According to a new report published by Allied Market Research, titled, “Pea milk market by Flavor, Packaging Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2019–2027,” the global pea milk market was valued at $122.9 million in 2019, and is expected to grow at a CAGR of 10.5% to reach $251.2 million by 2027. North America was the highest contributor to the pea milk market with $46.2 million in 2019.
Pea milk is plant-based milk produced by the extraction process from the dried peas, especially the yellow peas. Pea milk contains the essential nutrition sources such as vitamin D, protein, fat, and calcium for toddlers and infants, which provide 50% more calcium and half the quantity of saturated fat in comparison to the other milk alternatives.
The growth of the global pea milk market is majorly driven by rise in number of vegan & diet-conscious consumers across the globe. Furthermore, health issues such as lactose intolerance owing to deficiency of intestinal enzyme lactase and alarming increase in cases of obesity across the globe due to high intake of fats fuel the demand for dairy-free or vegan food products, which, in turn, boosts the growth of the global pea milk market.
Pea milk has been witnessing increased popularity in mature and emerging markets attributable to rise in number of consumers allergic to dairy products. Furthermore, increase in health awareness and rise in disposable income have augmented the growth of the pea milk market. Moreover, introduction of additional healthy ingredients by different market players attracts a large customer base, which significantly contributes toward the growth of the global market. However, fluctuation in prices of raw materials and high cost of milk extraction restrain the growth of the market. On the contrary, surge in demand for dairy-free products by vegan population and introduction of new flavors & varieties of attractive pea milk packaging are anticipated to provide remunerative opportunities for the expansion of the pea milk market.
The global pea milk market is segmented into flavor, packaging type, distribution channel, and region. By flavor, it is fragmented into original, unsweetened, vanilla, and chocolate. On the basis of packaging type, it is differentiated into bottles and aseptic cartons. In terms of distribution channel, it is segregated into retail stores, supermarkets/hypermarkets, E-commerce, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the global pea milk market forecast, based on flavor, the original flavor segment was the highest contributor to the global pea milk market in 2019, while the vanilla flavor is expected to dominate the market in 2027. This is attributed to rise in popularity of vanilla flavor milk in all age group across the globe.
By distribution channel, retail stores was the dominant segment in 2019, and is expected to witness a notable growth in the forecast period. The growth of this segment is attributed to increase in preference for offline retail formats and presence of retail markets chains in both mature and emerging markets.
Region wise, North America was the most prominent market in 2019, and is expected to continue this trend in the near future, as consumers in North America are more adaptive to natural ingredients and plant-based products. The key players in the industry have adopted product launch, acquisition, and collaboration as their go-to strategies to stay competitive in the pea milk market.
Key Findings Of The Study
- The pea milk market was valued at $122.9 million in 2019, and is expected to grow at a CAGR of 10.5% to reach $251.2 million by 2027.
- Depending on packaging type, the aseptic cartons segment is expected to witness the fastest growth, registering a CAGR of 10.8% during the forecast period.
- By flavor, the original flavor segment held the highest share in 2019, garnering nearly one-third of the market share.
- According to the distribution channel, the retail stores segment led the market in 2019, and is expected to grow at a significant CAGR throughout the forecast period.
- U.S. was the dominant country in 2019, acquiring a considerable share in the pea milk market.
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.