Pea Milk Market Introduction:
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.
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.
Pea Milk Market Key Players:
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.