Pea Milk Market Size, Share, Competitive Landscape and Trend Analysis Report, by Flavor, Packaging Type and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2021-2027

The global pea milk market was valued at $122.9 million in 2019, and is expected to grow at a CAGR of 10.5% to reach $251.2 million by 2027. North America was the highest contributor to the pea milk market with $46.2 million in 2019. Pea milk is made from dry peas, and is processed with various flavors such as original, unsweetened, vanilla, and chocolate. 

The growth of the pea milk industry is driven by increase in number of vegan and diet-conscious consumers across the globe. Furthermore, rise in concern of lactose intolerance, owing to the deficiency of the intestinal enzyme, lactase fuels the demand for dairy-free or vegan food products. Plant-based milk products have been gaining increased popularity in the mature and emerging markets. This is attributed to rise in number of people allergic to dairy products. Furthermore, increase in health awareness and upsurge in disposable income have augmented pea milk market size. Moreover, introduction of additional healthy ingredients by different market players significantly drives the pea milk market growth. However, fluctuation in prices of raw materials and high cost of plant-based milk extraction in the pea milk production process act as the major restraints of the global market. On the contrary, surge in demand for dairy-free products by vegan population and introduction of new flavors & varieties of pea milk are anticipated to provide lucrative pea milk market opportunities.

The global pea milk market forecast is segmented into flavor, packaging type, distribution channel, and region. On the basis of flavor, the pea milk market is categorized into original, unsweetened, vanilla, and chocolate. By packaging type, it is classified into bottles and aseptic cartons. In terms of distribution channel, it is differentiated into retail stores, supermarkets/hypermarkets, E-commerce, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Depending on flavor, the original flavor segment was the most prominent category in 2019, however, the vanilla flavor segment is expected to remain dominant during the forecast period. Being a relatively cheaper flavor, vanilla is widely consumed globally, and is likely to witness increased adoption  in the pea milk market. The chocolate flavor segment is expected to grow at a notable CAGR of 11.3 % throughout the forecast period. 

On basis of packaging type, the aseptic cartons segment was the highest contributor to the pea milk market share in 2019, and is expected to remain dominant through 2021–2027. However, the aseptic cartons segment is expected to grow at a higher growth rate during the forecast period.

By distribution channel, retail store was the dominant segment in 2019, and is likely to witness notable growth during the forecast period. This is attributed to rapid expansion of retail chains of leading franchises in both mature and emerging markets. Moreover, the one-stop solution provided by these retail formats makes them a popular shopping option for consumers. Furthermore, they offer a wide range of products at a competitive price to customers and are usually located at easily accessible areas, which add to overall attractiveness of this segment, thereby contributing toward the growth of the global market. 

Region wise, North America dominated the pea milk market analysis in 2019. However, Asia-Pacific is expected to grow at a higher CAGR during the forecast period, owing to rise in number of vegan consumers in the region.

Players in the pea milk market have adopted product launch, acquisition, and collaboration as their key development strategies to increase their profitability and strengthen their foothold in the market. The key players profiled in the report include Sproud, Ripple Foods, Snappea Foods, Devon Garden Foods, Qwrkee, Freedom Foods, Vly Foods, Nestle SA, The Mighty Society, and DrinkStar.

COVID-19 impact on global pea milk market

• Consumers are re-evaluating and changing their drinking and eating habits with the outbreak of COVID-19 pandemic. Consumers are focusing on improving their health and immunity. 
• Market players are adhering to consumer demand and are acting toward it.
• World's largest food companies are rapidly increasing investments in plant-based products, partly to meet surging consumer demand for alternative protein sources and partly to offset risks associated with meat production that the COVID-19 pandemic has exposed.
• The Unilever Group set a new annual global sales target of €1 billion from plant-based meat and dairy alternatives within the next five to seven years. 
• In September 2020, U.K.'s largest supermarket chain, Tesco PLC announced plans to increase sales of plant-based products by 300% by 2025 compared to sales in 2018. 
• French yogurt maker, Danone SA in May 2020 said it aims to boost global plant-based sales from roughly €2 billion in 2019 to about €5 billion by 2025.
• With such initiatives taken by the well-established market players, pea protein market is expected to witness rapid growth post COVID-19.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current pea milk market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the market size & segmentation assist to determine the prevailing pea milk market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry. 

  Pea Milk Market Report Highlights

Aspects	Details
By Flavor	Original Unsweetened Vanilla Chocolate
By Packaging	Bottles Aseptic Cartons
By Distribution Channel	Retail Stores Supermarkets/Hypermarkets E-commerce Others
By Region	North America  (U.S., Canada, Mexico) Europe  (UK, France, Italy, Germany, Russia, Spain, Rest of Europe) Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Argentina, UAE, Rest of LAMEA)
Key Market Players	THE MIGHTY SOCIETY, VF NUTRITION GMBH, DEVON GARDEN FOOD LIMITED, SYMRISE AG, RIPPLE FOODS PBC, QWRKEE FOODS LTD, SNAPPEA FOODS, SPROUD INTERNATIONAL AB, FREEDOM FOODS GROUP LIMITED, NESTLE S.A.

Analyst Review

The pea milk market has witnessed steady growth even under several unrests such as global uncertainty and weakened global economy. According to the insights of the key opinion leaders of the industry, the pea milk segment is anticipated to witness significant growth, owing to shift in preference of consumers toward plant-based milk alternatives especially for pea milk among vegan population particularly in North America. In addition, increase in health issues such as lactose intolerance and surge in prevalence of obesity among all age groups from emerging as well as developed regions drive the market growth for pea milk. Moreover, rise in vegan population due to aggressive advertisements of veganism trend is anticipated to propel the global market growth.

Author Name(s) : Onkar Ambegaonkar| Aniklet Kadam | Roshan Deshmukh

Related Tags

• Dairy Product
• Bakery
• Confectionery
• Beverages
• Health Drink
• Ready To Drink
• Soft Drink