Global Peanut Milk Market- Market Overview:

The global peanut milk market is expected to grow from USD 267.7 million in 2022 to USD 495.49 million by 2030, at a CAGR of 8% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising demand for peanut milk among the vegan population.

Peanut milk is derived from peanut seeds which are grown, farmed, or gathered in nature. Peanuts are rich in vitamins, particularly vitamin B6, and magnesium, which are essential to life. Powder and liquid forms are available. Peanut milk is proven to be beneficial for those who are suffering from lactose intolerance. There are many benefits to peanut milk, including its dairy-free properties and vegan compatibility. In addition to containing important vitamins and minerals, peanut milk is high in protein, making it a nutritious choice for those who are unable to consume dairy products. You can use peanut milk in coffee, cereal, and baking just as you would cow milk. As manufacturers try to meet the increasing demand for protein worldwide, peanut milk has been one of the most recent innovations in the dairy industry. Groundnut seeds are used for making peanut milk, and it contains the same amount of protein as cow milk, as well as a lot more than almond milk. Globally, consumers prefer nutritious foods, and peanut milk is becoming increasingly popular due to its nutritional properties. As peanut milk carries soluble fibres while processing, which helps improve the digestive system and is driving the market's growth, peanut milk is becoming increasingly popular among consumers.

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Market Dynamics:

Drivers:                          

• Rising demand for plant-based products

Consumers are becoming increasingly interested in plant-based foods and alternatives to dairy products as a result of changing trends in consumer food consumption, and western diets are also being popular, facilitating the growth of this market. As a long-established food tradition of consuming soy products has led to a high acceptance of plant-based milk in China, as well as the increasing prevalence of lactose intolerance in Asia, this market is expected to grow rapidly.

Restraints:         

• High cost

During the Projection period, peanut milk's high cost and the increasing availability of alternatives including almond milk and soy milk will be restraining factors. Additionally, plant-based milk is not widely available in emerging regions, which is hindering the market growth.

Opportunities:

• Increasing consumption of peanut milk

Growing consumer demand for alternative sources of milk and protein is creating more opportunities the market growth. Furthermore, the food & beverage industry is seeking plant-based ingredients, such as peanut milk, due to their many health benefits. Furthermore, the market growth during the Projection period is fueled by increasing demand for peanut milk and a growing vegan population.

Challenges:

• Lack of awareness

The market is witnessing immense growth in terms of rising sales, increasing product demand and revenue generation but there are some factors which are hampering the growth of the market such as a lack of awareness about the health benefits associated with the consumption of peanut milk and the importance of peanut milk as an important alternative for cow and buffalo’s milk among the lactose-intolerance consumers, mainly in the least developed economies.

Segmentation Analysis:

The global peanut milk market has been segmented based on product type, application, distribution channel, and region.

By Product Type

The product type segment includes pure and mixed. The pure segment led the largest share of the peanut milk market with a market share of around 59.4% in 2022. Pure peanut milk is made from ground or whole peanuts. It is available in a variety of flavours, including chocolate and caramel. A serving of pure peanut milk has about 20 grams of protein, making it the highest protein plant-based milk available. This high protein content makes it a great choice for athletes seeking sustainable sources of protein.

By Application

The application segment includes children and adults. The children segment led the largest share of the peanut milk market with a market share of around 60.3% in 2022. Peanut milk mixes with other ingredients such as sugar and chocolate to make them an ideal drink for kids who have dietary restrictions that exclude cow's milk. The high-fat content of this type of drink can lead to weight gain if it is consumed on a regular basis. Parents should monitor their children's consumption to prevent overweight or obesity.

By Distribution Channel

The application segment includes specialty stores, e-commerce, supermarkets & hypermarkets, convenience stores, and others. The supermarkets & hypermarkets segment led the largest share of the peanut milk market with a market share of around 34.8% in 2022. According to estimates, supermarkets and hypermarkets would dominate the peanut milk market in 2021 with a market share of 27.19 percent and revenue of 67.34 million. This growth can be attributed to the ease of availability of unflavored, flavoured, and all other types of peanut milk.

Global Peanut Milk Market- Sales Analysis.

The sale of peanut milk expanded at a CAGR of 7.4% from 2016 to 2022.

