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Pea Milk Market

Pea Milk Market

Pea Milk Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Pea Milk Market
FACT5346MR
  • Sep-2021
  • List of Tables : 75
  • List of Figures : 141
  • 170 Pages
  • Food & Beverage

Market Snapshot

Newly published Fact.MR data on the pea milk industry forecasts the market to each US$ 138 Mn by 2031. The growing popularity of vegan products has shifted consumer attention toward plant-based milk. According to the report, the market is expected to reach US$ 40 Mn by 2021-end. The product's creamy texture and higher nutritional content than other plant-based milk are the key reasons for consumer choice, which bodes well for the pea milk market's growth in the coming years.

Key Points Covered in Pea Milk Industry Analysis

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Conditions
  • COVID-19 Impact on Pea Milk Market and How to Navigate
  • Recommendation on Key Winning Strategies

pea milk market by FactMR

Know More Details About the Report

Consumption Analysis of Pea Milk (2016-2020) Vs Outlook (2021-2031)

During the 2016-2020 historical period, pea milk sales surged impressively, expanding at a CAGR of 9% to be valued at US$ 35 Mn. As people become increasingly conscious about animal welfare, consumption of plant-based diets is surging, thus widening expansion prospects.

During the COVID-19 pandemic, consumption accelerated, especially unsweetened pea milk. According to W.H.O, ideally less than 5% of total energy intake should come from free sugars. This is mostly because studies demonstrate that high sugar intake may aggravate chronic inflammatory states in infected patients.

Furthermore, growing lactose intolerance prevalence is prompting consumers to opt for plant-based milk and milk products. Manufacturers are experimenting with various plant-based flavors. Hence, Fact.MR- a market research and competitive intelligence provider forecasts that demand for pea milk is likely to accelerate at a whopping 13% CAGR until 2031.

Increasing Vegan Population Pool Stimulating Pea Milk Uptake?

Growing animal welfare concerns globally are prompting meat eaters and animal products consumers to opt for plant-based and other naturally sourced product lines, which includes consumption of plant based milk.

According to the Vegan Society, just 4% of global domesticated animals live freely, while 96% of them survive under dismal conditions in captivity. Realizing this, consumers are refraining from consuming animal based products, impelling prospects for pea milk.

Furthermore, the society advocates that if the world went completely vegan, it could conserve 8 million human lives by 2050, reduce greenhouse gas emissions from agriculture by 2/3rd and save up to US$ 1.5 trillion in climate change damages.

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Frequent Episodes of Lactose Intolerance Feeding Pea Milk Growth?

Over the years, the incidence of lactose intolerance has surged, especially across Europe, North America and Asia. Approximately 65% of the human population has a reduced ability to digest lactose post-infancy. However, the incidence varies across different regions.

For instance, prevalence rate is as high as 70-100% among people of East Asian descent, and as low as 5% amongst people of Northern European descent. Going by these trends, people are substituting dairy products consumption with plant-based products.

Amongst all dairy alternatives, pea milk is acquiring major traction. Pea milk is also a good alternative to consumers who may be averse to other plant-based products such as soy, whey, almond or nuts.

Country-wise Analysis

What are the prospects for Pea Milk in the U.S?

According to Fact.MR, the market for pea milk in the U.S is anticipated to register high growth, expanding at a CAGR of almost 9% across the 2021-2031 assessment period. A market share of 60% is expected for the U.S market.

A recent study estimates that the number of Americans adhering to plant-based diets increased nearly 9.6 million over the last 15 years. This represents a 300% increase and accounts for nearly 3% of the U.S population. Hence, pea milk is quickly flying off retail shelves across the country.

What Supports Increasing Pea Milk Sales across Asia?

With a market share of almost 25%, Asia is the fastest-growing region in the global pea milk industry. Low-cost needs for pea production, resulting in increased profitability and productivity of the milk production system, are factors contributing to market expansion in the region.

Furthermore, the rising number of health enthusiasts in the region, as well as the region's high nutritional need due to the population of expanding economies such as India, China, the ASEAN regions, and others, are projected to drive pea milk market expansion in the future.

How is the U.K Generating Growth Opportunities for Pea Milk Producers?

The U.K is one of the most opportunistic markets for pea milk across Europe. According to Finder, an increasing number of the British population altered their diet in 2020- either going vegan, veggie or pescatarian.

According to the study, approximately 1.1 million people followed a plant-based diet at the beginning of 2020. One year later, this figure has surged close to 1.5 million people. This represents a 40% increase in the vegan population. Also, the Vegan Society noted a fourfold increase in the number of vegans.

