(I-BusinessNews.Com, July 01, 2021 ) Major companies in the market are focusing on technical advancements of their products in order to cater to the growing need for plant-based proteins. For instance, in 2020, Belgium based Verso Food using wet extrusion, developed a method to manufacture a faba-based food product with a fibrous structure close to cooked meat and chicken.
The faba beans market consists of sales of faba beans. The market consists of revenue generated by establishments that are engaged in the production of faba beans. The faba bean is a common legume cultivated for its edible seeds or beans. Some varieties of faba beans are used as a source of protein for livestock. Faba beans are also widely used in the production of products such as protein powders and custom blends. The companies in the faba beans production distribute their products through various distribution channels to both individual customers and commercial establishments.
The global fava beans market is expected to grow from $3.06 billion in 2020 to $3.18 billion in 2021 at a compound annual growth rate (CAGR) of 3.77%. The growth is mainly due to the growing demand for natural and plant-based proteins. The faba beans market is expected to reach $3.47 billion in 2025 at a CAGR of 2.19%.
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