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 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.

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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