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.
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.
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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.