The peanut milk market is projected to achieve a valuation of USD 280.2 million by 2023, growing at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2033. By 2033, sales of peanut milk are expected to significantly contribute to the global market, which is estimated to be worth USD 596.6 million.
A non-dairy plant-based beverage made from peanuts and water is known as peanut milk. Almond, soy, and rice milk production are comparable to that of peanut milk. Since peanuts take less water to produce than almonds do, producing peanut milk is said to be more environmentally friendly. Protein, vitamins, and minerals like copper, manganese, vitamin B3, vitamin e, and biotin are abundant in peanuts. Peanuts are also high in protein. Additionally, it includes monounsaturated fats, which are essential for preserving heart health. Consumers prefer nutrient-dense food items as health and wellness consciousness spreads around the world. The peanut milk market is being driven by the nutritional benefits of peanuts.
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Increasing Demand for Special Dietary Needs to Create Opportunities for Manufacturers of Peanut Milk
The rising number of consumers are opting for plant-based alternatives for medical causes or as a choice of a healthy lifestyle. Medical reasons for consumption of plant-based products include the indigestibility of lactose with a global incidence of 75% or milk allergy. The nutritional value of plant-based milk depends upon the source and the processing technology, along with fortification methods. Certain products have a very low amount of calcium and protein, due to which there is an increase in health awareness among consumers.
This is the key factor encouraging consumers to opt for plant-based substitutes of milk such as peanut milk in their diet in case of intolerances for dairy milk, which is providing an opportunity for key manufacturers peanut milk market to offer innovative and health beneficial products.
The plant-based trend is increasing very rapidly across the globe. This plant-based milk perceive as more sustainable and better for the environment as compared to dairy milk. Such assertiveness is behind the increasing number of individuals opting for vegetarian or vegan diets, besides those taking a more flexitarian approach to food.
The key reason due to which consumers are avoiding dairy-based milk include lactose intolerance, dairy sensitivity/allergy, avoiding growth hormones, reducing saturated fat consumption, cutting back on dairy with age, animal rights/cruelty issues, avoiding antibiotics in dairy, and other environmental reasons. Manufacturers of peanut milk are conducting various researches for the innovation of flavors, taste, and texture. For instance, Researchers developed mineral and vitamin-fortified infant formula that used peanut milk as a fat, protein, and calories source.
Increasing Demand for Plant-based Products Lead to Shift in Overall Peanut Milk Market Growth
The demand for plant-based ingredients such as peanut milk is increasing in the food and beverage industry owing to various health benefits. The increasing incidences of dietary issues and prevailing lactose intolerances is pushing consumers to opt for plant based diets. Consumers are turning towards flexitarians and veganism and avoiding dairy consumption. According to Plant-Based Foods Association, in the U.S. the plant-based milk grew 5% over the past year and market value reached US$ 2 Bn which is highest in the entire plant-based food category. According to a Forbes report, animal milk and dairy products sales are declining rapidly with almost 11% drop as predicted in sales between 2015 and 2020.
Freshness and Authenticity Define Future Growth Parameters
Fresh, authentic, and natural taste experiences are driving consumers’ demand around the world. Even in the diverse markets of China, Brazil, Poland, and India, consumers prioritize authentic and natural-tasting food products. A recent survey carried out by Koninklijke DSM N.V., a science-based company that is active in health, nutrition, and sustainable living revealed that more than half (55%) urban consumers believe ‘natural or fresh’ flavors make food taste delicious. This consumer demand for fresh and natural tastes poses a challenge for food producers as they have to meet these taste expectations without forfeiting convenience and comprehensible labeling. Hence, big food and beverage giants are updating their inventories with more non-dairy products such as peanut milk. In 2017, Elmhurst Milked Direct, LLC launched peanut milk in chocolate flavor high in protein and contains less sugar.
Global Peanut Milk Market: Key Participants
Some of the key players in global peanut market are:
- Hangzhou Wahaha Group Co.,Ltd.
- Yinlu foods Group
- Elmhurst Milked Direct, LLC
- Miruku
- Yili Group
- Hebei Chengde Lolo Co.,Ltd
- Nutrinity Foundation
- Others
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Peanut Milk market: Market Segmentation
On the basis of nature, the global peanut milk market has been segmented as:
- Conventional
- Organic
On the basis of sales channel, the global peanut milk market has been segmented as:
- Food Processing Industry
- Bakery
- Confectionery
- Ice-cream and Desserts
- Beverages
- Protein Bars
- Cereals
- Others
- Food Service Providers
- Retail/ Household
On the basis of price range, the global peanut milk market has been segmented as:
- Economic
- Mid-range
- Premium
On the basis of distribution channel, the global peanut milk market has been segmented as:
- Store-based Retailing
- Hypermarkets/
- Supermarkets
- Convenience Stores
- Specialty Stores
- HoReCa
- Independent Small Groceries
- Online Retailing
On the basis of packaging, the global peanut milk market has been segmented as:
- Plastic & Glass Bottles
- Pouches
- Carton Packaging
- Cans
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