A comprehensive market research report by Persistence Market Research (PMR) predicts strong growth for the market for drinkable peanut powder. According to the report, the market will continue to grow at an annual rate of around 5.6% until 2024. The study identifies the increasing demand for plant-based proteins and consumers’ growing awareness of nutrition as reasons for the positive trend.
According to Persistence Market Research, the market volume for drinkable peanut powder in 2016 was approximately USD 518.3 million. By 2024, the volume is expected to grow to just under USD 800 million. With a 37.8% share of the global market at the end of 2016, North America is the strongest market region worldwide. An average annual growth rate of 5.7% is expected for the forecast period.
In terms of usage, the shakes segment will remain the most dominant, followed by the smoothies segment with a market share of 34.9% by 2024. In terms of sales channels, the supermarket & hypermarket segment will dominate, followed by online trading with a market share of 28.1% by 2024.
The Asia-Pacific region excluding Japan (APEJ) is another dominant market for drinkable peanut powder, expected to be the fastest-growing. This is attributed to the growing demand for high-quality peanut products in the region.
More information on the market research report can be found here.