According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of pea milk are estimated to reach a value of USD 238.5 Mn by 2032, surging at 10.4% CAGR through the decade.
Pea milk is made from dry peas and comes in a variety of flavors including original, unsweetened, vanilla, and chocolate. The product’s cream-like texture and healthy content than other plant-based milk are the primary reasons for consumer preference, which contributes to the growth of the pea milk market in the coming years.
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The increase in the number of vegan and diet-conscious consumers around the world is driving the growth of the pea milk industry. Furthermore, the increased concern about lactose intolerance as a result of a lack of the intestinal enzyme lactase fuels the demand for dairy-free or vegan food products. Plant-based milk products are becoming more popular in both mature and emerging markets.
This is due to an increase in the number of people who are allergic to dairy products. Furthermore, an increase in health awareness and an increase in disposable income have increased the size of the pea milk market. Furthermore, the introduction of new healthy ingredients by various market players contributes significantly to the growth of the pea milk market.
Key Takeaways from Market Study
- The United Kingdom is one of Europe’s most promising markets for pea milk. An increasing proportion of the British population will switch to a vegan, vegetarian, or pescatarian diet by 2022.
- The market for pea milk in the United States is expected to grow rapidly, expanding at a CAGR of nearly 8.2% between 2022 and 2032. The US market is expected to have a market share of 60%.
- With the outbreak of the COVID-19 pandemic, consumers are re-evaluating and changing their drinking and eating habits. The market is expected to grow at a rate of 9.1% from 2022-2023.
- PET bottles, which are primarily used in the packaging of drinking water and beverages, are becoming increasingly popular in the pea milk industry.
- Tetra packs of pea milk are expected to account for 40% of global market demand over the next decade. Sales are being boosted by the high convenience attributed to its lightweight and durability.
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“Pea milk is quickly gaining popularity as a dairy substitute. Pea milk is also a good option for people who are allergic to other plant-based products like Pea, whey, almonds, or nuts,” says a lead analyst at Future Market Insights.
Who is Winning?
Key pea milk manufacturers are emphasizing the penetration of mainstream retail markets by introducing a diverse range of product offerings. In addition, they are focusing on forming alliances with leading players as well as acquisitions.
- Wunda, a new pea-based beverage from Nestlé, is “epic in everything” that milk is used for.
The key players profiled in the report include Sproud, Ripple Foods, Snappea Foods, Devon Garden Foods, Qwrkee, Freedom Foods, Vly Foods, Nestle SA, The Mighty Society, and DrinkStar.
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the pea milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the pea milk based on Flavor (Original, Unsweetened, Vanilla, and Chocolate), By Packaging Type (Bottles and Aseptic Cartons), By Distribution Channel (Retail Stores, Supermarkets/Hypermarkets, E-commerce, and Others), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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