United States, Rockville MD, June 14, 2022 (GLOBE NEWSWIRE) — According to a recently published report by Fact.MR, a market research and competitive intelligence provider, the global fava bean protein market is estimated at US$ 56.7 million in 2022. The market is predicted to expand at a healthy CAGR of 4.2% during the forecast years 2022-2032. Over the 2017-2021 historical period, worldwide fava bean protein consumption registered a CAGR of 2.2%.
The gradual shift from meat or dairy-based protein toward plant-based protein ingredients is a key factor driving the consumption of fava bean proteins. To generate more popularity, manufacturers are upgrading fava bean protein formulations by adapting innovative ways to extract and process the final product. Additionally, varied processes have been endeavoured to standardize fava bean protein’s bioaccessibility and digestibility. Consequently, enhanced fava bean protein quality will drive its penetration across regions.
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Apart from this, intensifying veganism across the world owing to rising awareness about healthy vegan diets and high digestibility is also one of the supporting factors that will propel the adoption and consumption of fava bean proteins going forward.
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.
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.
To learn more about Faba Bean Protein Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=4929
Key Segments Covered in the Fava Bean Protein Industry Survey
- 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
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.
- 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.
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Key players in the Fava Bean Protein Market
- AGT Food and Ingredients
- Ingredion Inc.
- Roquette Freres
- Prairie Fava
- Puris Proteins LLC
- Vestkorn Milling AS
- Australian Plant Protein
Key Takeaways from Fava Bean Protein Market Study
- The global fava bean protein market is projected to expand at a steady CAGR of 4.2% to be valued at US$ 85.6 million by 2032.
- Under product type segment, protein isolates dominate the market and are valued at US$ 26.1 million in 2022.
- North America dominated the global market by holding 38.5% market share in 2021, which is estimated to rise to 39.9% by the end of 2032.
- Together, North America and Europe are likely to represent 69.3% of the overall market share in 2022.
- Based on region, demand for fava bean proteins is expected to increase at CAGRs of 4.5% and 2.7% in North America and Europe, respectively, over the forecast period.
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