About Fava Bean
Fava Bean also popularly known as broad beans, which belongs to the Fabaceae and pea family. It is said to have its origins in Mediterranean region and was made popular in North America by the Italians and Portuguese settlers. The fava beans are also beneficial against many diseases such as Parkinson's disease, Anemia, as well as it helps combat high cholesterol, helps reduce weight, and much more. Although expensive costs of the Fava bean may act as a limiting factor for the growth of the fava bean market. Climate change phenomenon and rising temperatures may also hinder the growth of the fava beans market. North America and Europe are the significant markets of the fava bean.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Growth in Vegetarianism and veganism is pushing people to more plant based meals. This has led to surge in demand for various legumes including one of the most popular legumes from Mediterranean region known as Fava beans. The fava beans are although expensive than other beans but even then the rising incomes of the people may overcome that limiting of cost. Traditionally fava was limited to Europe although now it has expanded to North America and beyond. Currently, Europe and North America are the two prominent markets of the Fava Bean. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Fava Bean market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AGT Food and Ingredients (Canada), Nassar Investment Company LLC (United States), Cargill (United States), Archer-Daniels-Midland Company (United States), Simpson Seeds Inc. (Canada), Victoria Foods Pvt. Ltd. (India), Broadgrain Commodities Inc. (Canada) and Kangle County Jinzhong Agricultural Product Industry Development Co., Ltd. (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Fava Bean market by Type (Organic and Regular), Application (Animal Feed, Human Meal and Others) and Region.
On the basis of geography, the market of Fava Bean has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel , the sub-segment i.e. Online {E-Commerce Stores} will boost the Fava Bean market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering , the sub-segment i.e. Fresh will boost the Fava Bean market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Fresh Fava Beans are Account for Higher Market Share and are Steadily Growing Further
Market Growth Drivers:
Growth of the Vegetarianism and Veganism Culture and Increase in demand owing to Rising Population
Challenges:
Climate Change is threatening to disturb their Crop Cycle and Yield
Restraints:
Expensive than Other Beans and Legumes
Opportunities:
Organic Fava Beans are rising in Popularity
Market Leaders and their expansionary development strategies
In September 2023, Blue Marble Foods partnered with farmers cooperatives in Ethiopia to source organic favas for their plant-based burgers.
In February 2023, Sensus unveils Tendra Fava Protein Isolate this innovative protein isolate boasts high solubility, neutral taste, and exceptional emulsification properties, making it ideal for creating creamy and indulgent plant-based alternatives to dairy products.
Key Target Audience
Fava Bean Producers, Suppliers and Distributors, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.