Pea Milk Market Size is projected to reach USD 305 million by 2030, growing at a CAGR of 10.8%: Straits Research

New York, United States, June 05, 2023 (GLOBE NEWSWIRE) -- Pea milk is made by pressing dried peas, especially yellow peas, to extract the milk. Pea milk has all the essential nutrients for babies and toddlers, including vitamin D, protein, fat, and calcium. It has 50% more calcium and half as much saturated fat as other milk alternatives. Most of the growth in the global pea milk market is because there are more vegans and health-conscious people worldwide.

Furthermore, health problems like lactose intolerance, caused by a lack of the enzyme lactase in the intestines, and the alarming rise of obesity worldwide, caused by eating too many fats, drive the demand for dairy-free or vegan food products. Additionally, more people are allergic to dairy products, so pea milk is becoming more popular in developed and developing markets. People are also becoming more health-conscious and have more money to spend, positively affecting the pea milk market.

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Widespread Demand for Plant-Based Milk and Growing Vegan Population Push the Market Forward

The pea milk market will likely grow because more people are looking for plant-based milk. In the past few years, there has been a huge demand for plant-based milk since it is made naturally, and this trend is likely to continue through the forecast period. People are widely drinking pea milk because it is good for health, driving the global market. Professionals in health and nutrition are also telling people to switch to plant-based milk, helping the pea milk market grow in developed countries.

Furthermore, more and more people have become vegans. Consumers in countries like Canada are moving away from eating animal products and towards plant-based food that is made naturally and is healthier and cleaner. The Vegan Society, a charity that promotes vegan food, said in a report that over 560,000 people signed up for Veganuary, a campaign where people try to eat vegan for the whole month of January.

In 2019, 250,000 people took part, and in 2020, there were 400,000, which was the highest number ever. Therefore, a rise in the number of vegan consumers is likely to increase the demand for plant-based products from different sources. This is a key growth driver for the global market and will take the pea milk market to new heights of profits and help it earn exceptional revenue.

Consumers Allergic to Dairy Products Create Tremendous Opportunities for the Pea Milk Market

People allergic to milk cannot drink regular milk or milk products, so they need drinks made from plants, like pea milk. People think of pea milk and products made from it as alternatives to dairy products because they come from plants. Additionally, pea milk has similar nutrients, vitamins, and calcium to cow's milk, making it more popular. Pea milk drinks with new flavors are also bringing in many new customers, which is a big part of the market's growth. Due to this, the rise in the number of people who are allergic to dairy is likely to help the growth of the global pea milk market.

Report Scope

Report Metric	Details
Market Size by 2030	USD 305 million
CAGR	10.8%
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Flavor, By Packaging Type
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM
Key Companies Profiled/Vendors	Devon Garden Food Ltd., Freedom Foods Group Ltd., Nestle S.A., Ripple Foods PBC., Snappea Foods, Sproud International AB, Symrise AG etc.
Key Market Opportunities	Increase in the Number of Consumers Allergic to Dairy Products Create Tremendous Market Opportunities
Key Market Drivers	Soaring Demand for Plant-Based Milk

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Regional Analysis

North America holds the largest market share and is expected to grow at a CAGR of 9.8% during the forecast period. This is attributed to the sizeable obese population in the US and Canada. Obesity has compelled people to consume cholesterol-free, naturally prepared plant-based products. Additionally, an increase in demand for innovative products in the region may possess new opportunities for the market players in the global pea milk market.

Europe holds the second-largest market share. It is expected to grow at a CAGR of 10.6% during the forecast period. This is accredited to the large population with food allergies to dairy-based milk products and the rising disposable income. A study states that around 27% of consumers in the UK agreed that plant-based milk was healthier than dairy milk, which has increased its penetration in the region. The launch of pea milk by discount stores in Germany is one of the major factors that boost the growth of the pea milk market in the European region. Products with new tastes and flavors are expected to unfold new opportunities for the market players in the coming future.

Asia-Pacific is growing rapidly, with more people becoming aware of the advantages of pea milk. Health consciousness and preference for organic products also help the market grow. Furthermore, improvement in taste and flavor is anticipated to unfold new business opportunities for the regional market. The competition in the pea milk market in Asia-Pacific has witnessed a consistent rise in the past few years due to an increase in the number of new players entering the market. These factors are expected to boost the growth of the pea milk market.

