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ROCKVILLE, MD / ACCESSWIRE / December 1, 2020 / The global pea milk market will be exhibiting an impressive CAGR of 13% amid the projected period (2020-2030). The growing trend of vegan products has brought a change in customers' focus from dairy milk to plant-based milk. This has triggered pea milk to gain traction amid different sections of consumers that are favoring pea milk over dairy milk.
"The COVID-19 pandemic has stunted the development of the pea milk market. However, the market is anticipated to experience a return once the crisis is brought under control, as the recommencing of F&B establishments worldwide will contribute to the overall expansion of the market" says a Fact.MR analyst.
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Pea Milk Market - Key Takeaways
- The global pea milk market will outperform an estimation of US$ 138 million towards 2030 end.
- North America will be capturing over half of the overall market share, followed by Europe, APAC, and Latin America
- 48 oz segments are likely to reflect the strongest growth, due to its availability, applicability, and cost-efficiency.
- The E-commerce sales channel category will be gaining traction in the global market throughout the forecast period.
Pea Milk Market - Drivers
- Rising demand for plant based dairy drinks will be delivering incremental expansion of the overall market.
- Growing demand for protein enriched drinks with marginal sugar content and rising cases of lactose intolerant people are complimenting the market growth.
- Surging trend of flexitarianism and veganism will be generating demand for plant-based milk, comprising pea milk.
Pea Milk Market - Constraints
- High cost associated with the product is likely to limit market growth over the forecast period.
- Slow adoption of this product by the consumers will impact the revenue generation in the market.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak negatively impacted the pea milk market growth in the first quarter of 2020 across the globe. Lockdowns instigated across several nations in the first & second quarter of 2020 have caused a noteworthy reduction in demand for pea milk, worldwide. In addition, the manufacturing of pea milk was also influenced owing to limited raw materials supply. However, the global market is anticipated to recommence its normal expansion trajectory as the impact of the pandemic lessens in the coming months.
Explore the global pea milk market with 141 figures, 75 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5346/pea-milk-market
As the market is still in the introductory phase, the market completion is very narrow. Key market players operating in the pea milk market include Sproud, Ripple Foods, Bolthouse Farms, The Mighty Society, Freedom Foods, Snappea, DrinkStar, Devon Garden, Qwrkee, and Vly Foods.
At present Sproud and Ripple Foods holds the majority of the market share. However, the market positioning will alter as new entrants such as Qwrkee and Devon Garden make their way into this landscape.
More on the Report
The Fact.MR's market research report provides in-depth insights into the Pea Milk market. The market is scrutinized on the basis of flavor (original flavor, chocolate flavor, vanilla flavor, and barista flavor), sweetness (sweetened and unsweetened), pack size (8 oz, 25-32 oz, and 48 oz), packaging material (tetra packs and PET bottles), end user (individual consumers, HoReCa, gyms, and cafes), and sales channel (online retail and brick and mortar stores), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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