Pea Milk Market: Introduction
Pea milk are plant based milk which is extracted from yellow peas which is a legume, found mostly in parts of Asia, North Africa, and Southern Europe. Pea milk market is expected to grow during the forecast period, due to its higher benefits compared to almond milk and soy milk. Pea milk contains the required nutrition such as vitamin D, protein, fat, and calcium for toddlers and infants, which provides a 50% more calcium and half the quantity of saturated fat from other milk alternatives. According to the U.S. Census Bureau, in 2017, the total number of children below the age group of 5 were 23.3 million in the United States, and is expected to grow to 24 million by 2026. Such factors are playing a major driving factor to the pea milk market and is expected to propel at a high rate during the forecast period. Furthermore, increasing parent’s preference towards vegan milk that does not contain lactose, soy, gluten, and are non-GMO provided products are further fuelling market growth. According to the National Center for Biotechnology Information, in 2017, the rise in vegan population is expected to be by 17% across the globe, which in turn is expected to reduce the content of ecological footprint (EF), water footprint (WF), and carbon footprint (CF), which accumulates to GHG emissions. Thus, the rise in vegan population is also expected to boost the pea milk market during the forecast period.
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Consumers Shifting Focus towards Pea Milk from Other Milk Alternatives:
The pea milk market is expected to propel due to various benefits over conventional milk alternative products. Various supermarkets such as Publix, Shaw’s, Safeway, and others has incorporated pea milk products into their aisle lines which is further helping in gaining customer attention towards these products. This factor is expected to boost the purchasing rate of consumer from other plant based milk alternative products. Pea milk market is anticipated to be boosted as it is highly vegan, and are exclusive to any animal origin. Thus, vegan milk is expected to reduce the cost of animal breeding, maintenance, and others. According to the National Center for Biotechnology Information (NCBI), the overall maintenance cost for a farm of over 100 cattle is expected to cross 6.3 million per year excluding other cost. Thus, the surge for pea protein is expected to reduce animal husbandry cost for the country’s economy, coupled with its benefits of soy free, nut free, gluten free, and lactose free contents over other vegan milk products such as soy milk, almonds milk, oat milk, potato milk, and others. Additionally, major companies such as Google and others investing in the pea milk manufacturers are also expected to supplement market growth.
However, one of the major factors which is expected to hamper the pea milk market during the forecast period is the cost of pea milk products which is about 35 to 40% higher than other milk alternative products. For instance, the 48 FL oz. packet of pea milk is US$ 4.31, while the same packet for soy milk is US$ 2.21. Thus, this pricing difference is expected to hamper the pea milk market during the forecast period, due high extraction and operating cost of pea milk.
Europe and North America is expected to be the most attractive market for pea milk throughout the forecast period from 2018 to 2025, while Asia Pacific is expected to be the fastest growing region for the pea milk market. Asia Pacific market is expected to be the fastest growing market due to increase in consumer demand for lactose free products coupled with non-GMO products in milk consumption. Liberalization of foreign direct investment (FDI) throughout the food segment, diet diversification, and rapid urbanization is expected to be some of the major factors for the growing demand for vegan milk products in Asia Pacific. Pea milk is expected to propel during the forecast period due to its major health benefits over cow or goat milk, such as resolving the problems of calorie concerns, lactose intolerance, prevalence of hypercholesterolemia, and cow milk allergy among others. Owing to these factors, the global pea milk market is expected to boom during the forecast period.
The market for pea milk products is expected to propel with various investments from major market players in and outside the food and beverage industry. For instance, in 2015, Google and other venture capitalists invested in Ripple Foods, who are into manufacturing of pea milk products, for over US$ 45 million.
Major players operating in the field of pea milk market include Ripple Foods, Bolthouse Farms, Nestlé S.A., Danone, among others.
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