According to a new report published by Allied Market Research, titled, “Peanut Milk Market by Nature, Packaging Type, Application and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global peanut milk market size was valued at $268.6 million in 2020, and is expected to garner $664.2 million by 2030, registering a CAGR of 9.5% from 2021 to 2030.
The plant-based beverages are plant-based natural and chemical free milk products derived through grains, seeds, or nuts. Plant-based beverages act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk such as peanut milk, almond milk, among others , ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.
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Increase in vegan population has been registered in the global market over the past few years. The growth in vegan population is anticipated to increase the demand for plant-based milk products such as peanut milk, almond milk, pea milk, among others. Consumers in countries such as Canada are avoiding animal products and demanding healthier and cleaner naturally prepared plant-based food. Around 7.5 million people in the U.S. take animal-free diet assuming that it would keep them healthier in the future. Therefore, increase in number of vegan consumers is anticipated to increase the demand for various sources of plant-based products; thereby, driving the market growth.
Nuts are emerging ingredients gaining momentum as sources for plant-based beverages. Many niche products have launched over the past few years, which include cashew, hazelnut, and peanut Moreover, increase in researches regarding the benefits of ingredients such as walnuts and peanut are continuously being published, which further drives consumers toward its adoption in beverages products, smoothies, and so no. All these factors together are expected to drive the growth of the peanut milk market.
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According to the peanut milk market analysis, the market is segmented into nature, packaging type, application, distribution channel, and region. On the basis of nature, the market is categorized into organic and conventional. On the basis of packaging type, it is segmented into bottles and aseptic cartons. Based on application, it is segregated into food processing industry, bakery & confectionery, Beverages, proteins and supplements, and others Based on distribution channel, it is classified into supermarkets/hypermarkets, convenience stores, specialty stores, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Italy, Germany, Spain, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Thailand, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, the UAE, Nigeria, Turkey, South Africa, and the rest of LAMEA).
On the basis of nature, the conventional segment was the highest contributor to the market, with $161.4 million in 2020, and is expected to sustain its dominance during the forecast period. Consumers in the developing economies are conscious about the price they pay while making purchase decisions, and hence, rise in awareness about the health benefits of peanut milk leads to rise in consumption of conventional proteins in the developing regions.
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According to the peanut milk market trends, depending on distribution channel, the supermarket/hypermarket segment is a popular medium for customers to buy peanut milk and products. Easy availability of desired brands, designs, and colors of sunglasses drives the growth of the convenience stores segment.
Region-wise, North America dominated the peanut milk market in 2020, and is expected to sustain its dominance during the forecast period. The key factors driving the growth of the peanut milk market in the region are high purchasing capacity of majority of the population and consumer awareness regarding health benefits. Asia-Pacific is expected to grow with the highest CAGR throughout the forecast period, owing to rise in adoption of veganism among consumers.
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The players operating in the global peanut milk market have adopted various developed strategies to expand their market share and increase profitability in the market. The key players profiled in this report include Elmhurst Milked Direct, LLC, Good Karma Foods, Inc., Miruku
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