Faba Bean Protein Market
Faba Bean Protein Market Analysis By Product Type (Protein Isolates, Protein Concentrates, Flour), By Nature (Organic, Conventional), By Processing Type (Dry Processing, Wet Processing) By End Use - Global Forecast 2022 to 2032
Faba Bean Protein Market Outlook (2022-2032)
The global fava bean protein market is estimated to be valued at US$ 56.7 million in 2022, registering Y-o-Y growth of 4.2%. As per forecasts, worldwide consumption of fava bean proteins is projected to increase at a healthy CAGR of 4.2% over 2022-2032, with the U.S. accounting for more than 35% increase in revenue.
Fava beans are considered an important food source of protein for human beings and animals alike. As confirmed by the United Nations Food and Agriculture Organization (FAO), fava beans provide around 26 percent of the daily protein needs in nations that struggle with malnutrition.
Fava Bean Protein Market Size (2021A)
US$ 54.4 Million
Estimated Market Value (2022E)
US$ 56.7 Million
Forecasted Market Value (2032F)
US$ 85.6 Million
Global Market Growth Rate (2022-2032)
North America Market Share (2021)
North America Growth Rate (2022-2032)
U.S. Growth Rate (2022-2032)
Market Share of Top 5 Companies
Key Companies Profiled
Faba Bean Protein Consumption Analysis (2017-2021) Vs. Forecast Outlook (2022-2032)
Fava beans, also known as Vicia faba, are known for their nutritional profile across the world. Because of their high protein content (20%-41%), fava bean protein is a key market of interest that expanded at a compound annual growth rate of 2.2% between 2017 and 2021.
The protein content of the fava bean protein products depends upon the extraction and processing of fava beans; thus, manufacturers offer fava bean protein in different forms - protein isolates, protein concentrates & flour, etc.
Fava bean flour comprises higher protein content as compared to other sourced beans. Additionally, its neutral and mild flavour makes it a good-to-go ingredient for any food.
These factors are expected to drive 1.5X growth of the faba bean protein market over the forecast period. Fact.MR reveals that the global fava bean protein market will be valued at US$ 85.6 million by the end of 2032, exhibiting a CAGR of 4.2% over the decade.
Fava bean prices have long been observed to be stable across regions. However, variance in fava bean prices has been reported across countries, which is very much subjected to the attribute of the respective region. Countries that are net importers of fava bean seem to have higher price points.
- Short Term (2022 Q2 to 2025): Fava bean protein is an enormously popular protein source in North America and Europe. The global market will generate an absolute $ opportunity of US$ 10.2 million from 2022 to 2025.
- Medium Term (2025-2028): Over this term, fava bean protein consumption is expected to gain traction in East Asia and South Asia, providing an incremental opportunity of US$ 11.3 million from 2025 to 2028.
- Long Term (2028-2032): Due to high protein content, environmental advantages, and agronomic favourable features, global fava bean protein consumption will pace up in the long term. Fact.MR projects an incremental opportunity of US$ 15.4 million over the 2028-2032 period.
During the 2017-2021 period, the global faba bean protein market registered a CAGR of 2.2%, and according to this Fact.MR analysis, the market is projected to witness a higher 4.2% CAGR from 2022 to 2032.
Market share analysis of product type, nature, and region is provided in a nutshell in the above image. Under the product type segment, protein isolates dominated the industry with 46% market share in 2021.
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How is the Faba Bean Protein Market Poised?
“Plant-based Protein Market to Be Revolutionized by Fava Beans”
The ever-evolving plant-based protein market is encouraging the utilization of unusual plant-based proteins such as fava bean protein as a rich source of protein.
Fava bean proteins are a preferable choice for manufacturers because of their low cost. Market leaders are aiming to diversify their protein portfolio by reinstating innovative sources such as fava bean. Additionally, nowadays, consumers are inclining towards pulses for higher health benefits, which opens the gate for fava bean protein to revolutionize the plant-based protein industry.
