USD 14.04 billion
Pea Milk Market Size, Share, Growth Analysis, By Flavor(Original, Unsweetened, Vanilla, and Chocolate), By Packaging type(Bottles and Aseptic Cartons), By Distribution Channel(Retail Stores, Supermarkets/Hypermarkets, E-commerce, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30H2134 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
90
|Figures:
71
Pea Milk Market Insights
Global Pea Milk Market size was valued at USD 14.04 billion in 2022 and is poised to grow from USD 15.50 billion in 2023 to USD 34.20 billion by 2031, growing at a CAGR of 10.4% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Bottles
Fastest Growth
Aseptic Cartons
Growth Rate
10.4% CAGR
Global Pea Milk Market ($ Bn)
Country Share for North America Region (%)
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Pea Milk Market Segmental Analysis
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.
Global Pea Milk Market By packaging type
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Pea Milk Market Regional Insights
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.
Global Pea Milk Market By Region
- Largest
- Fastest
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Pea Milk Market Dynamics
Drivers
Rising Demand for Plant-Based Diets
- The rising acceptance of plant-based diets is a significant driver of the pea milk industry. As more consumers strive to eat fewer animal products, pea milk constitutes one of the most often used plant-based alternatives. This trend is being driven by a number of causes, including dietary restrictions, health consciousness, and ethical concerns. As a result, suppliers and producers of pea milk have a large market potential.
Restraints
Limited Consumer Awareness
- The lack of consumer knowledge regarding pea milk as a competitive dairy substitute, particularly in developing economies, is another significant market constraint. Adoption may need to be pushed by increasing knowledge and education about the advantages of pea milk, as many customers are more accustomed to soy or almond milk. Expanding the consumer base for pea milk and surmounting this challenge would require concerted efforts in marketing and promotion.
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Pea Milk Market Competitive Landscape
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.
Top Player’s Company Profiles
- Snappea Foods (US)
- The Mighty Society (US)
- Freedom Foods Group Limited (Australia)
- Symrise AG (Germany)
- Sproud International AB (Sweden)
- Devon Garden Food Limited (UK)
- Qwrkee Foods Ltd (UK)
- Nestlé S.A. (Switzerland)
- VF Nutrition GmbH (Germany)
- Ripple Foods PBC (US)
- Califia Farms (US)
- Oatly AB (Sweden)
- Daiya Foods (Canada)
- So Delicious Dairy Free (US)
- Good Karma Foods (US)
Recent Developments
- May 2022 – In order to gain control of the South-East Asian market, Snappea Foods grew its operations and sales networks in Singapore.
- May 2022 – In order to spur innovations in Beauty Activations, Symrise AG introduced a brand accelerator.
- February 2022 – To enhance its knowledge in agricultural science, Nestle S.A. inked a cooperative agreement with research institutes.
- January 2022 – A novel plant-based milk product that is sustainable was made possible by funds obtained by Devon Garden Food Ltd.
Pea Milk Key Market Trends
- Growing Emphasis on Sustainability: It is noteworthy to point out the growing emphasis on sustainability in the pea milk and plant-based dairy substitutes field. As customers become more conscious of the environment and the harmful impact of other products on it, they focus on finding alternatives with decreased carbon footprint. Pea milk is ideally positioned to follow this trend since it is derived from a sustainable crop. Not only are companies concentrating on eco-friendly pea sourcing, but they are also integrating green packaging solutions, promoting environmentally conscious farming practices, and openly discussing their efforts toward sustainability to attract a more environmentally friendly customer base.
Pea Milk Market SkyQuest Analysis
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 14.04 billion |
| Market size value in 2031 | USD 34.20 billion |
| Growth Rate | 10.4% |
| Forecast period | 2024-2031 |
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Pea Milk Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Pea Milk Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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