Key Highlights

• The global pea milk market size was valued at USD 150 million in 2021. It is expected to reach USD 305 million by 2030, growing at a CAGR of 10.8% during the forecast period (2022–2030).
• Flavor-wise, the global pea milk market is segmented into Original, Unsweetened, Vanilla, and Chocolate. Original Flavor is most preferred and is expected to grow at a CAGR of 9.5% during the forecast period.
• Packaging type-wise, the global pea milk market is classified into Bottles and Aseptic Cartons. Aseptic cartons hold the largest market share and are expected to grow at a CAGR of 11.1% during the forecast period.
• Region-wise, the global pea milk market is primarily segmented into North America, Europe, and Asia-Pacific. North America is the largest market shareholder and is expected to grow at a CAGR of 9.8% during the forecast period.

Competitive Analysis

1. Devon Garden Food Ltd.
2. Freedom Foods Group Ltd.
3. Nestle S.A.
4. Ripple Foods PBC.
5. Snappea Foods
6. Sproud International AB
7. Symrise AG

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Global Pea Milk Market: Segmentation
By Flavor

• Original
• Unsweetened
• Vanilla
• Chocolate

By Packaging Type 

• Bottles
• Aseptic Cartons

By Region 

• North America
• Europe
• Asia-Pacific

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION
   1. RESEARCH OBJECTIVES
   2. MARKET DEFINITION
   3. LIMITATIONS & ASSUMPTIONS
   4. MARKET SCOPE & SEGMENTATION
   5. CURRENCY & PRICING CONSIDERED
3. MARKET OPPORTUNITY ASSESSMENT
   1. EMERGING REGIONS / COUNTRIES
   2. EMERGING COMPANIES
   3. EMERGING APPLICATIONS / END USE
   4. INVESTMENT LANDSCAPE
   5. NEW BUSINESS MODELS / REVENUE STREAMS
   6. TAM
4. MARKET TRENDS
   1. DRIVERS
   2. MARKET WARNING FACTORS
   3. LATEST MACRO ECONOMIC INDICATORS
   4. GEOPOLITICAL IMPACT
   5. HUMAN FACTORS
   6. TECHNOLOGY FACTORS
5. MARKET ASSESSMENT
   1. PORTERS FIVE FORCES ANALYSIS
   2. VALUE CHAIN ANALYSIS
   3. RAW MATERIAL ANALYSIS
   4. SALES AND DISTRIBUTION CHANNEL ANALYSIS
   5. TRADE ANALYSIS
   6. M & A AGREEMENTS & COLLABRATION ANALYSIS
   7. EXPORT IMPORT ANALYSIS
   8. COST STRUCTURE ANALYSIS
6. ESG TRENDS
7. GLOBAL PEA MILK MARKET SIZE ANALYSIS
   1. GLOBAL PEA MILK MARKET INTRODUCTION
   2. BY FLAVOR
      1. INTRODUCTION
         1. FLAVOR BY VALUE
      2. ORIGINAL
         1. BY VALUE
      3. UNSWEETENED
         1. BY VALUE
      4. VANILLA
         1. BY VALUE
      5. CHOCOLATE
         1. BY VALUE
   3. BY PACKAGING TYPE 
      1. INTRODUCTION
         1. PACKAGING TYPE  BY VALUE
      2. BOTTLES
         1. BY VALUE
      3. ASEPTIC CARTONS
         1. BY VALUE
8. NORTH AMERICA MARKET ANALYSIS
   1. INTRODUCTION
   2. BY FLAVOR
      1. INTRODUCTION
         1. FLAVOR BY VALUE
      2. ORIGINAL
         1. BY VALUE
      3. UNSWEETENED
         1. BY VALUE
      4. VANILLA
         1. BY VALUE
      5. CHOCOLATE
         1. BY VALUE
   3. BY PACKAGING TYPE 
      1. INTRODUCTION
         1. PACKAGING TYPE  BY VALUE
      2. BOTTLES
         1. BY VALUE
      3. ASEPTIC CARTONS
         1. BY VALUE
   4. U.S.
      1. BY FLAVOR
         1. INTRODUCTION
            1. FLAVOR BY VALUE
