The fava bean protein market is likely to register a CAGR of 4.2% during the forecast period, up from USD 56.79 Billion in 2022 to reach a valuation of USD 85.69 Billion 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 to 2032) | 4.2% |
| Fava Bean Protein Market Value (2022) | USD 56.79 Billion |
| Fava Bean Protein Market Value (2032) | USD 85.69 Billion |
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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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.
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.
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
| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 4.2% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2014 to 2018 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD Million 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 | USA, Canada, Mexico, Germany, UK., 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. |
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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 USD 85.69 Billion by 2032.
Demand for fava bean protein is likely to rise due to demand for natural and plant-based proteins and evolving consumer behavior.
| Market Size (2023) | USD 1.26 billion |
|---|---|
| Market Size (2033) | USD 1.93 billion |
| Market Value CAGR (2023 to 2033) | 4.4% |
| Market Size (2023) | USD 13,603.2 million |
|---|---|
| Market Projected Size (2033) | USD 26,392.2 million |
| Market CAGR (2023 to 2033) | 6.9% |
| Expected Market Value (2023) | USD 2788.7 million |
|---|---|
| Projected Forecast Value (2033) | USD 5209.5 million |
| Anticipated CAGR (2023 to 2033) | 6.4% |
| Expected Market Value (2022) | USD 134 Million |
|---|---|
| Anticipated Forecast Value (2032) | USD 267.6 Million |
| Projected CAGR (2022 to 2032) | 7.2% |
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