Pea Milk Market is Anticipated to Reach $251.2 Million by 2027- Top 10 Leading Companies & Covid-19 Impact

Pea Milk Industry

Rise in demand for plant-based milk, increase in disposable income, and surge in vegan population fuel the growth of the global pea milk market.

PORTLAND, OR, UNITED STATES, September 3, 2021 / — Pea Milk Market was pegged at $122.9 million in 2019, and is anticipated to reach $251.2 million by 2027, registering a CAGR of 10.5% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

Pea milk is plant-based milk produced by the extraction process from the dried peas, especially the yellow peas. Pea milk contains the essential nutrition sources such as vitamin D, protein, fat, and calcium for toddlers and infants, which provide 50% more calcium and half the quantity of saturated fat in comarison to the other milk alternatives.

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The growth of the global pea milk market is majorly driven by rise in number of vegan & diet-conscious consumers across the globe. Furthermore, health issues such as lactose intolerance owing to deficiency of intestinal enzyme lactase and alarming increase in cases of obesity across the globe due to high intake of fats fuel the demand for dairy-free or vegan food products, which, in turn, boosts the growth of the global pea milk market.

Covid-19 scenario-
• The outbreak of covid-19 led has made people opt for healthy eating and drinking choices in order to perk up their overall health and immunity.
• The manufacturing companies across the globe are also shooting up their investments in plant-based products to cater to the increasing consumer demand, and this drift is pretty likely to continue post pandemic as well.

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

According to the global pea milk market forecast, based on flavor, the original flavor segment was the highest contributor to the global pea milk market in 2019, while the vanilla flavor is expected to dominate the market in 2027. This is attributed to rise in popularity of vanilla flavor milk in all age group across the globe.

By distribution channel, retail stores was the dominant segment in 2019, and is expected to witness a notable growth in the forecast period. The growth of this segment is attributed to increase in preference for offline retail formats and presence of retail markets chains in both mature and emerging markets.

Region wise, North America was the most prominent market in 2019, and is expected to continue this trend in the near future, as consumers in North America are more adaptive to natural ingredients and plant-based products. The key players in the industry have adopted product launch, acquisition, and collaboration as their go-to strategies to stay competitive in the pea milk market. 

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The key market players analyzed in the global pea milk market report include Ripple Foods, Nestle SA, DrinkStar, Snappea Foods, Vly Foods, Devon Garden Foods, Sproud, Qwrkee, Freedom Foods, and The Mighty Society. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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Source: EIN Presswire