Portland, OR, Oct. 05, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global peanut milk market generated $268.6 million in 2020, and is projected to garner $664.2 million by 2030, witnessing a CAGR of 9.5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in the vegan population and demand for plant-based milk drive the growth of the global peanut milk market. However, high prices of plant-based products and prominence of low-cholesterol and low-fat conventional milk restrain the market growth. On the other hand, rise in number of consumers who are allergic to dairy products presents new opportunities in the coming years.
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Covid-19 Scenario:
- People began re-evaluating and changing drinking and eating habits with the Covid-19 pandemic. They are focused on improvement of their health and immunity. This led to demand for peanut milk.
- Moreover, there has been surge in investments in plant-based products for meeting increased consumer demand for alternative protein sources and reducing the risks related to meat production during the pandemic.
- Owing to lockdown measures imposed in many countries, many distribution channels such as supermarkets, hypermarkets, and specialty stored were closed. This led to reduced sales volume. However, the demand would increase during the post-lockdown.
The report offers detailed segmentation of the global peanut milk market based on nature, packaging type, application, distribution channel, and region.
Based on nature, the conventional segment held the highest share in 2020, accounting for around three-fifths of the total share, and is estimated to continue its leadership status during the forecast period. However, the organic segment is projected to witness the highest CAGR of 10.7% from 2021 to 2030.
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Based on distribution channel, the hypermarkets & supermarkets segment accounted for the highest share in 2020, contributing to more than two-fifths of the global peanut milk market, and is projected to maintain its dominance during the forecast period. However, the specialty stores segment is estimated to manifest the largest CAGR of 10.0% from 2021 to 2030.
Based on region, North America contributed to the largest share in 2020, holding more than two-fifths of the total market share, and is estimated to continue its lead by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 10.5% during the forecast period.
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Leading players of the global peanut milk market analyzed in the research include Elmhurst Milked Direct, LLC, Miruku, Good Karma Foods, Inc., Nest & Glow, Nest & Glow, and Yinlu foods Group.
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