A recent report by Future Market Insights, a market research and competitive intelligence provider, estimates that sales of pea milk will reach USD 283.5 million by 2032, with a significant growth rate of 10.4% CAGR over the next decade.
Pea milk, made from dry peas, is available in various flavors such as original, unsweetened, vanilla, and chocolate. Its creamy texture and superior health benefits compared to other plant-based milks are key factors driving consumer preference, contributing to the anticipated growth of the pea milk market.
The rising number of vegan and health-conscious consumers globally is significantly boosting the pea milk industry. Additionally, increasing awareness of lactose intolerance, due to insufficient levels of the enzyme lactase, is driving demand for dairy-free and vegan food products. As a result, plant-based milk alternatives are gaining popularity in both mature and emerging markets.
This growth is attributed to a rising number of individuals with dairy allergies. Additionally, increasing health awareness and growing disposable incomes have expanded the pea milk market. The introduction of new healthy ingredients by various market players also plays a significant role in driving this market’s growth.
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
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. 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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