Global Pea Milk Market

Pea Milk Market Size, Share, Growth Analysis, By Flavor(Original, Unsweetened), By Packaging type(Bottles and Aseptic Cartons), By Distribution Channel(Retail Stores, Supermarkets/Hypermarkets) - Industry Forecast 2024-2031


Report ID: SQMIG30H2134 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 90 | Figures: 71

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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FAQs

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).

More competitors are joining the 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. '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)'

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.

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.

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.

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Global Pea Milk Market

Product ID: SQMIG30H2134

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