Pea Milk Market

Market Overview

The global pea milk market size was valued at USD 167.54 million in 2022 and is projected to reach USD 190.89 million in 2023. It is expected to reach USD 425.78 million by 2031, growing at a CAGR of 11.2% during the forecast period (2023–2031). 

Pea milk is plant-based milk made by pressing dried peas, especially yellow peas, to get the milk out. Pea milk has all the essential nutrients for babies and toddlers like vitamin D, protein, fat, and calcium. It has 50% more calcium and half as much saturated fat as other milk alternatives. Pea milk is becoming popular in both developed and developing markets because of its umpteen health benefits.

The growth of the pea milk market is attributed to the widescale adoption of veganism. Furthermore, health problems like lactose intolerance caused by a lack of lactase enzyme in the intestines and the alarming rise of obesity worldwide caused by eating too many fats drive the demand for dairy-free or vegan food products, which helps the pea milk market grow. The growing awareness of health issues and rising disposable income has also influenced the pea milk market significantly.

Market Dynamics

Global Pea Milk Market Drivers

• Soaring Demand for Plant-Based Milk

The market of pea milk is boosting as more people are looking for plant-based milk. In the past few years, there has been a massive demand for plant-based milk that is made naturally, and this trend is expected to continue during the forecast period. The global market is also driven by the fact that more people are drinking pea milk because it is so healthy. Professionals in health and nutrition are also encouraging people to switch to plant-based milk, helping the pea milk market grow in developed countries.

• Rise in the Disposable Income

In the coming years, the growth of the pea milk market in Asia-Pacific is expected to be driven by the rise in disposable income of China's huge population. For example, according to the State Council Information Office in 2022, the median per capita disposable income of residents nationwide was 31,370 yuan , an increase of 4.7%.  This indicates that more money in people's pockets gives market players a chance to strengthen their foothold in these countries, which helps the market grow. Also, manufacturers adding new flavors is expected to make a big difference in the growth of the global pea milk market.

• Growing Vegan Population

In the last few years, more and more people have become vegan. Consumers in countries like Canada are moving away from eating animal products and towards plant-based food that is made naturally and is healthier and cleaner. According to a report published by the Vegan Society, a charity organization that works for the promotion of vegan food, over 560,000 people signed up for Veganuary. During this campaign, people try to eat vegan for the whole month of January. This was a record number. So, a rise in the number of vegan consumers is likely to lead to an increase in the demand for plant-based products from different sources, which is a crucial growth driver for the global market and taking the pea milk market to new heights of profits and earn an exceptional revenue.

Global Pea Milk Market Restraint

• High Prices of Plant-Based Products

The price of pea milk is more than that of regular milk and plant-based milk like almond and soy milk. Proteins, vitamins, calcium, phosphorus, vitamin D, B12, riboflavin, and magnesium are some essential nutrients in pea milk. Since pea milk has a lot of nutrients, it costs more to make, which drives up its overall price. Therefore, the high cost of pea milk could slow the growth of the market in countries like India and China, where consumers are price-conscious. Considering the global market, the high price of such plant-based products is the only major restraint for the market's growth, which can resist the market from progressing at certain places and during a specific period.

Global Pea Milk Market Opportunities

• Increase in the Number of Consumers Allergic to Dairy Products Create Tremendous Market Opportunities

People with milk allergies need plant-based drinks, especially pea milk, because they cannot drink regular milk or milk products. Pea milk and pea milk products are considered alternatives to dairy products as they are extracted from plants. Most people who cannot drink milk with lactose prefer pea milk. Also, pea milk's nutrients, vitamins, and calcium are similar to cow's milk, making it popular among people who cannot drink cow's milk.

Furthermore, the launch of drinks with new flavors in the pea milk category is bringing in many new customers, which is a big part of the market's growth. Consequently, the growth of the global pea milk market is likely to benefit from the rise in the number of people who are allergic to dairy products.

Regional Analysis

The global pea milk market is primarily segmented into three regions, namely North America, Europe, and Asia-Pacific.

Dominance of North America in the Global Market

North America is the largest market shareholder and is expected to grow at a CAGR of 9.8% during the forecast period. The tremendous growth in the regional market is attributed to the sizeable obese population in the US and Canada. Obesity has encouraged people to consume cholesterol-free, naturally prepared plant-based products. Additionally, an increase in demand for innovative products in the region may possess new opportunities for the market players in the global pea milk market.

