Global Pea Milk Market Overview
The key driver impacting the pea milk market is the rise in demand for plant-based milk due to growing cases of lactose intolerance and milk allergies. For instance, As per the NIH, in adults, lactose intolerance is most frequently observed in East Asian heritage people, which affected 70 to 100% of the population. Also, according to Encyclopaedia Britannica, the lactose intolerance condition affects approximately 75 to 90% of native Americans, Asians, Mediterranean, black people, and Jewish people. About 5% of central and northern Europeans have lactose intolerance. Moreover, the introduction of additional healthy ingredients by different market players and several benefits associated with pea milk over other plant milk options contributes to pea milk market growth in the coming years. Whereas with regards to volume, the market was calculated XX Thousand Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global Pea milk market size was valued at around USD 125 million in 2020 and is estimated to grow at a CAGR of about 10% during the forecast period 2021 to 2027.
The growing consumer preference for a vegan diet is likely to augment the demand in the forecast period. This leads to growing efforts by the key players in developing highly advanced pea milk products for the consumers. For instance, The food revolution network data shows that in the U.S., there was a rise of about 600% in people categorized as vegans in the last three years. Similarly, people who are identifying as vegans have lifted by 350% in the U.K. However, the high cost of plant-based products may hamper the market in the long run. Also, the slow acceptance of this product among consumers negatively impacts the market. The current industry trends, such as the rise in health awareness and increase in disposable income, are expected to offer several beneficial market opportunities for the key players.
The Pea milk market is vast, with many local and global players. The Pea milk market is extensive, with many regional and international players. The prominent market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, acquisitions, amalgamation, acquisitions, product upgrades to mount their market share across the globe. The prominent players studied in the report include Devon Garden Foods, Sproud, Snappea Foods, Ripple Foods, Freedom Foods, Qwrkee, Nestle SA, Vly Foods, DrinkStar, and The Mighty Society.
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In this research report, the pea milk market is segmented by flavor, packaging type, distribution channel, and region.
Analysis by Flavor:
By flavor, the report is categorized into original, unsweetened, vanilla, and chocolate. The original flavor segment dominates the flavor segment with over 30% in the forecast period. It is due to the high adoption of original flavor pea milk among the consumers. Also, the growing preference for unsweetened pea milk and original legume flavor is more apparent than the sweetened flavors such as vanilla and chocolate, contributes to the high demand for original flavor segment growth in the forecast period.
Analysis by Packaging Type:
By packaging type, the report is categorized into bottles and aseptic cartons. The aseptic cartons segment dominates the packaging type segment with over 55% share in 2020. It is because aseptic packaging provides several advantages over traditional milk packaging methods. For example, Increased shelf life, need no preservatives, eco friendly and decreases shipping and distribution costs. Moreover, rising consumer preference regarding the harmful effects of preservatives used in packaging to increase the shelf life of beverages worldwide contributes to the high demand for aseptic cartons.
Analysis by Distribution Channel:
By distribution channel, the report is categorized into retail stores, supermarkets/hypermarkets, e-commerce, and others. The retail stores segment dominates the distribution channel segment with over 30% share in 2020. It is due to the rapidly expanding retail chains of leading franchises in both emerging and mature markets. Also, retail stores are usually located in easily accessible areas and provide a broad range of products at a competitive price to customers. Moreover, retail stores are considered as a one-stop solution that makes them a popular shopping choice for consumers, which leads to its growth of the retail store's segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Pea milk market, the North America region dominates globally with a 30% market share in the forecast period. It is due to the growing cases of lactose-intolerant and related disorders among people in Canada and the U.S. Moreover, the increasing consumer awareness related to the benefits of plant-based milk consumption and the growing popularity of the vegan diet contributes to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Flavor
- Original
- Unsweetened
- Vanilla
- Chocolate
By Packaging Type
By Distribution Channel
- Retail Stores
- Supermarkets/Hypermarkets
- E-commerce
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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