The global fava beans market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global fava beans market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing product launches. The introduction of new product varieties is increasing the versatility, awareness, and availability of new and innovative flavors of fava beans in the market. It is one of the primary growth drivers aiding in the growth of the global fava beans market. Successful product launches help to boost the revenue flow and expand the consumer base. Therefore, most players in the market are launching new products to drive store sales and cater to the evolving consumer demands.
As per Technavio, the increasing popularity of plant-based proteins will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global fava beans market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global fava beans market: Increasing popularity of plant-based proteins
The expanding vegan population base and the rising preference of people for vegetable-based diets have increased the demand for plant-based proteins across the world. Fava beans are a rich source of protein and provide nearly 25% of one's daily requirement of protein intake. Thus, the increasing demand for plant-based proteins is driving vendors in the market to formulate protein extracts and concentrates from fava beans. For instance, in November 2016, Ell Nutraceuticals launched Fava Bean Protein with 80% protein and a milder, less bitter flavor profile compared to other plant-based proteins.
“Apart from the increasing popularity of plant-based proteins, the growth in e-commerce and online grocery delivery services, packaging innovations, health nutritional benefits, and rising accessibility and availability through organized retailing are some other major aspects that are expected to boost the growth of the global fava beans market during the forecast period,” says a senior analyst at Technavio.
Global fava beans market: Segmentation analysis
This market research report segments the global fava beans market by product (whole fava beans and powdered fava beans) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 47%, followed by EMEA and the Americas respectively. However, during the forecast period Americas is expected to register the highest incremental growth, followed by the EMEA region.
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Market Landscape
- Market ecosystem
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Market Sizing
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- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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