Pea Milk Market Expected to Reach $ 251.2 Million by 2027 – Top 10 Companies and the Impact of Covid-19
Increasing demand for plant milk, increasing disposable income and increasing vegan population are fueling the growth of the global pea milk market.
PORTLAND, OR, USA, Sep 3, 2021 /EINPresswire.com/ – The pea milk market was pegged at $ 122.9 million in 2019 and is expected to reach $ 251.2 million by 2027, recording A CAGR of 10.5% from 2021 to 2027. The report provides an in-depth analysis of major investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive scenario and market different market trends.
Pea milk is a vegetable milk produced by the extraction process of dry peas, especially yellow peas. Pea milk contains the essential nutritional sources such as vitamin D, protein, fat and calcium for toddlers and infants, which provide 50% more calcium and half the amount of saturated fat per compared to other milk substitutes.
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The growth of the global pea milk market is mainly due to the increase in the number of vegan and diet conscious consumers across the world. In addition, health issues such as lactose intolerance due to a deficiency of lactase, an intestinal enzyme, and an alarming increase in obesity cases worldwide due to high fat intake are fueling the demand for dairy-free or vegan-free food products, which in turn is driving the growth of the global pea milk market.
• The covid-19 epidemic has prompted people to opt for healthy food and drink in order to improve their overall health and immunity.
• Manufacturing companies around the world are also increasing their investments in herbal products to meet growing consumer demand, and this drift is also expected to continue after the pandemic.
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. Based on the type of packaging, it is differentiated into bottles and aseptic cartons. In terms of distribution channel, it is separated into retail stores, supermarkets / hypermarkets, e-commerce and others. Regarding the region, it is analyzed in North America, Europe, Asia-Pacific and LAMEA.
According to the global pea milk market forecast, based on flavor, the original flavor segment was the biggest contributor to the global pea milk market in 2019, while vanilla flavor is expected to dominate the market. in 2027. This is attributed to the rise in popularity. of vanilla flavored milk in all age groups around the world.
By distribution channel, retail stores were the dominant segment in 2019 and are expected to experience notable growth during the forecast period. Growth in this segment is attributed to the increased preference for offline retail formats and the presence of retail chains in mature and emerging markets.
Regionally, North America was the largest market in 2019 and is expected to continue this trend in the near future as North American consumers adjust better to natural ingredients and herbal products. . Major industry players have adopted product launch, acquisition, and collaboration as their preferred strategies to stay competitive in the pea milk market.
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The major market players analyzed in the Global Pea Milk Market report are Ripple Foods, Nestlé SA, DrinkStar, Snappea Foods, Vly Foods, Devon Garden Foods, Sproud, Qwrkee, Freedom Foods, and The Mighty Society. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures and others to prove their flair in the industry.
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