The pea milk market is in its introductory phase across the globe. Even though the dynamics of the market are changing rigorously, it is expected to grow steadily and reach US$ 138 Mn by end of 2030. Rising trend of vegan products has brought a shift in consumer focus from dairy milk to plant-based milk. This has caused pea milk to gain traction among different segments of consumers that are preferring pea milk over dairy milk. The main reason for consumer preference is the product’s creamy texture and high nutritional value than other plant-based milk, which augurs well for the expansion of the pea milk market size over the coming years.
Pea Milk Market Drivers
In the current market, growing number of lactose-intolerant people is creating a void for plant-based milks to be filled. Although several plant-based milks such as almond and soy milk are already present in market, they have experienced problems owing to allergic issues faced by consumers. Nut-based milk is also considered to alter thyroid hormone levels, which again is shifting the market in the favor of pea-based milk that has proven to be hypo-allergic and free of allegations in causing any hormonal imbalances.
Regional Outlook of Pea Milk Market
The pea milk market has a strong regional presence in North America, which contributes more than half of the global pea milk market share. It is considered as the most saturated market, followed by Europe, Asia Pacific, and Latin America. Growth is expected to be the highest in the European region, where the absolute dollar opportunity is expected to be over US$ 32 million during the forecast period. The reason for such high growth is increasing demand for plant-based products in the region, paired with increased interest of investors in these plant-based products. The growth rate is expected to be slowest in the Latin American region, due to extreme conditions of poverty and low availability of raw materials necessary for the production of pea milk.
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Pea Milk Market: Competitive Analysis
Since the pea milk market is presently in an introductory phase, competition is very limited. Most of the pea milk market is consolidated in nature, where Ripple Foods and Sproud account for a major share of the market. However, this market positioning is expected to change as new players such as Devon Garden and Qwrkee make their way into this space. The reason for increased number of entrants in the market is the result of low entry barriers as well as increased investments in the sector of plant-based products.
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COVID-19 Impact on Pea Milk Market
The COVID-19 crisis has had a negative impact on the demand for pea milk in the first quarter of 2020. Lockdowns implemented across various countries in first and second quarter of 2020 has caused significant reduction in demand for pea milk, globally. Additionally, production of pea milk was also affected due to restricted supply of raw materials. However, the global pea milk market is expected to resume its normal growth trajectory as the effects of the pandemic lessen over the coming months.
The Analysts’ Viewpoint
“Manufacturers in the pea milk market can optimize their value chain to bring down prices. This can shift several plant-based milk consumers to pea milk. Companies can also focus on partnering with more distributors to increase the availability of product in the market.”
Pea Milk Market: Scope of the Report
The pea milk market report by Fact.MR offers forecast representation from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats influencing the expansion of the pea milk market. A detailed segmental analysis based on by flavor, sweetness, pack size, packaging material, end user, sales channel, and region has been provided in the report. The report also covers a chapter on the COVID-19 impact analysis to arm stakeholders with necessary information.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the pea milk market. In addition, a section providing detailed analysis of key market players and strategies has been added.
A recent study by Fact.MR on the pea milk market offers a 10-year forecast from 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of the pea milk market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of pea milk. The study also provides the dynamics that are expected to influence the future status of the pea milk market over the forecast period.
A detailed assessment of value chain analysis, business executions, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the pea milk market enhances the reliability of this comprehensive research study.
Pea Milk Market: Report Summary
The study offers comprehensive analysis on diverse features, including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the pea milk market across the globe.
A comprehensive estimate on the pea milk market has also been considered through an optimistic scenario as well as conservative scenario, regarding the sales of pea milk during the forecast period. Price point comparison by region with global average price is also considered in the study.
Pea Milk Market: Segmentation
Fact.MR has studied the pea milk market with detailed segmentation on the basis of flavor, sweetness, pack size, packaging material, end user, sales channel and region.
Pea Milk Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the pea milk market.
Market estimates at global and regional levels for pea milk are available in terms of “US$ Mn” for value and “Mn Units” in terms of volume. A Y-o-Y growth contrast on prominent pea milk market segments, along with the market attractiveness evaluation have been incorporated in the report. Another key feature of the pea milk market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve as well as identify potential resources, from sales and delivery perspectives, in the pea milk market.
Pea Milk Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the pea milk market during the forecast period.
Country-specific valuations on demand for pea milk have been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of prominence in regions and countries. Regional markets Y-o-Y growth estimates have also incorporated in the report.
Detail breakup in terms of value for emerging countries has also been included in the report.
Pea Milk Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the pea milk market, along with their detailed profiles. Essential and up-to-date data related to market players who are principally engaged in the production of pea milk has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus, providing readers with actionable insights, which help in thoughtfully presenting the market status, and predicting the competition levels in the pea milk market. Prominent companies operating in the global pea milk market include Ripple Foods, Sproud, Bolthouse Farms, Freedom Foods, The Mighty Society, Snappea, Devon Garden, DrinkStar, Vly Foods, and Qwrkee.
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