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[187+ Pages Report] Facts and Factors have recently published the report titled “Faba Beans Market ” which illustrates that the global Faba Beans Market was estimated at around USD 2,500 Million in 2020, and it is expected to provide revenue of about USD 2,800 Million by end of 2026, developing at a CAGR of around 2% between 2020 and 2026.
Faba Beans in the gastronomic sense belong to the Fabaceae family which consists of flowering plants. While the origins of the latter are mostly unknown, the most routine utilization of the Faba beans is credited towards human intake. The beans of the plants are safe for raw consumption after being shelled from the outer covering. Faba Beans are high in protein values as a 100-gm serving contains 341 calories along with 20% of additional crucial nutrients.
The current rise in the growth of expanding Faba beans can be accredited toward the magnification of adoption of healthier foods with no side effects coupled with an increase in the population with a boom in disposable income. Additionally, factors such as the transfer of traditional farming measures toward a modern outlook, increased access of the common citizens to better marketing materials and the current trend of veganism further pushes the boundaries of the already growing market.
Some part of the general population suffers from favism (A homolytic condition that renders the human body to provoke a response from over-squandering of Faba beans). However, people are safe to consume Faba beans at a moderate pace, as studies have concluded that there is an increase in dopamine levels, modulating blood volume, and regulating blood pressure accompanied by an increase in L-Dopa levels with escalated levels of nutritional elements such as starch and proteins. The only downside to the growth of the market can be hindered by the constant product alternations to keep up with the continuous replacing customer demands.
The Faba beans market can be segmented in accordance with the application, distribution channels, and regions.
The application segment can be segregated among the major frontrunners for the Faba market – Human Nutritional products and Animal Feed. The sales proceeding towards nutritional products dominate the category as the use of the former outweighs the latter. Scientific advancements toward the science of plant breeding have further proved the prevalent growth of nutrition products over animal feed. Furthermore, the use for animal feed tilts on being limited with less existence of nourishing elements. The distribution channels can be divided into offline and online means. The offline means can be further bifurcated into supermarkets, convenience stores, and speciality stores. The offline channels account for most sales of the market share as most consumers prefer shopping from the latter due to the larger variety and convenience at a variable price point. However, with the advent of COVID-19 and constant lockdown, the online channels have begun to be picking up steam.
The Asia-Pacific region accounts for the majority of sales in the current situation with countries such as India and China occupying the former with Faba beans becoming more and more close to being used in conventional everyday dishes. In the North American markets consisting of the U.S and the Canada an increase in their import and usage of the Faba beans market w.r.t growing concerns of obesity related diseases and a rampant increase in conditions such as lactose intolerance and glutamic disorders is observed.
Beyond the major players in the market, the countries which will export the majority of Faba beans will include Australia, Saudi Arabia, Ethiopia, and the rest of Europe(France, Germany, and the U.K), and the rest of MEA.
Some main participants of the global Faba beans market are GrainCorp Limited, BI Nutraceuticals, Prairie Faba, Dunns (Long Sutton) Limited, Centre State Exports Pty Ltd, Nuttee Bean Co, and Sub Impex B.V, amongst others.
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