According to the research report titled ‘Global Fava Bean Market by Type (Fresh, Frozen, Pod, Organic, and Others), Application (Animal Feed and Human Nutrition), and Distribution Channel (Supermarket/Hypermarket, Grocery Stores, E-commerce Platform, and Others), Regional Forecasts 2021-2027’, available with MarketStudyReport, global fava bean market is expected to grow significantly at a y-o-y rate of more than 4% during the forecast timeframe 2021-2027.
 

As per the findings of the report, rising popularity of healthy dietary habits, rising e-commerce penetration, and upward trend of vegetarianism will drive global fava bean market growth over the projection timespan.
 

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For the unversed, fava beans, also known as wide beans, are a springtime crop belonging to the Fabaceae family of flowering plants, which also includes beans and peas. The strong nutritional benefits of these beans, as well as their increasing accessibility and availability through organized commerce have been fueling the market expansion and will likely continue to do following similar trends in the upcoming years.
 

Rapidly growing vegan population on a global scale, as a result of escalating concerns about cardiovascular issues linked to red meat, is anticipated to play a major role in enhancing the market revenue. In fact, according to Statista, the number of vegans in the U.K. alone was approximately 150 thousand in 2014, and by 2019 it reached 600 thousand, making up 1.16% of the country’s population in the respective year.
 

Despite the positive outlook, highly crowded market with consistent offerings may stifle revenue for businesses during the projected period.
 

From the regional perspective, key geographies considered for assessing global fava bean industry size are North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
 

Experts cite that Asia Pacific region accounts for majority market share due to rising consumption of toasters seeds as a low-fat snack in India and adjacent nations. Meanwhile, growing relevance of plant-based protein products in Canada and the United States along with high obesity rate are anticipated to support industry growth in North America.
 

Considering the competitive landscape, Solen Food Industry and Trade Inc., ADM Benson Quinn (ADM), Simpson Seeds Inc., Victoria Foods Pvt. Ltd., Oxbo International Corp., BroadGrain Commodities Inc., Kangle County Jinzhong Agricultural Product Industry Development Co. Ltd., Nassar Corporation, Orient Group Co., Ltd., and AGT Food and Ingredients are the major companies influencing global fava bean market trends.