Challenges Hampering Fava Bean Protein Demand Growth
“Reaction Caused by Consuming Fava Beans – A Cause for Concern”
As a part of the legumes family, fava bean protein can lead to a hypersensitivity reaction. Some people may experience anaphylaxis shock by consuming fava bean-containing foodstuffs.
Along with that, the presence of vicine and convicine chemicals in fava beans causes hemolysis by interrupting red cell wall function in those who are suffering from glucose-6-phosphate dehydrogenase (G6PD) deficiency. Related to this, most of the cases are reported from the Middle Eastern region.
Such events are hampering the growth of the fava bean protein market across the world to some extent.
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Which European Countries Account for Higher Demand for Fava Bean Protein?
The Europe fava bean protein market is anticipated to reach a valuation of US$ 23.5 million by 2032. Germany, France, and the U.K. are projected to be key demand centres in the European faba bean protein market.
Germany is projected to hold more than 20% of the Europe market share in 2022, while France and the U.K. are set to collectively account for 33.5% consumption of faba bean protein in the region.
Growing population of health-conscious people and rising per capita disposable income are elevating the consumption and demand for fava bean proteins in Europe, more so in these three countries.
Why is the U.S. a Prominent Fava Bean Protein Market?
The U.S. is a prominent consumer of fava bean proteins. It is anticipated to account for 87.7% of the market share in the North American region and 35% of the global market share by 2032.
The influence of social media and high fitness standards are driving mindful eating in the country. Several government regulations and guidelines are also driving health awareness in the U.S., thereby driving the consumption of fava bean protein products.
Why are Fava Bean Protein Isolates Highly Sought-after?
Fava bean protein isolates account for 46.1% of the market by product type in 2022, and the segment is projected to grow the fastest over the forecast period at a CAGR of 4.5%.
High demand for protein isolates can be explained by the high concentration of protein (up to 90%) in the final product. Protein concentrate is the second major shareholding segment under product type, which accounts for 42.6% of the market share. Fava bean protein concentrates contain up to 65% of protein and are used as an ingredient in several industries.
Will the F&B Sector Continue to Remain the Largest End User of Fava Bean Proteins?
Escalating use of fava bean proteins in the food and beverage industry has led to the rapid growth of the fava bean protein market over the historical period, and this trend is expected throughout the forecast period as well.
Fava bean protein is known for its high protein content with a neutral taste as compared to other plant-based proteins, thereby driving the use of fava bean protein in food processing, prominently in bakeries and confectionery.
Use of fava bean protein in bakery and confectionary will direct the growth of the food processing end-use segment at a CAGR of 3.6% during the assessment period.
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The global faba bean protein market is consolidated in nature with a few key manufacturers operating in this space. However, with the rising number of new entrants, the competitive nature of the market is anticipated to grow more rigorous, making the market low to moderately consolidated.
Key industry leaders are predominantly taking efforts to bring innovation in fava bean protein products, for which, they are investing in developing R&D facilities. Some inorganic strategies such as mergers, acquisitions, and joint ventures are also supporting geographical expansion as well as the building of production facilities for several manufacturers.
All these strategies will help to add to the profit margin of fava bean protein manufacturers over the coming years.
For instance :
- In November 2021, AGT Foods, a key leader in the fava bean protein market, entered into a partnership with dairy ingredient supplier Friesland Campina, to launch a new product - Plantaris Fava Isolate 90 A.
- In December 2019, Roquette Freres, a market leader in the plant-based protein market, announced the expansion of its plant-based protein portfolio by launching a new textured fava bean protein NUTRALYS® TF-C.
Categorization of Faba Bean Protein Industry Research
By Product Type :
- Protein Isolates
- Protein Concentrates
- Other Product Types
By Nature :
- Organic Fava Bean Protein
- Conventional Fava Bean Protein
By End Use :
- Food Processing
- Bakery & Confectionery
- Meat Alternatives
- Functional Foods
- Dairy Replacements
- Infant Foods
- Other Food Applications
- Animal Feed
- Sports Nutrition
- Infant Nutrition
- Food Processing
By Processing Type :
- Dry Processing
- Wet Processing
By Region :
- North America
- Latin America
- East Asia
- South Asia
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