Dublin, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "Peanut Milk Market by Nature, Packaging Type, Application and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global peanut milk market was valued at $268.6 million in 2020, and is expected to garner $664.2 million by 2030, registering a CAGR of 9.5% from 2021 to 2030. Conventional segment held the major share in the global market in 2020.
In the dairy industry, peanut milk is one of the recent innovations wherein manufacturers are seeking for inexpensive solution to meet the growing demand for protein across the globe. Peanut milk is extracted from groundnut seeds, and it constitutes the same amount of protein as delivered by cow milk and a lot more than that present in almond milk. The milk that is extracted from nuts is cost-effective, offers original taste, and does not deliver strong flavor as other plant-based milk available in the market.
The growth of the global peanut milk market is attributed to increase in number of vegan & diet-conscious consumers across the globe. Furthermore, the rise in issues of lactose intolerance fuels the demand for dairy-free or vegan food products. In addition, peanut milk has been witnessing increased popularity in mature and emerging markets, owing to rise in number of people allergic to dairy products.
Moreover, increase in health awareness and surge in disposable income have supplemented the peanut milk market growth. Introduction of additional healthy ingredients by different market players further augments the growth of the market.
However, fluctuation in prices of raw materials and high cost of plant-based milk extraction act as the major restraints of the global market. On the contrary, upsurge in demand for dairy-free products by vegan population and introduction of new flavors & varieties of pea milk are anticipated to provide potential opportunities for the expansion of the global pea milk market.
The COVID-19 scenario has impacted the peanut milk market as the global supply chain has been highly affected due to the export and import restrictions. Moreover, government's stringent rules regarding social distancing and complete lockdowns resulted in huge losses for vendors operating in the market.
All the major brand outlets and other sales channel were closed during the lockdown period. However, a V-shaped recovery is expected in the post-COVID-19 period from 2021 to 2022.
The key players profiled in this report include Elmhurst Milked Direct, LLC, Good Karma Foods, Inc., Miruku, Nest & Glow, Nest & Glow, and Yinlu foods Group.
Market Dynamics
Drivers
- Rise in demand for plant-based milk
- Growth in vegan population
Restraints
- High price of plant-based products
- Prominence of low-cholesterol and low-fat conventional milk
Opportunities
- Increase in number of consumers allergic to dairy products
Market share analysis
- By nature
- By packaging type
- By application
- By distribution channel
- By region
Impact of government regulations on market
Impact of COVID-19 on the peanut milk market
For more information about this report visit https://www.researchandmarkets.com/r/4kr1es
