According to the recent 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 expand at a CAGR of 4% over 2021-2027.
 

Global fava bean market is witnessing significant expansion owing to rising adoption of healthy eating habits and growing trend of vegetarianism, claims the study.
 

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For those unfamiliar, wide beans, also known as fava beans, are a springtime crop that belongs to the Fabaceae flowering plant family, which also includes beans and peas. The fava beans’ origin is unknown; however, it was formerly a popular dish among ancient Romans, Greeks, and eastern Mediterranean immigrants.
 

The strong nutritional benefits of fava beans and improving availability of the product through organized retailing are contributing to the market development. Increasing presence of health-conscious customers is amplifying the demand for fava beans.
 

Moreover, rising concerns about cardiovascular ailments linked to red meat, and the fast-growing vegan population is projected to be a positive driver for the industry. In fact, reliable sources cite that the number of vegans in the United Kingdom tripled throughout the study period. Vegans were expected to number 150,000 in 2014, but by 2019, that number has increased to 600,000. In that year, vegans made up 1.16% of the population of the United Kingdom.
 

Despite the positive outlook, availability of other products in the densely crowded vertical is likely to act as a challenge for businesses.
 

Geographically, Asia Pacific leads the market due to rising consumption of toasters seeds as a low-fat snack in India and adjacent nations.
 

Meanwhile, North America is expected to be the fastest-growing region owing to growing relevance of plant-based protein products in Canada and the United States. Furthermore, rising obesity prevalence is predicted to boost the demand for fava beans in this region.
 

Prominent firms operating in worldwide fava bean market sphere are Simpson Seeds Inc., Orient Group, Nassar Corporation, Kangle County Jinzhong Agricultural Product Industry Development Co Ltd., BroadGrain Commodities Inc., AGT Foods and Ingredients Inc., and Oxbo International Corporation among others.