Based on these aforementioned trends, Fact.MR expects the pea milk market in the U.K to capture a market share of nearly 60% across the 2021-2031 forecast period.

An Adaptive Approach to Modern-day Research Needs

Category-wise insights

Why will PET Bottles Generate More Profits?

PET bottles, which are primarily used in the packaging of drinking water and beverages, are also gaining popularity in the pea milk industry. Fact.MR expects the segment to surge at a CAGR of 10% until 2031.

PET bottles are more durable, clearer, lighter, non-reactive, cost-effective, and thermally stable than glass bottles. Moreover, PET bottles are in high demand in the pea milk industry because they are environmentally benign and can be recycled multiple times, lowering the cost of production.

Why are Pea Milk Tetra Packs Receiving Stimulus?

According to Fact.MR, pea milk in tetra packs are anticipated to account for 45% of the global market demand across the forthcoming decade. High convenience attributed to its light weight and durability is spurring sales.

Because of its lightweight, environmentally friendly, and low-cost packaging, the tetra pack pea milk is predicted to rise rapidly. The rapid growth of the tetra pack pea milk is also due to the products' extended shelf life under challenging environmental circumstances, as well as its healthy and safe packaging.

Competitive Landscape

Key manufacturers of pea milk are emphasizing on penetrating mainstream retail markets, introducing a wide range of product offerings. Additionally, they are also focusing on forging alliances with leading players along with acquisitions

  • 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.
  • 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.
  • Sproud Original Drink is a plant-based milk with a milk-like flavor. It's as white as milk and free of allergies, lactose, nuts, soy, and genetically modified organisms. In addition, high in protein and incredibly low sugar. Perfect for a healthy diet.

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Report Scope

Attribute

Details

Market size value in 2021

USD 40 Million

Market forecast value in 2031

USD 138 Million

Growth Rate

CAGR of 13% from 2021 to 2031
Forecast Period 2021-2031
Historical Data Available for 2016-2020

Market Analysis

US$ Mn for Value & Mn Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Columbia
  • Germany
  • France
  • U.K
  • Italy
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • GCC
  • South Africa

Key Market Segments Covered

  • Flavor
  • Sweetness
  • Pack Size
  • Packaging Material
  • End User
  • Sales Channel
  • Region

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

Pricing

Available upon Request

Key Segments Covered

  • Flavor

    • Original Flavored Pea Milk
    • Vanilla Flavored Pea Milk
    • Chocolate Flavored Pea Milk
    • Barista Flavored Pea Milk
  • Sweetness

    • Sweetened Pea Milk
    • Unsweetened Pea Milk
  • Pack Size

    • 8 oz Pea Milk Packs
    • 25-32 oz Pea Milk Packs
    • 48 oz Pea Milk Packs
  • Packaging Material

    • Pea Milk in Tetra Packs
    • Pea Milk in PET Bottles
  • End User

    • Pea Milk for Individual Consumers
    • Pea Milk for HoReCa
    • Pea Milk for Gyms & Cafes
  • Sales Channel

    • Pea Milk Sales via Brick & Mortar Stores
    • Pea Milk Sales via Online Retail Channels

Pea Milk Market- Scope of Report

A recent study by Fact.MR on the pea milk market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the 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 offering pea milk.

The study also provides the dynamics responsible for influencing the future status of the pea milk market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the pea milk market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of Pea milk across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of Pea milk during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative pea milk markets?
  • Which factors will impact the growth of pea milk?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the pea milk industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (Mn Units) and value (US$ Mn).

Estimates at global and regional levels for pea milk are available in terms of “US$ Mn” for value and in “Mn Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global pea milk market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters 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 valuation on demand for pea milk has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of pea milk, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering 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 permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the pea milk domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the pea milk industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

According to Fact.MR, pea milk sales amounted to US$ 35 Mn in 2020

From 2016 to 2020, pea milk sales surged at an impressive 9% CAGR

By 2021-end, pea milk sales are expected to reach US$ 40 Mn according to Fact.MR

From 2021 to 2031, the pea milk market is likely to surge at a 13% CAGR to reach US$ 138 Mn

Rising preference for vegan foods and growing lactose intolerance rates are spurring pea milk demand

A CAGR of 9% is projected for pea milk sales in the U.S across the forecast period

The U.K is slated to account for 60% of global pea milk revenue until 2031

Asia is expected to generate 1/4th of global pea milk demand across the forecast period

PET pea milk bottles are expected to surge at a CAGR of 10% from 2021 to 2031

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.