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Fava Bean Protein Market

Market Insights on Fava Bean Protein covering sales outlook, demand forecast & up-to-date key trends

Fava Bean Protein Market by Type, Application, End Use Industries & Region - Forecast 2022 - 2032

Fava Bean Protein Market Outlook

The fava bean protein market is likely to register a CAGR of 4.2% during the forecast period, up from US$ 56.79 Bn in 2022 to reach a valuation of US$ 85.69 Bn by 2032.

The fava bean protein market is expected to show promising growth prospects during the forecast period.

Attributes

Details

Fava Bean Protein Market CAGR (2022-2032)

4.2%

Fava Bean Protein Market Value (2022)

US$ 56.79 Bn

Fava Bean Protein Market Value (2032)

US$ 85.69 Bn

Sales of fava bean protein is expected to rise due to growing demand for natural and plant-based proteins, evolving consumer behavior, and rising demand for fava bean protein in the nutraceutical sector.

Rising interest in fava bean protein from the nutraceutical sector is also projected to contribute to the growth of the fava bean protein market share.

Some of the key fava bean protein market trends promoting the demand for fava bean protein include the transition from traditional manual agricultural practices to the adoption of automated and modern agricultural equipment and techniques.

The sales of fava bean protein is growing due to these technological advancements that result in higher yield value, improved fava bean quality, and several other benefits. As a result of this factor, the global fava bean protein market share is predicted to grow during the forecast period.

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What are the Key Drivers to the Fava Bean Protein Market Share

As a result, demand for plant-based proteins has increased significantly, fueling demand for fava bean protein over the predicted period. Increased marketing access, improved agronomic practices around the world, and the growing adoption of an integrated approach to crop improvement are some of the other significant factors that are expected to drive the sales of fava bean protein.

The growing emphasis on collaborative research initiatives is projected to play a critical role in enhancing fava bean quality, a factor that is expected to boost the demand for fava bean protein throughout the assessment period. Collaborative research projects all across the world have helped to provide lucrative opportunities for the global fava bean protein market growth.

Due to its low cost, high protein content, and low allergenicity, manufacturers favor fava beans over other plant-based protein sources such as soy protein components and pea protein. As a result, the demand for fava bean protein is projected to grow during the forecast period.

Furthermore, while pea and wheat proteins account for a sizable portion of the vegetable- or plant-based protein market, manufacturers are focusing on expanding their protein portfolio by turning to novel sources. This, in turn, is projected to increase the sales of fava bean protein during the projected period.

In the next few years, the above-mentioned factors are projected to encourage plant protein manufacturers to enter the fava bean protein market.

The use of novel protein sources such as fava beans in the extraction of protein concentrates is increasing in response to the growing sales of fava bean protein and high-quality plant-based proteins.

Consumer processing, nutritional, and specialty demand for fava bean protein are determining manufacturers' and other stakeholders' future plans in the fava bean protein market.

Given the increased demand for fava bean protein in a variety of food and beverage end-uses and applications, major market participants are concentrating on altering product attributes to fulfil specific end-user demands. The sales of fava bean protein is growing as manufacturers are attempting to improve the flavor, texture, and taste of fava bean protein powders to appeal to various types of end users.

Furthermore, rising public knowledge of the fava bean's health benefits is predicted to boost fava bean protein concentrate extraction. In terms of texture, nutrition, and savory profile, fava bean protein powders are predicted to become a popular trend in the fava bean protein market.

Nandini Roy Choudhury
Principal Consultant
LinkedIn
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Which is the Leading Region in the Fava Bean Protein Market

In 2021, Asia Pacific accounted for more than 40.0 percent of the global fava bean protein market. It is an essential element in a range of traditional meals in countries such as India and China. One of the elements fueling demand for fava bean protein in the region is the growing use of roasted seeds as a low-fat snack in India and surrounding countries. China and Australia are two of the world's top producers of fava beans.

From 2022 to 2032, North America is expected to rise by more than 2%. The increased importance of plant-based protein sources in the United States and Canada as a result of rising concerns about glutamate disorders and lactose intolerance is predicted to boost overall fava bean protein consumption.

How is the Competitive Landscape in the Fava Bean Protein Market

Key players in the fava bean protein market are BI Nutraceuticals, Alberta Pulse Growers, Prairie Fava., Puris Proteins, LLC., Dunns (Long Sutton) Limited, Sun Impex B.V., Nuttee Bean Co., Vestkorn Milling AS, Roquette Frères, GrainCorp Limited., Centre State Exports Pty Ltd, Australian Plant Proteins.

Market participants are using innovative ways of extracting fava bean protein concentrates, taking into account the customer preference for pulses as a healthier choice of plant-based protein source. As a result, this is projected to drive the sales of fava bean protein during the forecast period.

Key Developments

  • Vestkorn, a renowned European producer of pea and bean components, announced the launch of new products in November 2019, including textured pea protein and textured fava bean protein. 
  • Roquette Freres SA, a family-owned firm based in France that produces over 650 by-products from the starch extracted from potatoes, peas, corn, and wheat, said in October 2019 that it is exploring expanding outside the pea protein sector and into the fava bean protein market.
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Report Scope

Report Attribute

Details

Growth rate

CAGR of 4.2% from 2022 to 2032

Base year for estimation

2021

Historical data

2014 - 2018

Forecast period

2022 - 2032

Quantitative units

Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis

Segments covered

Type, Application, End use industries, Region

Regional scope

North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa

Key companies profiled

BI Nutraceuticals, Alberta Pulse Growers, Prairie Fava., Puris Proteins, LLC., Dunns (Long Sutton) Limited, Sun Impex B.V., Nuttee Bean Co., Vestkorn Milling AS, Roquette Frères, GrainCorp Limited., Centre State Exports Pty Ltd, Australian Plant Proteins.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.

Frequently Asked Questions

The fava bean protein market is predicted to register a CAGR of 4.2% during the forecast period.

Key players holding substantial fava bean protein market share include BI Nutraceuticals, Alberta Pulse Growers, Prairie Fava., Puris Proteins, LLC., Dunns (Long Sutton) Limited, Sun Impex B.V., Nuttee Bean Co., Vestkorn Milling AS, Roquette Frères, GrainCorp Limited., Centre State Exports Pty Ltd, Australian Plant Proteins.

As per the analysis, the fava bean protein market share is likely to be US$ 85.69 Bn by 2032.

Demand for fava bean protein is likely to rise due to demand for natural and plant-based proteins and evolving consumer behavior.

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Nandini Roy Choudhury
Principal Consultant
LinkedIn
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Fava Bean Protein Market