The global fava bean market is projected to register a CAGR of 4.0% during the forecast period (2021-2026). Due to Covid-19, there has been a labor shortage in the agriculture industry due to movement restrictions and difficulties in importing and exporting agriculture products as the whole supply chain is affected, including producers, broker, and transport companies. Fava bean contains various vitamins, minerals like iron, magnesium and phosphorous, fiber, protein and offers impressive health benefits. The drive towards maintaining a healthy lifestyle by way of healthy eating trends coupled with the increasing awareness about the benefits associated with fava beans has spurred market growth. Today, fava beans are part of Asian, Middle Eastern, European, South American, and African cuisines as they're an excellent and versatile addition to a healthy, balanced diet. It is considered effective in maintaining blood pressure, boosting the immune system, and improving bone health in the human body. Fava bean flour is also used in the production of bread and pasta which drives the global fava bean market. Continuous volatility in fava beans prices hinders the growth of the global fava beans market.
Key Market Trends
Growing Demand for Nutritional Food
The high nutritional benefits and also increase accessibility and availability of fava bean through organized retailing have been one of the primary drivers of the global fava bean market. Healthy eating trends around the world are promoting the consumption of foods that are rich in nutrients. Thus, the demand for fava bean is increasing among health-conscious consumers, thereby promoting the growth of the global fava beans market. The rapidly growing vegan population on a global level as a result of increasing concerns regarding cardiovascular disorders associated with red meat is expected to remain a favorable factor for the market. These beans are positioned as a rich source of protein which has resulted in increased demand from fitness-conscious consumers.
China - The Largest Fava Beans Producing Country
In China, the fava bean production was 2.2 million metric ton in 2019. China accounted for 40.0% of the global fava bean production in 2019. It is widely used in Sichuan cuisine and also it is called Sichuan beans in Chinese. It is used as a vegetable and also as a seasoning. Growing consumption of roasted seeds as a low-fat snack in India and neighboring countries is among the factors driving demand in the region. With reduced profits for food legume crops, their area and production have decreased within China. At the same time, the rising consumer demand for vegetable food legumes as a healthy food has led to attractive market prices and sharp increases in production within the country. With the advantages of short growing periods and biological nitrogen fixation (BNF), legumes are playing an important role in the cropping systems of China. As ideal intercrops, legumes can increase crop yields and the economic benefits of the intercropping systems to meet the increasing demand for food.
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