Increased demand for Plant Based ingredients likely to boost the market for Faba Bean Protein
The recent trend towards healthy lifestyle has shifted the perception of the millennials towards consumption plant-based ingredients. Plant based proteins and vitamins are being considered as source of energy and nutrition as compared meat-based protein.
Rise is vegan population, increased awareness about animal welfare have boosted the demand for plants-based proteins. Faba Bean protein is one of the plant-based protein available in the market that is made from plant vica faba.
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Rise in demand of the vegan protein is augmented to push the demand for faba bean protein market. Food industries are investing significant amount of money to developed plant-based protein is projected to boost the demand for faba beans proteins.
Faba Beans Proteins the next big environment friendly Alternative for Soy Beans Protein
Growing need of plant-based proteins, shifting trends towards health consciousness are one of the common driving factors for faba beans proteins market. Furthermore, rising awareness about cardiovascular diseases associated with red meat and rapidly growing vegan population is likely to push the demand for faba bean proteins market.
Awareness about medicinal properties which are helpful against Parkinson’s disease, anaemia, brain and spinal cord issues in new born babies being one of the common factors boosting the demand for faba bean protein market.
Segmentation: Faba Beans Protein Market
Based on types faba beans protein market is classified based on application and end use industries. Faba bean protein concentrates has captured all of the market as a result of increased demand.
Based on types faba beans protein market is segmented into
Based On application faba beans protein market is segmented into
- Animal Nutrition
- Human Nutrition
Based on end use industries faba beans protein market is segmented into
- Food and Beverages Industry
- Pharmaceutical Industry
Emerging Economies like South Asia, East Asia and Africa boosting the demand for Faba Bean Protein Market
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Emerging economies like South Asia, East Asia and Africa being the prominent consumer faba beans boosted the demand for faba beans protein market. It is one of the traditional cooking ingredients in above regions since ancient period. Developing economies like china being the prominent producer of the faba beans likely to boost the demand for faba beans protein market.
Rise in vegan culture, shift towards healthy dietary practices, rising awareness about climate change are one of the common factors are projected to boost the demand for faba beans proteins over the forecast period. Moreover, increased demand for plant-based proteins is projected to push the demand of faba bean protein.
Impact of COVID-19 on Faba Beans Proteins Market
Government imposed lockdown has halted all operational activities in food and beverage sector leading fall in demand for shorter amount of time. Owing to which supply chain for faba bean proteins has moreover less affected for shorter amount of time.
COVID-19 has initiated the behavioural changes in consumers leading to shift in trend towards nutritional diet, immunity increasing healthy food etc. Due to which demand for plant-based protein like faba bean proteins is growing to increase significantly in near future.
Tier I Market Players Likely to Expand its Production Capacities to Meet Increasing demand of Faba Bean Protein
Remodelling and innovation as per end consumer have captured faba bean protein market. Key players in the market are innovating the production of plant-based protein due to increased demand. For instance, Puris one of the key players based in U.S has introduced the PURIS faba bean protein which can be prominently used as dry beverage bars and blends and plant-based alternatives to meat.
Furthermore, Vestkorn one of the key players based in Europe has launched textured faba bean protein which is manufactured without the use of chemicals. Australian plant Proteins (APP) has announced that APP’s commercial plant protein extraction facility has received investment from Scalzo food a food manufacturing company. Roquette Frères has announced the expansion of plant-based protein range by the launch of textured faba bean proteins. With all this competition is likely to get intense in near future.
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