Europe is the second-largest region in this market. It is expected to reach a market value of USD 108.9 million, growing at a CAGR of 10.6% during the forecast period. The growth of the regional market is accredited to the largescale population with food allergies to dairy-based milk products and the rise in disposable income. According to a study, around 27% of consumers in the UK agreed that plant-based milk was healthier than dairy milk, which has increased its penetration in the region. The launch of pea milk by discount stores in Germany is one of the major factors that boost the growth of the pea milk market in the European region. Products with new tastes and flavors are expected to unfold new opportunities for the market players in the coming future.

The Asia-Pacific market for pea milk is growing swiftly, with more people becoming aware of its advantages. People who are health conscious and prefer organic products help the market grow even more. Furthermore, improvement in taste and flavor is anticipated to unfold new business opportunities for the Asia-Pacific market. The competition in the pea milk market in Asia-Pacific has witnessed a consistent rise in the past few years due to an increase in the number of new players entering the market. These factors are expected to boost the growth of the pea milk market.

Segmental Analysis

The global pea milk market share is segmented by flavors, packaging type, distribution channel, and end-user.

Flavor-wise, the global pea milk market is segmented into Original, Unsweetened, Vanilla, and Chocolate.

Original Flavour

Original Flavor is most preferred and is expected to grow at a CAGR of 9.5% during the forecast period. The authentic taste of dried raw peas is not the same as that of pea milk. The original flavor of pea milk, neither sweet nor bitter, comes from how the peas are processed to make milk. Studies show the benefits of adding natural and healthy ingredients to pea milk. Hence, more people use original flavored pea milk in smoothies and other functional drinks.

Unsweetened Flavor

Unsweetened Flavor is obtained by mixing a small amount of sugar-free powder into the original pea milk. The sugar-free powder enhances the taste of unsweetened pea milk and helps people meet their dietary needs. Therefore, manufacturers are introducing unsweetened flavors of drinks for teenagers, young adults, and people who usually choose sugar-free beverages.

Vanilla Flavor

Vanilla flavor comes mostly from vanilla beans, which smell sweet and taste smoky or woody. It is one of the flavors used most often in food and drinks. Most dairy and other food and drink products are flavored with vanilla flavor made from chemicals because there is not enough natural vanilla flavoring to meet the world's needs.

Chocolate Flavor

Artificial chocolate flavoring is used to give the milk a chocolate taste. Chocolate was considered one of the first flavors, even before vanilla. In the past, standard drinks like hot chocolate, coffee, and tea were used to make frozen desserts. Currently, chocolates are used as a flavoring agent for most food and beverages.

Packaging type-wise, the global pea milk market is classified into Bottles and Aseptic Cartons.

Aseptic Cartons

Aseptic cartons hold the largest market share and are expected to grow at a CAGR of 11.1% during the forecast period. Aseptic cartons are an easy-to-use way to package things. They are usually made of a cheaper material than glass or tin cans. They also cost less to ship because they are lighter. Aseptic packaging is better than glass bottles because it protects against bacteria, light, and vapor. They are used for milk, juices, soups, and other foods that do not need to be sterilized, like yogurt.

Bottles

The oldest way to package liquids and milk is in a bottle. Most liquids like drinks, cleaning products, cosmetics, and other liquids come in glass bottles. Unlike other types of packaging, bottles are made to be used more than once.

Distribution channel wise, the global pea milk market is classified into Retail Stores, Supermarkets/ hypermarkets, E-commerce, and Others.

Retail Stores

Traditionally, health food stores and grocery stores, among others, have been significant distributors of plant-based milk products such as pea milk. Regularly carrying an assortment of plant-based milk alternatives, these stores cater to a broad spectrum of customers. A familiarity and convenience with the retail purchasing experience may contribute to this segment's dominance.

Supermarkets/ hypermarkets

Supermarkets/ hypermarkets are renowned for their vast variety of products, which includes an extensive selection of plant-based milk products. Pea milk distribution may be dominated by these retailers due to the overwhelming number of customers they attract.

E-commerce

E-commerce hold the largest market share and are expected to grow at a CAGR of 10.1% during the forecast period.The prevalence of e-commerce has increased, specifically in the realm of online grocery purchasing; it provides consumers with a convenient platform to investigate and acquire specialized or niche products, such as pea milk. The dominance of this channel may be propelled by the choice of brands and the ease of domestic delivery.

Recent Developments

• May 2022- Snappea Foods expanded its operations and sales channels in Singapore to acquire the South-East Asian Market.
• May 2022- Symrise AG launched a brand accelerator to drive Beauty Activations innovations.
• February 2022- Nestle S.A signed a collaboration deal with research institutes to strengthen agricultural science expertise.
• January 2022- Devon Garden Food Ltd secured funding to launch a new sustainable plant-based milk product in the market.