Pea
Milk Market Introduction:
Plant
based milk alternatives are gaining immense popularity across the
globe mainly attributed to growing trend towards clean label
products. Today consumers worldwide are demanding for drinks that are
organic and at the same time healthy. Pea milk is a recent innovation
in the dairy industry wherein manufacturers are looking for
inexpensive solution to fulfill the growing demand for protein across
the globe. Pea milk is extracted from yellow peas and constitute same
amount of protein as delivered by cow milk and way more than that
present in almond milk. Milk extracted from peas is cost effective,
produces a clean taste and does not delivers strong flavor as other
plant based milk available in the market. The global pea milk market
is expected to represent significant growth opportunities owing to
its impressive acceptance among consumers. Other nondairy milk
currently available in the market include, soy, almond, rice,
coconut, oats and others.
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Pea
Milk Market Segmentation:
The
global pea milk market is segmented by packaging, by end user, by
flavor, sales channels by region. By packaging the global pea milk
market is segmented into, carton packaging and bottles. Manufacturer
of pea milk are targeting kids by launching pea milk in small carton
packages in order to generate significant revenues. By end user the
global pea milk market is segmented into, adults and children’s. By
flavor the global pea milk market is segmented into, vanilla,
chocolates and others. Growing demand for different flavors is
pushing manufacturers to bring drinks with different flavors in the
market which is further pushing the revenue generation from the
segment. By sales channel the global pea milk market is segmented
into, supermarkets/hypermarkets, e-Commerce, convenience stores and
other retail formats. Supermarkets/ hypermarkets and e-commerce sales
channel segments are expected to deliver strong opportunities in the
overall pea milk market over the forecast period.
Pea
Milk Market Regional Outlook:
On
the basis of region the global pea milk market is segmented into,
North America, Latin America, Western Europe, Eastern Europe, Asia
Pacific excluding Japan, Japan and Middle East and Africa. North
America is expected to account for significant revenue shares in the
global pea milk market over the forecast period. Increasing demand
for protein rich foods has led to development of alternative protein
sources which is expected to boost the market revenue generation in
the overall pea milk market. Markets including Western Europe, Asia
pacific and Middle East countries are expected to create significant
growth opportunities in the overall pea milk market over the forecast
period. Milk extracted from pea have substantially low carbon and
water footprint as plantation do not require much fertilizer and
irrigation. Ripple Foods who is the only manufacturer of pea milk
based in U.S. mentioned that it requires 96% less water to make pea
milk than almond milk, 99% less than dairy milk, and 76% less than
soy milk.
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Pea
Milk Market Drivers and Trends
Growing
demand for plant based dairy drinks is delivering incremental growth
to the overall market for pea milk. Increasing demand for drinks that
are protein enriched with minimal sugar content coupled with
increasing lactose intolerant population is further spurring the
market revenues of the global pea milk market. The toughest challenge
hindering the growth of pea milk is its cost. Pea milk is priced 30%
more than organic dairy milk which is limiting its consumption among
cost-conscious consumers. Also, slow acceptance of this product among
the consumers is also expected to hinder its market revenue
generation over the forecast period.
The
global market for Pea Milk is expected to depict considerable growth
during the forecast period attributable to increasing world protein
deficiency.
Pea
Milk Market Key Players:
Key
player operating in the global pea milk market includes, Ripple
Foods. The company bought the product to the market place in 2015
with the aim to provide plant based dairy products. Pea milk is a
rich source of protein, vitamin D, iron and DHA omega-3s, which are
essential fatty acids. Other manufacturers are trying to incorporate
the technology in order to bring other pea based dairy drinks in the
market.
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