The global pea milk market is projected to experience accelerated growth with a Compound Annual Growth Rate (CAGR) of 10.4% from 2022 to 2032. The sales of pea milk are poised to contribute to the overall demand in the global plant-based milk market, which is valued at USD 14 billion in 2022.
Pea milk (also known as pea protein beverage) refers to a plant milk prepared by making use of pea protein. Commercial pea milk is mostly available in different flavours such as unsweetened, sweetened, chocolate, and vanilla, and is enriched with vitamins. Pea milk is marketed as a highly eco-friendly alternative to animal-based milks and GMO-free alternative to other plant based milk types, such as soy milk.
There has been a significant demand for plant-based beverages, as consumers are looking for healthier and sustainable alternatives to animal-based beverages. Plant-based beverages have been in vogue since a decade and their demand is reaching new heights in line with lack of enthusiasm for animal-based beverages. The rising gravitation toward health and wellness trend is also evoking consumer interest in plant-based beverages, including pea milk.
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Pea Milk Market- Novel Developments
Some of the key players operating in the pea milk market include Bolthouse Farms, Ripple, and others. Key players in the pea milk market are making headway with new product launches, which, in turn, will boost their organic growth and enable them to hold a competitive edge in the global pea milk market.
- In 2019, Whole Foods Market Inc.- a leading American supermarket chain- has made official announcements of releasing vegan pea milk made by a brand called ‘The Mighty Society’ in its UK-based stores, in response to the rising preference for dairy-free alternatives. The pea milk, which is made from yellow split peas, contains approximately 8g of protein per glass, is proven to be several times more beneficial than almond
- In 2017, Ripple Foods- a key pea-based milk brand- launched an 8-bit game as a fun and recreational medium to convey the health benefits of pea milk. Created via a strategic partnership with VMG Creative, the 8-bit game makes users answer multiple questions that pop-up, such as “Should milk shower you in sugar?”, “Should milk be a good source of protein?”. These questions are then followed by interesting facts explaining why Ripple milk is healthier and why pea milk should be consumed.
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Pea Milk Market- Dynamics
Pea Milk Market- Rising Demand for Plant-based Milks to Propel Growth
The unwavering demand for plant-based milks is a key factor fuelling investments in pea milk market. Consumers moving away from animal-based products are developing an unquenchable demand for plant-based milk, thereby driving growth of pea milk market. Consumers are on a continuous lookout for healthier and sustainable alternatives of adding proteins to their dietary preferences, thereby creating sustained opportunities for pea milk.
Insatiable demand for non-dairy alternatives is resulting in increased sales of plant-based beverages, with pea milk being one of the highly desired varieties. Consumers who are lactose intolerant are also finding pea milk intriguing, as it consists of zero dairy, zero soy, and zero nuts. Availability of pea milk in multifarious flavors, such as vanilla, original, chocolate, and others, is evoking consumer interest in pea milk.
Pea Milk Market- Pervasive Trend of Veganism & Flexitarianism to Boost Growth
Growing trend of veganism and flexitarianism is creating an augmented demand for plant-based milk, including pea milk. As both health and environmental risks associated with animal-based products keep increasing, people are shifting their dietary preferences and turning to veganism for leading healthy lifestyles.
Vegan consumers are reaching for plant-based milk varieties with rich nutritional profiles and are willing to pay premium prices for the same. This, in turn, is working in favor of pea milk market and creating revenue-making opportunities for the stakeholders of pea milk market. Similarly, the rising trend of flexitarianism is also providing an impetus to growing demand for pea milk.
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Pea Milk Market- Companies Experiment with Innovative Marketing Strategies to Boost Consumer Interaction
Companies operating in the pea milk market are experimenting with innovative marketing strategies to improve customer-brand interaction. Brands are using Facebook, Instagram, and other social media platforms to reach out to customers via interactive posts and evoke greater levels of interest with unique presentation styles. Moreover, key players in the pea milk market are also focusing on new product launches and distinguishable offerings to reap sizeable profits.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global pea milk market. The report on pea milk market provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with pea milk market attractiveness as per segments. The report on pea milk market also maps the qualitative impact of various factors on pea milk market segments and geographies.
Pea Milk Market- Segmentation
By flavour, the pea milk market is segmented into-
- Vanilla
- Mango
- Chocolate
- Others
By sales channels, the pea milk market is segmented into-
- Supermarkets
- E-commerce
- Convenience stores
- Other retail outlets
By packaging types, the pea milk market is segmented into-
- Bottles
- Carton
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