The global pea milk market is anticipated to surpass a valuation of US$ 138 million by the end of 2030, according to a recent study which states that that in the short term, COVID is bringing about declining supply of pea milk due to global lockdowns, however the market is expected to experience a serious comeback.
Declining requests from consumers attributable to the shutdown of hotels, restaurants, and eateries, combined with decrease in production capacity, are factors adversely affecting the growth of the pea milk market. However, the market will experience a comeback once the COVID-19 pandemic is brought under control, as the resuming of F&B establishments universally will enhance the development of the global pea milk market.
Key Takeaways from Pea Milk Market Study
- North America is dominating the global pea milk market with a share of around 60%. Primary reason being, easy availability of the product due to high number of brick and mortar stores.
- The pea milk market in Asia Pacific is likely to register an absolute dollar opportunity of over US$ 10 million from 2020 to 2030, due to increasing demand for plant-based dairy alternatives in the region.
- Pea milk offered in packaging sizes of 48 oz are expected to show strongest growth, owing to its cost efficiency, applicability, and availability.
- Rising inclination towards plant-based products among fitness enthusiasts can be one of the factors that will increase demand for health drinks based on pea milk.
“The COVID-19 pandemic is stunting the growth of the pea milk market. However, as the situation improves gradually, demand will resume back to normal across the world,” says a report analyst.
Product Launches to Enhance Market Resiliency
Key players in the pea milk market are Ripple Foods, Sproud, Bolthouse Farms, Devon Garden, Snappea, Freedom foods, Mighty Pea, Qwrkee, DrinkStar GmbH, and Vly Foods, among others. Some of the key developments in the market include:
- In 2017, Ripple Foods introduced Vegan Half and Half milkshake to contribute to the nutritional product line of protein powders and shakes. In the same year, it introduced Greek yogurt across its traditional stores in the United States.
- In August 2020, Bolthouse Farms launched a plant-based Keto protein drink with pea protein as the key ingredient in three flavors, i.e. mocha truffle latte, cinnamon horchata, and hazelnut fudge.
- In recent years, Vly Foods introduced new offerings of pea milk in its regional markets by formulating compositions of selenium and iodine in its brand of pea milk.