The peanut milk market is expected to reach a market valuation of USD 280.2 million by the year 2023, accelerating with a CAGR of 7.8% from 2023 to 2033. Sales of peanut milk are likely to account for a part of the demand for peanut milk in the global market, valued at USD 280.2 million in 2023.
| Attributes | Details |
|---|---|
| Peanut Milk Market Size (2023E) | USD 280.2 million |
| Peanut Milk Market Projected Size (2033F) | USD 596.6 million |
| Peanut Milk Market CAGR (2023 to 2033) | 7.8% |
| Top 3 Countries Marketing Share | 26.5% |
FMI analysis indicates that according to nature, the conventional segment contributed to the largest peanut milk market share and is expected to remain dominant throughout the forecasted period. During the forecasted period 2023 to 2033, the organic segment will grow rapidly annually.
The segment of aseptic cartons has the highest value peanut milk market share based on packaging type. Aseptic cartons are used for pre-sterilized products like juices, milk, and soups and non-sterile products like yogurt.
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Peanut milk is a non-dairy beverage that is made from peanuts and water. It contains proteins, vitamins, and minerals such as manganese and vitamin B3. They serve as a dairy substitute for consumers who are allergic to dairy products. Furthermore, studies on the benefits of ingredients like walnuts and peanuts are being published regularly, encouraging consumers to use them in beverages, smoothies, and so on. All these factors are expected to contribute to the peanut milk market's growth as well as the peanut milk market's key trends and opportunities.
One of the major factors expected to drive the market is an increase in demand for peanut milk. Over the last few years, the market has seen an increase in the vegan population.
One of the primary factors driving the market growth is consumers' preference for high-nutrient natural milk boosting the peanut milk market's future trends.
A growing number of consumers are choosing plant-based alternatives for medical reasons or as part of a healthy lifestyle, which positively impacts the adoption of peanut milk.
The demand for peanut milk is growing among consumers because peanut milk contains soluble fibers that help improve the digestive system and drive the growth of the peanut milk market.
The health benefits of peanut milk are determined by the source, processing technology, and fortification methods. As certain products contain very little calcium and protein, there is a rise in consumer health awareness.
This is a key factor encouraging consumers to choose plant-based milk substitutes such as peanut milk in their diet if they have dairy milk intolerances, which provides peanut milk market opportunities to offer progressive and nutritionally beneficial products.
Strong global concerns about the pandemic have significantly but negatively impacted the global market. Furthermore, as a result of the high demand for peanut milk and low supply of peanut milk market trends, product prices increased to compensate for economic insecurity.
The USA has a strong presence in the market due to its large population of lactose-intolerant people who are unable to digest lactose due to a lack of an enzyme called Lactase, which is required for the production of lactase.
The USA market is expected to grow at a CAGR of 6.4% during the forecast period. As the growing vegan population, developed economies such as the USA are expected to remain a significant market for peanut milk and influence the peanut milk market key trends and opportunities. The lactose-intolerant population in the country is increasing their demand for peanut milk.
In China, the market is expected to grow at a CAGR of 7.9% during the forecasted period. Due to its large population, China has emerged as an important player, but it lags India’s peanut milk market.
Peanut milk is also expected to grow in demand for peanut milk in China, owing to the country's growing peanut milk market trend and forecasts, rising per capita disposable income, increased awareness of preventive healthcare, and rising consumer acceptance of dietary supplements and weight management supplements.
Alternatives such as almond and peanut milk are becoming more popular, posing a significant challenge to the peanut milk market's future trends.
The conventional segment contributed the most to the market for peanut milk and is expected to maintain its dominance throughout the forecast period.
Consumers in developing economies are price-conscious when making purchasing decisions, so an increase in awareness about the health benefits of peanut milk leads to an increase in consumption of conventional proteins in developing regions which surges the demand for peanut milk and sales of peanut milk.
As per peanut milk market trends, the supermarket and hypermarket segments are a great medium for consumers to buy peanut milk and products, depending on the distribution channel.
The convenience store segment is growing due to the ease of availability of flavored, unflavored, and all other types of peanut milk, which affects the peanut milk market trends and forecasts.
The aseptic cartons segment has the highest value share based on packaging type. Aseptic cartons are used for both pre-sterilized products as well as non-sterile products.
The product's shelf life is extended because of the multilayer packaging, and peanut milk can be stored for a longer time.
Aseptic cartons in slim, mid, and square shapes are used in packaging beverages and peanut milk products that indisputably regulate peanut milk market opportunities.
Players have used peanut milk market expansion and product launches as key development strategies to increase their peanut milk market share, profitability, and competitiveness. Elmhurst Milked Direct, LLC, Good Karma Foods, Inc., Miruku, Nest & Glow, Nest & Glow, and Yinlu Foods Group are among the key peanut milk market players profiled in the report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and million. Sq. M. for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Brazil, Mexico, Germany, United Kingdom, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Nature, Sales Channel, Price Range, Distribution Channel, Packaging, Region |
| Key Companies Profiled | Hangzhou Wahaha Group Co., Ltd.; Yinlu Foods Group; Elmhurst Milked Direct, LLC; Miruku; Yili Group; Hebei Chengde Lolo Co.,Ltd; Nutrinity Foundation; Good Karma Foods; Nest & Glow |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The peanut milk market is set to attain a value of USD 280.2 million in 2023.
The peanut milk market is estimated to surpass USD 596.6 million by 2033.
The peanut milk market is projected to experience a CAGR of 7.8% through 2033.
The China peanut milk market is predicted to showcase a 7.9% CAGR through 2033.
Preference for plant-based diets and growing lactose intolerance awareness.
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Peanut Milk Market
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