Era of Niche Food Trends and Products: Bambara Beans Grow in Popularity Worldwide
The global food and beverage trends are majorly influenced by the evolving consumer trends and preferences. In the current era, consumers around the world, particularly the millennial population, are increasingly open to opting for niche, sustainable, healthy, and food products due to which, cross-border trading of a number of niche, regional, and uncommon ingredients and products has witnessed consistent growth over the past few years. This trend is expected to continue in the upcoming years. Of the numerous new products that are gaining blazing popularity worldwide, Bambara beans are gradually making inroads in several regions around the world.
Increase in demand for plant-based food products, veganism, number of health-conscious consumers, focus to minimize the consumption of meat products, and awareness pertaining to the benefits of consuming Bambara beans is some of the key factors expected to propel the Bambara beans market worldwide. In addition, as a number of upcoming and established brands is increasingly focusing on targeting the health-conscious audience, Bambara beans are gaining considerable spotlight. Bambara beans is increasingly being used for sustainable nutrition and food security purposes in several parts of the African continent– a factor that is expected to propel the Bambara beans market during the forecast period.
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High Adoption of Bambara Beans in Rural Households across Sub-Saharan Region to Aid Market Growth
In several sub-Saharan nations in Africa, subsistence farming is an imperative aspect of sustainable food security. Environmental changes and fluctuating rainfall patterns play a key role in influencing the growth of the agriculture sector in the African region. However, over the past few years, significant rise in the number of droughts and high uncertainty related to the weather have negatively affected the overall productivity of the agricultural sector. Due to this, agricultural organizations and policymakers are now focusing on tapping into potential opportunities of underutilized crops such as Bambara beans for nutrition and food security, income generation in rural regions, and addressing the economic and agronomic challenges. Furthermore, research and development activities primarily indicate the promotion and cultivation of indigenous and drought-tolerant legumes, including Bambara beans– a factor that is projected to augment the Bambara beans market during the assessment period. Farmers in various nations in Africa are focusing on utilization, conservation, and marketing of Bambara beans to gain an advantage in the current market landscape.
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Focus on Improving Value Chain amid COVID-19 Pandemic to Remain Key
Key players involved in the cultivation of Bambara beans are increasingly focusing on addressing various challenges within the value chain to gain a competitive edge. Value chain improvements play a critical role in the diffusion and promotion of crops. In addition, a robust and effective value chain can play a vital role in boosting the presence of a particular crop in the market and enable the growers to attract consumers.
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At present, farmers operating in the current Bambara beans market are increasingly focusing on overcoming barriers involved in the marketing of Bambara beans to improve trading, retailing, processing, etc. Several key international and domestic organizations are increasingly working in collaboration with each other to improve value chain development of Bambara beans in various regions. For instance, Institute of Rural Economy (IER) and Bioversity International are working in tandem with each other to fuel value chain development of Bambara beans in Mali. The Middle East & Africa region is expected to remain at the forefront in terms of Bambara beans market value and share during the forecast period.
Analysts’ Viewpoint
The Bambara beans market is anticipated to expand at a healthy CAGR of 5.8% during the forecast period. The market growth is primarily driven by increasing awareness pertaining to the benefits of Bambara beans, high demand for plant-based food products worldwide, rise in the number of health-conscious consumers worldwide, and consistent efforts being made to improve the value chain of Bambara beans in several parts of Africa. Market players are expected to focus on their marketing and promotion strategies to increase sales and gain a competitive edge.
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Bambara Beans Market: Overview
- The global Bambara beans market value is expected to be ~US$ 112.8 Mn in 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is projected to reach ~US$ 199 Mn by 2030, at a CAGR of 5.8%.
- Five in 10 consumers are aware that the consumption of whole Bambara beans are healthier compared to their processed counterparts, owing to its nutritional benefits and provides relief from several diseases
- Bambara beans has been gaining popularity as a rich source of probiotics, which reduces activity and proliferation of pathogenic organism in the stomach
- Manufacturers are expected to target the demography, which has flour- and bakery-based products incorporated as part of their cultural diet in developing countries
- The Bambara beans market is still facing severe challenges with many companies being affected by supply chain disruption, manufacturing, and demand issues. However, the emergence of new export destinations is anticipated to overcome the supply disruptions in the Bambara beans industry.
Bambara Beans Market: Frontrunners
- On the basis of nature, conventional form is leading with market share of more than 90% in 2020. Organic segment is growing rapidly with a growth rate of 8% during the forecast period.
- Whole Bambara beans is projected to hold near 40% of the total opportunity created in the market out of per million spending on different forms of Bambara beans over the forecast period
- In terms of retail (household) sales channel, online sales is expected to gain more than 280 BPS by 2030 on the back of rising adoption of digital platform, along with transforming purchasing pattern of buyers
- In terms of business to business channel, food & beverages end-use application accounts for more than 40% of demand in the global Bambara beans market. Moreover, the application is expected to witness a marginal decline in its market share during the forecast period, owing to increasing demand of Bambara beans in nutraceutical and pharmaceutical industries.
- Middle East & Africa will hold its penetration in the global Bambara beans market post COVID-19 normalization across food & beverages and food service sectors after 2020. However, Asia Pacific region is anticipated to remain most lucrative regions as compared to other regions during the forecast period, due to heightened per capita consumption of grains and pulses in the region.
Bambara Beans Market: Trends
- Bambara beans market registers steady growth as investment opportunities abound: The global market is expected to witness prolific growth in the upcoming years with ease in trade tariffs. Producers and farmers of Bambara beans are primarily focusing on improving their product portfolios and online brand promotional activities. In addition, governments can create growth opportunities for producers by increasing awareness regarding the health benefits of Bambara nuts. Moreover, the cultivation of Bambara beans is more women oriented and helps in empowering women empowerment. In turn, the global Bambara beans market is anticipated to showcase a fragmented industry structure and is abound with untapped opportunities in developing regions.
- Organic and natural becoming new normal: The concept of organic farming has transformed the overall farming practice across the globe, thus, pushing farmers, crop growers, and land owners to opt for organic fertilizers in order to maintain overall sustainability and soil fertility. Consumers are expected to face allergies or side effects from consumption of products containing artificial ingredients, and thus, prefer all natural and organic food products without any artificial preservatives and colors. As consumers continue to avoid artificial products and choose organic and natural options, manufacturers of bakery, confectionery, and other food products have started developing more products that meet organic and natural requirements.
Bambara Beans Market: Strategies
- Global food and beverage manufacturers are expected to witness growing demand for organic legumes, owing to changing consumer eating habits and increasing consumer inclination towards healthier products
- Manufacturers are expanding into new markets through the acquisition of prominent regional players in order to increase their regional footprint, and also strengthen the distribution network and brand portfolio
- Target developing countries, as the middle class population is growing, and prefers to follow Western diets in a view to exhibit their improving economic status. Furthermore, it is implicated that the elderly population and obesity incidences in these regions are growing at a very high rate, especially in countries such as India and China.
Bambara Beans Market: Players
- Some of the key players operating in the Bambara beans market, as profiled in the study, are
- Believe in Bambara
- God’s Time FOB Leader Foods
- African Flavour’s
- TH and NH Trading Pty Ltd
- Amafu Stock Trading
- Elite Trading Company
- Zhengzhou Taizy Trading Co., Ltd., etc.
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