According to a recent report by Future Market Insights, a market research and competitive intelligence provider, pea milk sales are projected to reach USD 283.5 million by 2032, growing at a robust CAGR of 10.4% over the decade.
FMI analysis reveals that while the original flavor was the leading category in 2022, the vanilla flavor segment is anticipated to retain its dominance throughout the forecast period. Vanilla, being a cost-effective and globally popular flavor, is expected to become increasingly prevalent in the pea milk market.
Pea milk, derived from dry peas, offers a range of flavors such as original, unsweetened, vanilla, and chocolate. Its creamy texture and superior nutritional profile compared to other plant-based milks are key factors driving consumer preference, thereby fueling the growth of the pea milk market in the foreseeable future.
The expanding number of health-conscious and vegan consumers worldwide is a significant driver for the pea milk industry. Additionally, growing awareness about lactose intolerance due to insufficient lactase enzyme production is boosting demand for vegan and dairy-free products. Plant-based milk alternatives are gaining popularity across emerging and established markets alike.
The number of people with dairy allergies is rising steadily. Additionally, growing disposable incomes and increased health awareness are expanding the pea milk market. The introduction of new, healthy ingredients by various market players also significantly contributes to this growth.
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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.
Competitive Landscape
Leading pea milk manufacturers are concentrating on expanding their presence in mainstream retail markets by offering a wide range of product options. They are also prioritizing strategic partnerships with key industry players and pursuing acquisitions to strengthen their market position.
- Wunda, a new pea-based beverage from Nestlé, is “epic in everything” that milk is used for. That is, it can be eaten plain, poured over cereal, mixed into hot beverages, frosted, cooked with, and so on.
- Sproud Original Drink is a plant-based milk that tastes like milk. It is as white as milk and contains no allergens, lactose, nuts, Pea, or genetically modified organisms. Furthermore, it is high in protein and has a very low sugar content. Ideal for a healthy diet.
Key Companies Profiled
- Ripple Foods
- Sproud
- Bolthouse Farms
- Snappea Foods
- Qwrkee Foods Ltd
- Devon Garden Foods
- VLY Foods
- Nestle SA
- Freedom Foods
- Mighty Pea
- Drinkstar
- Asia Pte Ltd
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Pea Milk Market by Category
By Flavor, Pea Milk Market is segmented as:
- Original Flavored Pea Milk
- Vanilla Flavored Pea Milk
- Chocolate Flavored Pea Milk
- Barista Flavored Pea Milk
By Packaging Material, Pea Milk Market is segmented as:
- Tetra Packs
- PET Bottles
By End-User, Pea Milk Market is segmented as:
- Individual Consumers
- HoReCa
- Gyms & Cafes
By Sales Channel, Pea Milk Market is segmented as:
- Brick & Mortar Stores
- Online Retail Channels
By Region, Pea Milk Market is segmented as:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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