         2. ORIGINAL
            1. BY VALUE
         3. UNSWEETENED
            1. BY VALUE
         4. VANILLA
            1. BY VALUE
         5. CHOCOLATE
            1. BY VALUE
      2. BY PACKAGING TYPE 
         1. INTRODUCTION
            1. PACKAGING TYPE  BY VALUE
         2. BOTTLES
            1. BY VALUE
         3. ASEPTIC CARTONS
            1. BY VALUE
   5. CANADA
9. EUROPE MARKET ANALYSIS
   1. INTRODUCTION
   2. BY FLAVOR
      1. INTRODUCTION
         1. FLAVOR BY VALUE
      2. ORIGINAL
         1. BY VALUE
      3. UNSWEETENED
         1. BY VALUE
      4. VANILLA
         1. BY VALUE
      5. CHOCOLATE
         1. BY VALUE
   3. BY PACKAGING TYPE 
      1. INTRODUCTION
         1. PACKAGING TYPE  BY VALUE
      2. BOTTLES
         1. BY VALUE
      3. ASEPTIC CARTONS
         1. BY VALUE
   4. U.K.
      1. BY FLAVOR
         1. INTRODUCTION
            1. FLAVOR BY VALUE
         2. ORIGINAL
            1. BY VALUE
         3. UNSWEETENED
            1. BY VALUE
         4. VANILLA
            1. BY VALUE
         5. CHOCOLATE
            1. BY VALUE
      2. BY PACKAGING TYPE 
         1. INTRODUCTION
            1. PACKAGING TYPE  BY VALUE
         2. BOTTLES
            1. BY VALUE
         3. ASEPTIC CARTONS
            1. BY VALUE
   5. GERMANY
   6. FRANCE
   7. SPAIN
   8. ITALY
   9. RUSSIA
   10. NORDIC
   11. BENELUX
   12. REST OF EUROPE
10. APAC MARKET ANALYSIS
    1. INTRODUCTION
    2. BY FLAVOR
       1. INTRODUCTION
          1. FLAVOR BY VALUE
       2. ORIGINAL
          1. BY VALUE
       3. UNSWEETENED
          1. BY VALUE
       4. VANILLA
          1. BY VALUE
       5. CHOCOLATE
          1. BY VALUE
    3. BY PACKAGING TYPE 
       1. INTRODUCTION
          1. PACKAGING TYPE  BY VALUE
       2. BOTTLES
          1. BY VALUE
       3. ASEPTIC CARTONS
          1. BY VALUE
    4. CHINA
       1. BY FLAVOR
          1. INTRODUCTION
             1. FLAVOR BY VALUE
          2. ORIGINAL
             1. BY VALUE
          3. UNSWEETENED
             1. BY VALUE
          4. VANILLA
             1. BY VALUE
          5. CHOCOLATE
             1. BY VALUE
       2. BY PACKAGING TYPE 
          1. INTRODUCTION
             1. PACKAGING TYPE  BY VALUE
          2. BOTTLES
             1. BY VALUE
          3. ASEPTIC CARTONS
             1. BY VALUE
    5. KOREA
    6. JAPAN
    7. INDIA
    8. AUSTRALIA
    9. TAIWAN
    10. SOUTH EAST ASIA
    11. REST OF ASIA-PACIFIC
11. MIDDLE EAST AND AFRICA MARKET ANALYSIS
    1. INTRODUCTION
    2. BY FLAVOR
       1. INTRODUCTION
          1. FLAVOR BY VALUE
       2. ORIGINAL
          1. BY VALUE
       3. UNSWEETENED
          1. BY VALUE
       4. VANILLA
          1. BY VALUE
       5. CHOCOLATE
          1. BY VALUE
    3. BY PACKAGING TYPE 
       1. INTRODUCTION
          1. PACKAGING TYPE  BY VALUE
       2. BOTTLES
          1. BY VALUE
       3. ASEPTIC CARTONS
          1. BY VALUE
    4. UAE
       1. BY FLAVOR
          1. INTRODUCTION
             1. FLAVOR BY VALUE
          2. ORIGINAL
             1. BY VALUE
          3. UNSWEETENED
             1. BY VALUE
          4. VANILLA
             1. BY VALUE
          5. CHOCOLATE
