The global fava bean market is experiencing a significant growth, and is anticipated to continue this trend in the next few years, owing to rise in trend of healthy eating habit and increase in trend of vegetarianism. Fava beans, also referred as broad bean, is a springtime crop, which belongs to the species of flowering plant in the bean and pea family named as Fabaceae. The origin of fava bean is uncertain, but historically it was a staple food for ancient Romans, Greeks, and settlers of the eastern Mediterranean. Currently, fava bean is consumed worldwide, and is included in the cuisines of Asian, European, African, South American, Middle Eastern, and African countries. Fresh fava beans are eaten raw or cooked. They can be dried to preserve for consuming it in future. Fava beans are used in salads, sauces, snacks, stews, and fillings stuff in foods.
COVID-19 scenario analysis
The worldwide outbreak of COVID-19 has led to serious consequences in all the economic sectors. The COVID-19 outbreak has created medical emergency, due to which the demand for food items, hygiene products, and medical productsis increasing. Moreover, during this pandemic, the sales of traditional, healthy, and staple food items has increased considerably. Frozen non-veg food, fruits& vegetables, eggs, pulses, flour, and whole grains are further experiencing increased demand. However, nonessential products such as packaged foods, coffee, pastries, milkshakes, sweets, chocolates, cheese, and other bakery products have witnessed decline in their sale. In addition, the demand for fava beans in packaged and processed food industry has declined. Moreover, lockdown imposed across various countries has hampered the production and supply chain of fava beans manufacturers. Furthermore, the consumer buying behavior may change permanently post COVID-19. On the contrary, companies have to build robust sales plan for recovery, for instance, they might have to adopt e-commerce platform and omnichannel in their supply chain.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rise in health consciousness among consumers and the trend of adopting healthy lifestyle propelthe growth of the fava beans market. As people are shifting toward healthy eating habit, they are including fava beans in their staple food. This shift has led to increase in consumption of food &beverages made from fava beans. In addition, increase in popularity of vegetarianism has boosted the demand for fava beans.
Wide usage of fava beans in food &beverages such as snacks, sauces, and soup is driving the market growth, globally. Moreover fava beans are used in animal feed industry, due to their nutritious value.
Nutrients present in the Fava bean are driving the growth of the market. Favabeans are high in fiber and contain protein, phosphorus, carbohydrate, fat, and water. It is rich in copper, zinc, and manganese, iron, potassium, carbs, and folate. A fair amount of vitamin B, calcium, and selenium is found in fava beans. Fava beans increase the L-dopa element in blood, thereby helping in curing Parkinson’s ailment.
The global fava bean market trends are as follows:
New product launches to flourish the market
New products that exhibit improved capabilities have been launched by leading market players. Consumers are demanding for organic food items, due to rise in awareness about organic grown crops and vegetables. Therefore,leading players are focusing on organic fava beans food manufacturing to serve health-conscious customers. Market players are introducing new food and beverages made of fava beans. For instance, October 2019 a leading snack brand in the U.S. “Bada Bean Bada Boom”launched two new flavors of fava bean snacks viz. Zesty Ranch and Sweet Onion & Mustard.
Key benefits of the report
- This study presents the analytical depiction of the global Fava Bean industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Fava Bean market share.
- The current market is quantitatively analyzed to highlight the global Fava Bean market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global fava bean market research report
- Which are the leading players active in the global fava bean market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
Fava Bean Market Report Highlights
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 Key Market Players | Eastern Health & Organic Foods, Solen Food Industry and Trade Inc., ADM Benson Quinn (ADM), Orient Group, Broadgrain, Simpson Seeds Inc., Kangle County Jinzhong Agricultural Product Industry Development, Oxbo International, Nassar Corporation, AGT Foods and Ingredients, Cargill Foods, Victoria Foods Pvt. Ltd. |
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