The global fava beans market size reached 8.6 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 11.0 Million Tons by 2028, exhibiting a growth rate (CAGR) of 4.11% during 2023-2028.
According to IMARC Group latest published report, titled “Global Fava Beans Market: Industry Trends, Share, Size, Growth Rate, Opportunity and Forecast 2023-2028,” that the global fava beans market size reached 8.6 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 11.0 Million Tons by 2028, exhibiting a growth rate (CAGR) of 4.11% during 2023-2028.
What is Fava beans ?
Fava beans, also known as horse beans and broad beans, are dried beans of vicia faba species of the legume family. They are fully mature fruit with larger, flatter, broader seeds and have a slightly sweet and earthy flavor. They are loaded with iron, potassium, vitamins, minerals, and proteins. They are also rich in soluble fibers that aid digestion and lower cholesterol levels.
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In addition, they are an excellent source of manganese, copper, and several micronutrients and contain a smaller amount of calcium and selenium. They offer numerous health benefits, such as improved body function and immunity. Apart from this, they contain compounds that boost the antioxidant activity of human cells, delay cellular aging, and also help in increasing iron levels in the blood, which improves symptoms of anemia. Their regular consumption aids in reducing weight, lowering cholesterol, improving high blood pressure, and maintaining bone health. Moreover, they are rich in folate, which aids in brain and spinal cord development in infants. At present, they are available in fresh, frozen, pod, and organic forms and are widely used in animal feed and human nutrition.
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Fava Beans Market Trends:
The growing global population and the increasing prevalence of diseases represent one of the key factors positively influencing the market. In addition, rising consumer awareness and the emerging trend of adopting a healthy lifestyle are catalyzing the demand for fava beans across the globe. For instance, fava beans are widely used in food and beverages (F&B), such as soups, snacks, and sauces, which is offering lucrative growth opportunities to manufacturers. Moreover, a significant shift toward healthy eating and the growing adoption of veganism is creating a favorable market outlook.
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Additionally, the easy availability of fava beans across online and offline distribution channels, coupled with doorstep delivery and secured payment gateways, are propelling the market growth. Moreover, fava beans are partially replacing soybean meal and other protein and starch sources in the mid-lactation diet of cows, which is catalyzing their demand to formulate animal feedstock. In addition, on account of the high nutritional value of dried fava beans, it is also used as feed for poultry, pigs, horses, pigeons, cattle and sheep, which is strengthening the market growth.
Furthermore, the increasing interest of farmers in growing fava beans due to low crop input and high returns is creating a positive market outlook. Moreover, fava beans also contribute to healthy soil and biodiversity by fixing atmospheric nitrogen through a symbiotic relationship with soil bacteria, which is augmenting the market growth.
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