The global dry bean market is estimated to register a CAGR of 4.2% during the forecast period 2020-2025. Myanmar is the world's leading producer of dry beans, accounting for nearly 19.3 % of the total output. Dry beans production declined in the year 2017, because of unfavorable weather conditions and uneven rainfall in the producing countries. The production of dry beans is majorly affected by several factors, such as environmental hazards, bio stress, and government policies of the country. Beans are subject to several bacterial and viral diseases as well, particularly in years of high temperature, high humidity, and heavy rainfall. These unfavorable climatic conditions, along with diseases and pest infestation, often take a heavy toll on the yield of dry beans. Top global dry bean producers are Myanmar, India, Brazil, China, Mexico, Tanzania, the United States, Kenya, Uganda, and Rwanda. Major importers are generally India, China, Bangladesh, the United States, and Egypt.
Key Market Trends
Increasing Inclination Towards Vegan Diet
Food consumption patterns are changing rapidly. As of 2018, the number of people following the animal-free diet has significantly increased, which is one of the major drivers for the dry beans industry. Dried beans have a high content of fibers and proteins, which makes it ideal for people with diabetes, as well as for people who want to reduce their meat consumption. For the past few years, there has been an increasing trend of veganism in Europe and the United States, which is spreading across the world. Moreover, people are focused on plant-based diets, which has been the reason for the higher consumption of dry 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. In conclusion, increasing the adoption of plant-based protein, owing to the awareness among consumers in the potential market about the benefits offered by a plant-based protein, is one of the major factors spurring the demand for dry beans across the world.
Asia Pacific is Dominating The Market In Terms Of Production
Myanmar is one of the largest producer and exporter of dry beans in the Asia Pacific, globally. One of the principal factors responsible for the highest production of beans in Myanmar is the need to use land instead of keeping it idle after the rice cultivation. Beans can be planted at the beginning of winter season and can thrive on the leftover moisture of the rainy season, not requiring additional artificial irrigation facilities in the absence of rain, which makes its cultivation cost-effective with no additional allocation of resources required for cultivation. Myanmar is also one of the largest exporters of dry beans, and a ready Indian market imported a significant portion of it, although the restriction on import quota of beans by the Indian government adversely affected the market of dry beans in Myanmar in 2017. The major countries that import dry beans from Myanmar in terms of value, as of 2017, are - India (USD 414,766 thousand), Indonesia (USD 43,238 thousand), Japan (USD 28,421 thousand), and Malaysia(USD 27,949 thousand), among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support