The global peanut milk market is expected to grow from USD 247.57 million in 2021 to USD 524.52 million by 2030, at a CAGR of 8.70% during the forecast period 2022-2030, as per the report published by The Brainy Insights.
The massive demand for naturally prepared plant-based milk is anticipated to expand the peanut milk industry demand during the projection period. Moreover, an increase in the demand for healthy magnesium-rich food sources to raise immunity and sustain metabolism and an increase in the vegan population are also helping to propel market growth. However, the fluctuation in prices of raw materials and the high cost of plant-based milk extraction are restraining market growth. Furthermore, the rise in research about the benefits of ingredients like peanuts and walnuts resulting in the adoption of beverage products, smoothies, and others are opportunities for market growth.
To enhance their market position in the global peanut milk market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Market Growth & Trends
The growth of the peanut milk market is driven by the rise in demand for vitamin E sources and fibrous diets. Moreover, the increase in the vegan population is the market growth trend. The rising customer awareness of the health consequences of eating animal products and the customers' preference for high-nutrient natural milk boost market growth. Further, the ever-increasing incidences of dietary issues & prevailing lactose intolerances are pushing customers to opt for plant-based diets. Also, increased awareness about the health and the growth of vegetarianism in France and Germany is helping to drive the market growth during the forecast period. Moreover, the growing demand from people associated with vegetarianism has risen to some extent due to increasing awareness about animal welfare issues. Vegetarian diets offer a variety of health benefits like weight loss, prevention of cardiovascular disease, and cancer prevention.
The product type segment is divided into mixed and pure. In 2021, the pure segment dominated the market with the largest market share of 55.24% and market revenue of 136.82 million. This growth is attributed to the ever-increasing peanuts milk production.
The application segment is divided into bakery and confectionery, direct consumption, peanut butter and spreads, culinary purpose, dairy products, peanut bars, and others. In 2021, the dairy products segment dominated the market with the largest market share of 27.14% and market revenue of 67.22 million. This growth is attributed to the rising milk consumption in developing countries.
The form segment is divided into liquid and powder. In 2021, the liquid segment dominated the market with the largest market share of 56.14% and market revenue of 139.05 million. This growth is attributed to consumers' increasing living standards and health consciousness.
The end-user segment is divided into children and adults. In 2021, the children segment dominated the market with the largest market share of 54.22% and market revenue of 134.30 million. This growth is attributed to the growing popularity of organic foods.
The distribution channel segment is divided into convenience stores, supermarkets/ hypermarkets, e-commerce, specialty stores, and others. In 2021, the supermarkets/hypermarkets segment dominated the market with the largest market share of 27.19% and market revenue of 67.34 million. This growth is attributed to the ease of availability of flavored, unflavoured, and all other types of peanut milk.
Regional Segment Analysis of the Peanut Milk Market:
The North American region occurred as the largest market for the global peanut milk industry, with a market share of 48.34% and a market value of around 119.73 million in 2021. North America dominates the peanut milk market due to the growing per capita disposable income. Moreover, growing organic product consumption is also helping boost the market growth in this region. Further, the Asia Pacific region is expected to show the fastest CAGR of 10.03% over the projection period. This growth is attributed to the increasing population and presence of key regional players. In addition, the growing adoption of veganism among customers propels market growth in this region.
Key players operating in the global peanut milk market are:
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global peanut milk market based on below mentioned segments:
Global Peanut Milk Market by Product Type
Global Peanut Milk Market by Application:
Global Peanut Milk Market by Form:
Global Peanut Milk Market by End-User:
Global Peanut Milk Market by Distribution Channel:
About the report:
The global peanut milk market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.