Fava Bean Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Fava Bean Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The global fava bean market is projected to register a CAGR of 4.0% during the forecast period.

• The market is being driven by the increasing consumption of fava beans owing to the rising interest in adopting a healthy lifestyle and nutritious diet. Fava beans are a good source of protein, fiber, and carbohydrates. In terms of mineral content, fava beans are rich in calcium, iron, and magnesium, among others. The drive towards maintaining a healthy lifestyle through healthy eating trends and increasing awareness about the benefits associated with fava beans has spurred market growth.
• Fava beans are increasingly used in various recipes across Middle Eastern and Asian cuisines as they are an excellent and versatile addition to a healthy, balanced diet. In addition, the rising trend of vegetarianism is also anticipated to bolster the consumption of fava beans in the coming years. Fava beans are considered effective in maintaining blood pressure, boosting the immune system, and improving bone health in the human body. Fava bean flour is also used in the production of bread and pasta, which drives the global fava bean market. Continuous volatility in fava beans prices hinders the growth of the global fava beans market.
• For the past few years, there has been an increasing trend of veganism in Europe and the United States, spreading worldwide. Moreover, people are focused on plant-based diets, which has been the reason for the higher consumption of fava beans. The intake of animal protein, which is associated with high cholesterol levels, fat, and calories, increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, people are showing an inclination toward vegan sources of protein.

• The high nutritional benefits and increased availability of fava beans through organized retailing have been one of the primary drivers of the global fava bean market. Healthy eating trends around the world are promoting the consumption of foods that are rich in nutrients. Thus, the demand for fava beans is increasing among health-conscious consumers, thereby promoting the growth of the global fava beans market.
• The rapidly growing vegan population on a global level due to increasing concerns regarding cardiovascular disorders associated with red meat is expected to remain a favorable factor for the market. These beans are considered a rich protein source, resulting in increased demand from fitness-conscious consumers.
• In addition to the decline in meat consumption, people are becoming health-conscious and switching their protein sources from animal-based to plant-based, as there are increasing concerns about organic food worldwide. Owing to this, the European Union developed a long-term strategy to reduce greenhouse gas emissions. The European Vegetarian Union (EVU) encourages the EU commission to limit the production of animal products within its climate policy. The European Union also encourages decision-makers to implement strategies to support the societal dietary transition.

• Globally, Asia-Pacific is the primary producer of fava beans. In Asia-Pacific, dry and green fava beans accounted for 2.7 million metric tons in 2021, which occupied 35.3% of the global fava bean production. The total fava bean production in Asia-Pacific was 2.5 million metric tons in 2019 which increased to 2.7 million metric tons in 2021. The increase in production is associated with increasing consumer demand and high export potential due to its nutritional value.
• China is the major producing country in the region. The fava bean production in China was 1.9 million metric tons in 2021. China accounted for 69.1% of the region's fava bean production in 2021. Fava bean is widely used in Sichuan cuisine and is called Sichuan beans in Chinese. It is used as a vegetable and also as a seasoning. Growing consumption of roasted seeds as a low-fat snack in India and neighboring countries is among the factors driving demand in the region.
• With reduced profits for food legume crops, their area and production have decreased within China. At the same time, the rising consumer demand for vegetable food legumes as a healthy food has led to attractive market prices and sharp increases in production within the country. With the advantages of short growing periods and biological nitrogen fixation (BNF), legumes are playing an important role in the cropping systems in the region. As ideal intercrops, it can increase crop yields and the economic benefits of the intercropping systems to meet the increasing demand for food.

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