A rise in vegan and diet-conscious consumers worldwide has led to the global growth of peanut milk. In addition, the growing number of people allergic to dairy products has led to an increase in the popularity of dairy-free and vegan foods. A rise in lactose intolerance has also led to increased demand for dairy-free and vegan foods.

As a result of its health benefits, plant-based milk is on the rise. Peanut milk has a high protein content and low calories, making it a healthy alternative to cow's milk. Another important driver of the market is the growing awareness of the health benefits of peanut milk.

As customers become more aware of animal products' health effects and prefer high-quality natural milk, the market is expected to grow. Moreover, growing incidences of lactose intolerance and dietary issues are forcing them to switch to plant-based diets.

Thus, owing to the aforementioned factors, the global peanut milk market is expected to grow at a CAGR of 8% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the peanut milk market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the peanut milk market and held a 37.7% share of the market revenue in 2022.

• The North American region witnessed a major share. With a market share of 48.34% and a market value of around 119.73 million by 2021, the North American region dominated the peanut milk market due to the growing per capita disposable income in North America. The growing consumption of organic products is also boosting the growth of the market in this region. In addition, peanut milk is expected to grow in popularity and be boosted by the massive production of peanut kernels. Moreover, the increasing awareness about preventive healthcare and the high purchasing capacity of the majority of the population also help boost the market growth. Increasing disposable incomes are also contributing to market growth.
• Asia Pacific is anticipated to experience significant growth during the predicted period. The growing popularity of vegan, vegetarian, and flexitarian diets is expected to drive the highest growth in the Asia Pacific region during the Projection period. The changing customer preferences toward dairy-free products are also helping to drive market growth in this region. Additionally, increasing customer demand for organic products is also driving market growth in the region.

Global Peanut Milk Market - Country Analysis:

• Germany

Germany's peanut milk market size was valued at USD 19.4 million in 2022 and is expected to reach USD 36.17 million by 2030, at a CAGR of 8.1% from 2023 to 2030.

Among consumers, peanut milk is becoming increasingly popular because it contains soluble fibres, which help to improve the digestive system and is driving the growth of this market. As well, growing organic product consumption is contributing to market growth in this country.

• China

China’s peanut milk market size was valued at USD 20.8 million in 2022 and is expected to reach USD 39.6 million by 2030, at a CAGR of 8.4% from 2023 to 2030.

Consumer health concerns are driving consumption of dairy-free products, organic product demand as consumers decrease their use of pesticides, and the growing popularity of veganism, which is driving market growth in the country.

• India

India's peanut milk market size was valued at USD 16 million in 2022 and is expected to reach USD 30.27 million by 2030, at a CAGR of 8.3% from 2023 to 2030.

In India, increasing disposable income and growing demand for plant-based products will boost the market for peanut milk. Furthermore, the adoption of alternative dairy products and the trend toward adopting a casein-free diet will further stimulate the peanut milk market's growth rate.

Key Industry Players Analysis:  

To increase their market position in the global peanut milk market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

• China Mengniu Dairy Company Limited
• Good Karma Foods
• Wahaha Products
• Chengde Lulu
• Nutrinity Foundation
• Yili Group
• Miruku
• Yinlu Foods Group
• Hangzhou Wahaha Group Co., Ltd.
• Elmhurst Milked Direct, LLC
• Nest & Glow

Latest Development:

• In February 2020, Brand Keto recently launched two new flavours: caramel chocolate double dough pints and caramel dark chocolate peanut bars, each with a net carb and sugar content of under 1g. Peanut milk has also grown in popularity.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	8%
Market Size	267.7 million in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Product Type, By Application, By Distribution Channel, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	China Mengniu Dairy Company Limited, Good Karma Foods, Wahaha Products, Chengde Lulu, Nutrinity Foundation, Yili Group, Miruku, Yinlu Foods Group, Hangzhou Wahaha Group Co., Ltd., Elmhurst Milked Direct, LLC, and Nest & Glow.
By Product Type	Pure Mixed
By Application	Children Adults
By Distribution Channel	Specialty Stores E-Commerce Supermarkets & Hypermarkets Convenience Stores Others
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Peanut Milk Market by Product Type:

• Pure
• Mixed

Global Peanut Milk Market by Application:

• Children
• Adults

Global Peanut Milk Market by Distribution Channel:

• Specialty Stores
• E-Commerce
• Supermarkets & Hypermarkets
• Convenience Stores
• Others

Global Peanut Milk Market by Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia