USD 15.5 Billion
Report ID:
SQMIG30H2134 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
90
|Figures:
71
Pea Milk Market size was valued at USD 15.5 Billion in 2023 and is poised to grow from USD 17.11 Billion in 2024 to USD 37.76 Billion by 2032, growing at a CAGR of 10.4% during the forecast period (2025-2032).
The global pea milk market is witnessing exponential growth recently as a result of changing consumer preferences and rising demand for plant-based alternatives that do not contain dairy. The upscale of the market can be accredited to several factors, including an increasing awareness of health and environmental concerns resulting in a shift in consumer tastes.
Lactose intolerant consumers are on the lookout for products that are a tasty yet sustainable replacement of traditional dairy products. Keeping these developments in mind, producers are experimenting to enhance the taste and consistency of pea milk, turning it into a viable choice for a growing base of consumers.
A wide range of culinary applications use pea milk, such as cereal, coffee, and baking, proving the versatility of the product and furthering market growth. The previously mentioned pattern suggests the pea milk market is slated for continuous growth in coming years if it can easily adapt to the ever-evolving consumer preferences.
The steady growth of the global pea market can be seen clearly in North America, which holds the largest market share, due to rising demand for dairy substitutes and early adoption of plant-based diets. However, market growth can be shackled by a few restraints, and the industry must safeguard against those obstacles.
Limited consumer awareness poses a serious threat to the global pea milk market, though it can be fought with spreading knowledge about the benefits of the product to expand awareness. In conclusion, the global pea milk market is predicted to experience further growth in coming years.
Global Market Size
USD 15.5 Billion
Largest Segment
Bottles
Fastest Growth
Aseptic Cartons
Growth Rate
10.4% CAGR
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The global pea milk market is segmented on the basis of flavor, packaging type, distribution channel, and region. Based on flavor the market is segmented as Original, Unsweetened, Vanilla, and Chocolate. On the basis of packaging type the market is segmented as Bottles and Aseptic Cartons. Based on distribution channel, it is segregated into Retail Stores, Supermarkets/Hypermarkets, E-commerce, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Packaging Type
In the pea milk market, aseptic cartons have become the most common method of packaging. Their success can be ascribed to their capacity to prolong the product's shelf life while preserving its flavor and nutritional content. Aseptic cartons are the favored option for many producers and consumers alike because of their ease and eco-friendliness.
Still, in the pea milk market, bottles are the container option that is expanding the fastest right now. Their popularity among customers looking for a more recognizable and resealable packaging alternative, as well as their prominence on store shelves, are the main factors driving this expansion. Furthermore, bottles are frequently utilized for single-serve and portable items, meeting the needs of contemporary consumers who prioritize convenience. This trend indicates that, despite aseptic cartons' dominance, bottles are gaining ground because of their practicality and benefits in terms of marketing.
Analysis by Distribution Channel
Pea milk has historically been mostly distributed through supermarkets and hypermarkets. Customers may easily acquire a variety of products, including dairy substitutes like pea milk, at these physical stores. When grocery shopping, customers frequently turn to these well-known businesses, and it's more probable that they'll find and buy pea milk in these physical aisles..
Nonetheless, the distribution route for pea milk that is expanding the fastest is e-commerce. E-commerce in the pea milk sector has grown quickly due to the ease of internet shopping and the growing number of consumers looking for plant-based alternatives. Online retailers draw in a tech-savvy and health-conscious clientele with their wide array of brands and flavors, frequently offered at cheap costs. Many pea milk users also choose e-commerce because of the convenience of home delivery and the availability of niche or specialty products.
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The pea milk market has been dominated by North America, mainly by the US and Canada. The region's early adoption of plant-based diets and robust consumer demand for dairy substitutes are the main causes of its supremacy. The developed retail infrastructure and well-known brands have helped North America to dominate the pea milk market.
On the other hand, the pea milk market is expanding at the quickest rate in Asia Pacific. A vast and growingly affluent population, growing interest in plant-based diets, and increased health and sustainability consciousness are some of the causes contributing to this growth. Asia Pacific is becoming a fast developing market for pea milk manufacturers as customers in countries like China and India are looking for plant-based alternatives to dairy and demand for pea milk and other plant-based goods is rising.
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Drivers
Rising Demand for Plant-Based Diets
Restraints
Limited Consumer Awareness
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More competitors are joining the global pea milk market with the rise in demand for dairy substitutes, painting a fierce rivalry among pre-existing participants and new players. These businesses are using a variety of tactics to penetrate the market. One of the key drivers of the market include the emphasis on innovation and several companies are concentrating on enhancing the flavor and consistency of pea milk so as to closely match the characteristics of conventional dairy products.
The global economy is prioritising sustainability and businesses are striving to decrease the rate of adverse impact on the environment by using green packaging and ethically sourced peas. Collaborating and forming alliances with foodservice suppliers and retailers are other typical approaches to broaden the market.
One of the key components in the face of increased competition is product diversification is still important. Various businesses are developing flavored variants of pea milk, also providing an option to incorporate it into other food products, such as ice creams and yogurts. Overall, as businesses adjust to shifting customer preferences and try to carve out a position in this expanding industry, the competitive landscape in the pea milk market is changing.
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Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Based on our analysis of the global pea milk market, the market has witnessed explosive growth and a major transformation in recent years. The market’s competitive landscape has dynamically evolved to conveniently accommodate more and more participants, thanks to market expansion driven by increasing demand for plant-based and dairy-free substitutes. The key drivers of market growth include the widespread awareness of health concerns and environmental issues, resulting in consumers going on the lookout for greener and healthier options.
The growing scope of restrictions placed on consumer diets and the shifts in consumer demand that come with it have resulted in a surge of innovation to closely match the flavor and consistency of pea milk with traditional dairy. In order to increase their market share, existing and new players have invested in R&D to align themselves with the trend towards nutritious and sustainable eating habits.
In the future, the global pea milk market is predicted to continue on its path of growth, as long as industry participants are beware of issues like pricing pressure and competition from traditional dairy products.
An ongoing problem that several companies in the industry are facing is the lack of awareness in developing areas. Continual work on the part of market players in the fields of product affordability, quality, and knowledge will be key to leaving this constraint in the dust. In conclusion, the global pea milk market is steadily aligning itself to evolving consumer preferences and sustainable goals, sealing its continued market expansion.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 15.5 Billion |
Market size value in 2032 | USD 37.76 Billion |
Growth Rate | 10.4% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Pea Milk Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pea Milk Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pea Milk Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Pea Milk Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG30H2134
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