Faba Beans Global Market Report 2023
Major players in the faba beans market are Prairie Fava, Unigrain, Roland Beans, Aviip Group, Alberta Pulse Growers, Stamp Seeds, Riddell Seed Co., and Pawnee Buttes Seed Inc. The global faba beans market grew from $3.32 billion in 2022 to $3.41 billion in 2023 at a compound annual growth rate (CAGR) of 2.6%.
New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Faba Beans Global Market Report 2023" - https://www.reportlinker.com/p06284582/?utm_source=GNW
Major players in the faba beans market are Prairie Fava, Unigrain, Roland Beans, Aviip Group, Alberta Pulse Growers, Stamp Seeds, Riddell Seed Co., and Pawnee Buttes Seed Inc.
The global faba beans market grew from $3.32 billion in 2022 to $3.41 billion in 2023 at a compound annual growth rate (CAGR) of 2.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The faba beans market is expected to grow to $3.87 billion in 2027 at a CAGR of 3.2%.
The faba beans market consists of sales of organic faba beans and conventional faba beans.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The faba bean is a common legume cultivated for its edible seeds or beans.Some varieties of faba beans are used as a source of protein for livestock.
Faba beans are also widely used in the production of products such as protein powders and custom blends.
Asia-Pacific was the largest region in the faba beans market in 2022. The regions covered in the faba beans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of faba beans are organic and conventional faba beans.Organic faba beans are produced using natural principles such as biodiversity and composting.
Conventional faba beans are grown using high-input modern agriculture with synthetic chemical fertilisers, fungicides, insecticides and others.Faba beans are used in food processing, animal feed, nutraceuticals, sports nutrition, and infant nutrition.
These are made available to the end-users through supermarkets/hypermarkets, convenience stores, speciality stores, online retailers and other channels.
The increasing shift towards veganism boosted the growth of the faba beans market during the historic period.Veganism involves abstaining from animal products, particularly in an individual’s diet.
According to data compiled by SPINS on behalf of advocacy nonprofit The Good Food Institute (GFI) and trade group Plant Based Foods Association (PBFA) released in April 2021, supermarket sales of plant-based foods that directly replace animal products increased by 27% to $7 billion in 2020.Moreover, sales of plant-based foods increased three times more quickly than those of non-plant-based meals as compared to previous years in the year 2021 in the US.
Consumers are rapidly moving toward veganism in many parts of the world, resulting in a significant increase in demand for plant-based proteins, which drove the need for faba beans over the historic period.
The yield loss due to various diseases in faba beans could restrict the market in the forecast period.Faba beans are subject to a number of diseases which reduces their yield and quality.
Some of the main diseases impacting the productivity of faba beans are botrytis chocolate spot, stemphylium blight, alternaria leaf spot and sclerotinia stem rot. This is expected to negatively impact the growth of the market in the forecast period.
Major companies in the faba beans market are focusing on technical advancements of their products to cater to the growing need for plant-based proteins. For instance, in 2020, Belgium-based Verso Food using wet extrusion, developed a method to manufacture a faba-based food product with a fibrous structure close to cooked meat and chicken.
In September 2021, Verso Food, a Finland-based company operating in faba beans food items acquired Raisio Food Solutions for an undisclosed amount.Through this acquisition, Verso Food aims to strengthen its position in faba beans market.
Raisio Food Solutions is a Finland-based company focusing on healthy food.
The countries covered in the faba beans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The faba beans market research report is one of a series of new reports that provides faba beans market statistics, including faba beans industry global market size, regional shares, competitors with a faba beans market share, detailed faba beans market segments, market trends and opportunities, and any further data you may need to thrive in the faba beans industry. This faba beans market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284582/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001