Currently, the market is estimated at US$56.7mn in 2022, and is predicted to expand at a healthy CAGR of 4.2% during the forecast years of 2022-2032.
North America has 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 represent 69.3% of the overall market share in 2022.
The gradual shift from meat or diary-based protein toward plant-based ingredients is a key factor driving the consumption of fava bean proteins.
To generate more popularity, manufactures are upgrading fava bean protein formulations by adapting innovative ways to extract and process the final product. Additionally, varied processes have been endeavoured to standardise fava bean protein’s bio-accessibility and digestibility. Consequently, enhanced fava bean protein quality will drive its penetration across regions.
Intensifying veganism across the world due to a rising awareness about 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.