized by a high level of acquisition and partnership, as major players are making efforts to expand their technological capabilities to enhance production efforts. It is also notable that players attract talented professionals by ensuring high wages and social packages.ADM is an example of a company that has become one of the main players in the Faba Beans Market due to effective research, ample resources, and further expansion. The company uses conventional and organic faba beans, which will suit customers who need products for food and feed. The company has the largest supply chain and is closely linked to processing plants so that it can ensure continued supply in any region. The ADM is a company that maintains leadership in the food and feed industry and is known for the production of faba beans. The company has quite a long history, but its success should also be attributed to its consistent focus on innovation and sustainability. ADM is a company in the Faba Beans Market that stays ahead of the changes and creates value for its customers. ADM also benefits from its strong emphasis on product quality, growing customer base and substantial product coverage. The company has also addressed the problem of user branding and has developed from a relatively small start-up to a major company with a significant market share.
Key Companies in the Faba Beans Market Include
Faba Beans Market Industry Developments
The faba beans market is projected to reach USD 3.5 billion by 2032, exhibiting a CAGR of 5.71% during the forecast period. Rising demand for plant-based protein sources and increasing awareness of the nutritional benefits of faba beans are major factors driving market growth. Additionally, the growing adoption of sustainable farming practices and government initiatives promoting pulse production are creating favorable conditions for the expansion of the faba bean market. Recent developments include the launch of new faba bean varieties with improved yield and disease resistance, as well as the development of innovative processing technologies to enhance the nutritional value and functionality of faba beans. Key market players are focusing on product innovation, strategic partnerships, and expanding their geographical reach to capitalize on the growing demand for faba beans.
| Report Attribute/Metric | Details |
| Market Size 2022 | 2.01(USD Billion) |
| Market Size 2023 | 2.12(USD Billion) |
| Market Size 2032 | 3.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.71% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Louis Dreyfus Company, Ackermann, Archer Daniels Midland, Tereos, The Andersons, Harvest Moon, Cosun Beet Company, Lantman, AGT Foods, Cargill, The Scoular Company, Victoria Seeds, Secobra, CHS Inc., Bunge Limited |
| Segments Covered | Origin, Culinary Use, Application, Processing Stage, Appearance, Regional |
| Key Market Opportunities | 1 Rising demand for plant-based proteins2 Growing awareness of faba beans' nutritional benefits3 Expansion of the animal feed industry4 Government support for sustainable agriculture5 Increasing use in food and beverage applications |
| Key Market Dynamics | Rising Demand for PlantBased Protein Expansion of the Aquaculture Sector Climate Change Impact on Soybean Production Increasing Health Awareness Government Support for Sustainable Agriculture |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The faba beans market is projected to reach a valuation of USD 2.12 billion in 2023. By 2032, it is expected to grow to USD 3.5 billion, exhibiting a CAGR of 5.71% during the forecast period from 2024 to 2032.
Europe is anticipated to dominate the faba beans market throughout the forecast period. The region's well-established agricultural sector and increasing demand for plant-based protein sources are driving this growth.
Faba beans are primarily used for human consumption as a source of protein and fiber. They are commonly processed into flour, flakes, and other ingredients for use in various food products, including baked goods, pasta, and meat alternatives.
Some of the key players in the faba beans market include AGT Food and Ingredients, Cargill, Incorporated, Cosun Beet Company, and Limagrain. These companies are involved in the production, processing, and distribution of faba beans and their derivatives.
The increasing demand for plant-based protein sources, growing awareness of the nutritional benefits of faba beans, and government initiatives to promote sustainable agriculture are key factors propelling the growth of the faba beans market.
The faba beans market faces certain challenges, including fluctuations in crop yields due to weather conditions, competition from other protein sources, and limited availability of high-quality seeds. Additionally, the market is influenced by factors such as economic conditions and government regulations.
The Asia-Pacific region is projected to witness a significant growth rate in the faba beans market during the forecast period. This growth is attributed to the increasing population, rising disposable incomes, and growing demand for plant-based protein sources in the region.
Key trends shaping the faba beans market include the development of new varieties with improved yield and nutritional content, advancements in processing technologies, and increasing investment in research and development activities.
Climate change poses challenges to the faba beans market, as extreme weather events and changing temperature patterns can affect crop yields and quality. However, research efforts are underway to develop climate-resilient faba bean varieties and adapt cultivation practices to mitigate these impacts.
Sustainability is becoming increasingly important in the faba beans market. Consumers are demanding products from ethically and environmentally responsible sources. As a result, farmers and companies are adopting sustainable practices throughout the faba bean supply chain, from cultivation to processing and distribution.
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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