             1. BY VALUE
       2. BY PACKAGING TYPE 
          1. INTRODUCTION
             1. PACKAGING TYPE  BY VALUE
          2. BOTTLES
             1. BY VALUE
          3. ASEPTIC CARTONS
             1. BY VALUE
    5. TURKEY
    6. SAUDI ARABIA
    7. SOUTH AFRICA
    8. EGYPT
    9. NIGERIA
    10. REST OF MEA
12. LATAM MARKET ANALYSIS
    1. INTRODUCTION
    2. BY FLAVOR
       1. INTRODUCTION
          1. FLAVOR BY VALUE
       2. ORIGINAL
          1. BY VALUE
       3. UNSWEETENED
          1. BY VALUE
       4. VANILLA
          1. BY VALUE
       5. CHOCOLATE
          1. BY VALUE
    3. BY PACKAGING TYPE 
       1. INTRODUCTION
          1. PACKAGING TYPE  BY VALUE
       2. BOTTLES
          1. BY VALUE
       3. ASEPTIC CARTONS
          1. BY VALUE
    4. BRAZIL
       1. BY FLAVOR
          1. INTRODUCTION
             1. FLAVOR BY VALUE
          2. ORIGINAL
             1. BY VALUE
          3. UNSWEETENED
             1. BY VALUE
          4. VANILLA
             1. BY VALUE
          5. CHOCOLATE
             1. BY VALUE
       2. BY PACKAGING TYPE 
          1. INTRODUCTION
             1. PACKAGING TYPE  BY VALUE
          2. BOTTLES
             1. BY VALUE
          3. ASEPTIC CARTONS
             1. BY VALUE
    5. MEXICO
    6. ARGENTINA
    7. CHILE
    8. COLOMBIA
    9. REST OF LATAM
13. COMPETITIVE ASSESSMENT
    1. ADOPTION MATRIX
    2. PEA MILK MARKET SHARE BY MANUFACTURERS
    3. PEA MILK MARKET RANKING BY REVENUE FOR MANUFACTURERS
    4. AVERAGE PRICE BY MANUFACTURERS
    5. VENDOR FOOTPRINT ANALYSIS
14. MARKET PLAYERS ASSESSMENT
    1. DEVON GARDEN FOOD LTD.
       1. OVERVIEW
       2. BUSINESS INFORMATION
       3. REVENUE
       4. ASP
       5. GROSS MARGIN
       6. SWOT ANALYSIS
       7. RECENT DEVELOPMMENTS
    2. FREEDOM FOODS GROUP LTD.
    3. NESTLE S.A.
    4. RIPPLE FOODS PBC.
    5. SNAPPEA FOODS
    6. SPROUD INTERNATIONAL AB
    7. SYMRISE AG
15. RESEARCH METHODOLOGY
    1. RESEARCH DATA
       1. SECONDARY DATA
          1. MAJOR SECONDARY SOURCES
          2. KEY DATA FROM SECONDARY SOURCES
       2. PRIMARY DATA
          1. KEY DATA FROM PRIMARY SOURCES
          2. BREAKDOWN OF PRIMARIES
       3. SECONDARY AND PRIMARY RESEARCH
          1. KEY INDUSTRY INSIGHTS
    2. MARKET SIZE ESTIMATION
       1. BOTTOM-UP APPROACH
       2. TOP-DOWN APPROACH
       3. MARKET PROJECTION
    3. RESEARCH ASSUMPTIONS
       1. ASSUMPTIONS
    4. LIMITATIONS
    5. RISK ASSESSMENT
16. APPENDIX
    1. DISCUSSION GUIDE
    2. CUSTOMIZATION OPTIONS
    3. RELATED REPORTS
17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/pea-milk-market/toc

Market News

• In May 2022, Snappea Foods expanded its operations and sales channels in Singapore to acquire the South-East Asian Market.
• In May 2022, Symrise AG launched a brand accelerator to drive Beauty Activations innovations.
• In February 2022, Nestle S.A signed a collaboration deal with research institutes to strengthen agricultural science expertise.
• In January 2022, Devon Garden Food Ltd secured funding to launch a new sustainable plant-based milk product.

News Media

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