Peanut Milk Market Anticipated to Register $664.2 Million by 2030, at a CAGR of 9.5%

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 Peanut Milk market is expected to witness significant growth spirit tourism to provide growth impetus, and craft spirits gaining traction among millennials and baby boomers.

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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.

The factors that drive the peanut milk market growth include health benefits associated with consuming plant-based milk as they are high in micro and macronutrient content as well as low in fat and cholesterol content. Moreover, rise in fitness concerns among people in different regions also boost the market growth. In addition, increase in the number of lactose intolerant population, growth in trend of veganism, and rise in disposable income drive the market growth. However, increase in cost of raw materials due to unpredictable weather and high cost of production are expected to hamper the growth of the market during the forecast period. Moreover, rise in demand for alternatives to dairy by health-conscious consumers and frequent introduction of new flavors & variety are expected to provide numerous opportunities for the expansion of the peanut milk market.

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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.

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, Nest & Glow, Nest & Glow, and Yinlu foods Group.

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