Peanut Milk Market
Peanut Milk Market Trends & Forecast 2024-2034
The global peanut milk market is projected to achieve a market valuation of USD 281.2 million in 2024 and is forecasted to surpass USD 597.6 million by 2034, reflecting a CAGR of 8.8% during the forecast period. The increasing shift towards plant-based diets, the rise in lactose intolerance, and a growing emphasis on health and wellness are propelling the growth of the peanut milk market.
Market Trends for Peanut Milk Market
- Rising Demand for Plant-Based Beverages:
- With the surge in veganism and plant-based diets, peanut milk has become a popular dairy alternative.
- Peanut milk contains high nutritional value such as proteins, vitamins, and essential minerals, encouraging its demand as a healthy alternative.
- Health and Wellness Focus:
- The shift in consumer preferences towards natural and nutritious products is boosting the consumption of peanut milk.
- Peanut milk is perceived as a dairy-free, cholesterol-free alternative, preferred by people with lactose intolerance.
- Innovations in Packaging:
- Aseptic cartons have emerged as the preferred packaging choice, ensuring a longer shelf life and product safety.
- Sustainable packaging practices are also being adopted to align with the global focus on environmental sustainability.
Segment & Category Analysis in Peanut Milk Market
- By Nature:
- Conventional: This segment holds a significant share in the market and is expected to maintain its dominance due to its affordability.
- Organic: Rising awareness regarding organic food and beverages is expected to propel the growth of the organic segment.
- By Packaging:
- Aseptic Cartons: Dominate the market, owing to longer shelf life and consumer convenience.
- Plastic & Glass Bottles: Preferred for premium products.
- Pouches & Cans: Used in niche and economy-priced product ranges.
- By Distribution Channel:
- Store-Based Retailing: Comprising hypermarkets, supermarkets, and convenience stores, this channel remains the dominant sales point.
- Online Retail: Increasing preference for e-commerce platforms due to convenience and accessibility is driving growth in this segment.
- By Price Range:
- Economic: Affordable products for developing economies.
- Mid-Range: Targeting middle-income groups.
- Premium: High-end, organic, and health-focused products.
- By Sales Channel:
- Food Processing Industry: Incorporation of peanut milk into beverages, smoothies, and health drinks.
- Retail/Household: Increasing demand for at-home consumption.
- Bakery, Confectionery, and Ice Cream: As an ingredient in vegan bakery and confectionery products.
Key Growth Regions for Peanut Milk Market
- USA:
- Growth driven by the rising population of lactose-intolerant consumers.
- The USA market is forecasted to grow at a CAGR of 7.4% during 2024-2034.
- China:
- Rising demand due to increased health awareness and the popularity of dairy alternatives.
- China’s market is anticipated to grow at a CAGR of 8.9% through 2034.
- Europe:
- Growing inclination towards veganism and heightened demand for non-dairy alternatives.
- Countries like Germany and the United Kingdom are driving regional demand.
- India:
- A growing focus on health and wellness is encouraging the consumption of plant-based milk products.
- Indian consumers are increasingly seeking cost-effective dairy substitutes, bolstering market growth.
Restraining Factors for Peanut Milk Market
- High Competition from Other Plant-Based Milks:
- Almond milk, soy milk, and oat milk offer stiff competition.
- To combat this, players are focusing on product differentiation and value addition.
- Price Fluctuations in Raw Materials:
- The cost of peanuts and production processes can affect product prices.
- To stabilize costs, some companies are entering into long-term supply agreements.
Sustainability Concerns
The peanut milk industry is striving to meet sustainability goals through the adoption of:
- Eco-friendly packaging like biodegradable cartons.
- Sustainable farming practices to ensure ethical sourcing of peanuts.
- Efforts are being made to reduce the environmental impact across the supply chain.
Market Composition in Peanut Milk Market
- The peanut milk market has a mix of global and regional players.
- Local brands offer competitive pricing and cater to niche demands, while global brands focus on innovation and premium products.
End-Use Industries
- Food & Beverage: Peanut milk is being used as a key ingredient in protein shakes, health drinks, and smoothies.
- Bakery & Confectionery: Utilized as a key ingredient in vegan cakes, desserts, and confectionery.
- Household Consumers: An increasing number of households are adopting plant-based milk for at-home consumption.
Competitive Landscape in Peanut Milk Market
Key market players are focusing on product development, strategic partnerships, and expansions to strengthen their market position. The major players profiled in this report are:
- Elmhurst Milked Direct, LLC
- Good Karma Foods, Inc.
- Miruku
- Nest & Glow
- Yinlu Foods Group
Recent Developments: in Peanut Milk Market
- In April 2023, Reese’s introduced Crunchy Peanut Butter Cups, adding to the rising trend of peanut-based snacks and desserts.
- Edenfoods collaborated with organic fruit growers to create clean-label products, reducing the use of chemical additives.
Frequently Asked Questions (FAQs) for Peanut Milk Market
- What is the current valuation of the peanut milk market?
- The peanut milk market is valued at USD 281.2 million in 2024.
- What size is the market expected to reach by 2034?
- It is projected to reach USD 597.6 million by 2034.
- What is the growth rate of the market?
- The CAGR is expected to be 8.8% from 2024 to 2034.
- Which country has the most promising market growth?
- China is set to grow at the highest CAGR of 8.9%, driven by health awareness and rising disposable income.
- What are the leading trends shaping the market?
- The most prominent trends include the rise of plant-based diets, growing consumer interest in lactose-free alternatives, and demand for sustainable packaging.
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