Global Pea Milk Market to Expand Over 3x, backed by Surging Vegan Trends: Fact.MR Report
Published : 15 Sep 2021 Industry: Food & Beverage
The global pea milk market is anticipated to register impressive growth, reaching US$ 138 Mn by the end of the 2021-2031 forecast period, according to a recently published Fact.MR study. The report estimates a value CAGR worth 13% during the aforementioned assessment period.
From 2016 to 2020, sales expanded at around 9% CAGR, reaching US$ 35 Mn by the end of the said historical period. Introducing new pea milk flavors is expected to provide significant tailwinds in the foreseeable future. Sales further impelled during the COVID-19 pandemic, with the unsweetened category registering prolific uptake, amid recommendations to curtain sugar intake for preventing escalation of chronic inflammatory conditions associated with the disease.
The increase in the number of vegan and diet-conscious consumers throughout the world is driving the growth of the pea milk sector. Plant-based milk products are becoming increasingly popular in both developed and developing economies. This is due to an increase in the number of persons who are allergic to dairy products.
Key Takeaways from the Market Study
- By 2021, global pea milk sales are likely to be valued at US$ 40 Mn
- PET pea milk bottles to experience staggering growth, registering a 10% CAGR
- Tetra packs to surge in popularity, yielding 45% of market revenue through 2031
- Pea milk offerings of 48 oz to dominate the market, account for 3/5th of total demand
- U.S to register a prolific CAGR of 9% with regard to pea milk sales
- With a market share of almost 25%, Asia is the fastest-growing region in the market.
“Increased foray into milk and dairy alternatives amid rising incidence of lactose intolerance as well as rising animal welfare concerns is boding well for the pea milk industry,” says an analyst at Fact.MR
Prominent pea milk manufacturers in the report include 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 and others.
- Ripple Foods' vegan pea milk was just introduced to Costco, the world's largest wholesale retailer. It's selling a three-pack of 48-ounce Ripple Original Plant-Based Milk bottles for $8.99 at 18 locations in the Midwest, including Ohio, Indiana, Kansas, Illinois, Minnesota, Michigan, Missouri, and Nebraska.
- Likewise, Nestlé is introducing Wunda, a new pea-based beverage that is "epic in everything" that milk is used for. That means it can be consumed plain, poured over cereal, used in hot beverages, frosted, cooked with, and so on.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global pea milk market, presenting historical demand data (2016-2019) and forecast statistics for the period of 2020-2030.
The study divulges essential insights on the pea milk market on the basis of flavor (original flavor, chocolate flavor, vanilla flavor, and barista flavor), sweetness (sweetened and unsweetened), pack size (8 oz, 25-32 oz, and 48 oz), packaging material (tetra packs and PET bottles), end user (individual consumers, HoReCa, gyms, and cafes), and sales channel (online retail and brick and mortar stores), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – Food and Beverages