The market for fava bean protein is anticipated to grow at a CAGR of 4.2% over the course of the forecast period, rising from US$ 56.79 billion in 2022 to US$ 85.69 billion by 2032.
Furthermore, consumer demand is shifting from food products with protein to those with high-quality proteins. This is contributing to the adoption of novel products such as fava bean protein, in the vegan food industry.
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Fava beans, historically, witnessed limited demand in the animal feed additives industry, mainly due to the presence of anti-nutritional factors (ANFs) such as vicine and convicine (VC), glycosides, and tannins. However, recent advancements in plant breeding techniques have enabled scientists to reduce the amount of ANFs in fava beans and extract high-quality fava bean protein.
Today, the demand for fava bean proteins as meat substitutes has increased not only in the animal nutrition industry but also in the commercial food & beverage applications. Food manufacturers are increasing the adoption of botanical ingredients in the manufacturing of plant-based proteins and other ingredients. The changing consumer perception about vegetarian ingredients is mainly attributed for this.
Boosting Extraction of Fava Bean Protein Concentrates to Improve Quality
Fava beans are being preferred by manufacturers over other plant-based protein sources such as soy protein ingredients and pea protein, due to their low cost, high protein content, and less allergenicity. Furthermore, while pea proteins and wheat proteins have a significant share in the vegetable- or plant-based protein market, manufacturers are focusing on diversifying their protein portfolio by resorting to innovative sources. This is expected to encouraging plant protein manufacturers to enter the fava bean protein landscape in the coming years.
Growing need for high-quality plant-based proteins is boosting the utilization of novel protein sources such as fava beans, in the extraction of protein concentrates. Processing, nutritional, and specialty needs of consumers are dictating the upcoming strategies of manufacturers and other stakeholders in the fava bean protein landscape. Taking into consideration the consumer inclination towards pulses as a healthier choice of plant-based protein source, market players are adopting innovative methods of extracting fava bean protein concentrates.
Furthermore, growing awareness about the health benefits of fava bean is expected to bolster extraction of fava bean protein concentrates. Innovation in fava bean protein powders in terms of their texture, nutrition, and savory profile is expected to emerge as a popular trend in the market. In the coming years, a mounting number of market players are expected to introduce textured fava bean protein to add more propositions to their product portfolio and explore more profitable sales possibilities in the food & beverage industry.
Competition Getting Intense in the Fava Bean Protein Landscape
Leading players in the fruit & vegetable ingredients industry and plant-based proteins market are noticing the increasing popularity of fava bean protein as a high-demand ingredients in various food applications. Recognizing that the consumption of plant-based proteins is no longer limited to vegan consumers, a mounting number of ingredient manufacturers are expanding their presence in the fava bean proteins landscape.
In November 2019, Vestkorn – a leading European producer of ingredients from peas and beans – announced that it has launched its new products including textured pea protein and textured fava bean protein. The company also announced that the textured fava bean proteins are manufactured by processing dry, extracted fava bean without using any chemicals, which makes its new products sustainable.
In July 2019, Australian Plant Proteins (APP) – a leading Australian manufacturer of plant-based protein powders – announced that Scalzo Foods – a Melbourne-based food manufacturing company – finalized its investment in APP’s commercial plant protein-extraction facility at Horsham in Victoria’s Wimmera region. The company also declared that its initial focus for commercial manufacturing will be on faba beans and the plant is estimated to use around 20 kilo tons of fava beans every year, as at least 4.5 kilograms of fava beans are required to produce 1kg of fava bean protein powder.
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In November 2018, Puris – a U.S.-based, family-owned food company – announced that it has introduced PURIS fava bean protein while accelerating the production of its non-GMO and organic plant proteins with the completion of a newly expanded second spray dryer. The company declared that the Puris fava bean protein will enter markets in 2019, and it can be used as a plant-based ingredient in a wide range of food applications including dry beverage bars and blends and plant-based alternatives to meat.
With a mounting number of new entrants and leading manufacturers in the fava bean protein landscape, the competitive environment is expected to get more intense with time. Manufacturers are likely to scale up their production while bolstering research & development to boost innovation, in order to gain competitive advantages in the fava bean protein market.
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