Beans are an important source of energy, with low fat content and, certainly, a fundamental ingredient in Brazilian cuisine. In addition to making up a significant part of the diet of the Brazilian population, especially the poorest, it is a product that pleases many audiences. Among its varieties, the most popular are black beans, carioca, white and cowpea.

New and unexplored market

 

    With regard to the international scope, the bean market is still little explored for a number of reasons. First, it is a product with low global relevance as it is not so popular among developed countries. In addition, the major world producers, such as India, Brazil, China and the United States, are also responsible for most of the consumption and import of beans, leaving no significant amount of surplus for export, according to the National Supply Company ( CONAB).

Brazilian standout in the production and consumption of grain

    As for Brazil, the country is an important producer and consumer of beans. The South region stands out as the largest regional producer, with a forecast for 2021 of approximately 850.8 thousand tons,  increase of 3.5% compared to 2020, according to CONAB. Further, according to the Brazilian Institute of Beans and Pulses (Ibrafe), in 2019, the country shipped more than 165 thousand tons of the product and had revenues of US$ 111 million - reaching the highest export volume in  beans of history - showing the growth potential of this market.

New strategies emerge in the face of market difficulties

   Another important aspect is that due to the change in the eating habits of the Brazilian population, other products are gaining prominence. An example of this are the organic productions that are becoming more accepted every day and become an option for many people. Another trend observed by the Brazilian Agricultural Research Corporation (EMBRAPA) is products, breads and cookies, made from cowpea flour, in addition to bean hamburgers, produced from white and carioca beans, which are rich in fiber and proteins , and can be very appreciated by vegans.

    As for the bean market forecast for 2021, the planted area in Brazil may increase slightly, however, to the detriment of the pandemic, productivity may decline. Furthermore, based on current data, CONAB estimates a production in the three harvests of 3.126 million tons, a rate similar to consumption. However, if this value varies, Brazil will probably have to import the grain from other countries due to the high demand.

Importance of an international consultancy

   Therefore, although the bean market still faces some challenges inside and outside Brazil, its development potential is evident and calls for investors. Investors who, with the help of up-to-date and well-founded studies such as those by Prisma, will know how to deal with these obstacles while taking advantage of the best growth opportunities to profit.

By Annaluisa Lima on 03/12/2021

Sources:

https://bit.ly/38zn9n4 

https://bit.ly/3vhvO7t

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Innovative Strategies in the Bean Market