Peanut Milk Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global peanut milk market size reached around USD 291.41 Million in 2024. The market is projected to grow at a CAGR of 7.90% between 2025 and 2034 to reach nearly USD 623.33 Million by 2034.The market growth can be attributed to the rising demand for plant-based milk in Europe and Latin America and rising consumer purchasing power. Besides, the growing adoption of innovative marketing strategies and focus on meeting ESG goals is also influencing the market dynamics favourably.

Global Peanut Milk Market Growth

The increasing consumer demand for nutritious dairy alternatives that do not compromise on taste is fuelling the market growth. For instance, the United States witnessed an 11% growth in consumption of dairy alternatives during 2021-22, which was a year-on-year growth from 6%. More than half of the nation's population consumes dairy alternatives. Based on consumer analysis, around 45% of the population plans to increase their consumption of dairy alternatives, thereby favouring the peanut milk market dynamics.

The demand for plant-based items has increased steadily in Europe, with plant-based beverages accounting for a significant market share. Reportedly, France recorded EUR 211 million worth of sales of plant-based milk and other beverages, thereby recording a year-on-year growth of 2.6% y-o-y in 2022-23. Over the forecast period, the peanut milk market development is expected to be driven by rising consumer consciousness regarding animal and plant welfare. Besides, the increasing health awareness is also expected to increase the sale of plant-based milk in the upcoming years.

Key Trends and Developments

Growing demand for dairy alternatives; rising focus on ESG goals; rising sales of peanut milk in Latin America; and the introduction of unique flavours are the major factors driving the peanut milk market growth.

November 2024

RITA Food & Drink Co.,Ltd. announced its decision to participate in China’s FHC Food and Hospitality trade fair to explore new market opportunities for designing future expansion strategies. By introducing its unique product portfolio to a wide range of industry professionals and potential distribution partners, the company is exploring different ways to achieve sustainable market growth in different international markets.

November 2023

ShanTou YiLi Foods Co., Ltd. reported substantial growth in profits, driven by increasing sales of liquid milk products and ice creams. Its success reflects the burgeoning demand for nutritious and innovative dairy alternative products such as peanut milk, which caters to the nutritional requirements of lactose-intolerant and eco-conscious consumers. By making increasing investments in product marketing and development, companies can increase their peanut milk market share substantially.

June 2022

As per industry reports, ShanTou YiLi Foods Co., Ltd. became consumers’ most often chosen FMCG brand in China. It boasted a market penetration rate of 92.4% and its products were accessible to 1.3 billion consumers in the nation. This is indicative of its ability to quickly adapt to evolving consumer preferences and provide a diverse range of high-quality FMCG products across the nation.

Growing health-consciousness

Rapid economic growth and increasing health consciousness among consumers are expected to increase the demand for nut-based products in the coming years. The rising consumer emphasis on animal welfare and higher willingness to spend on premium plant-based milk alternatives are boosting the peanut milk market revenue.

Growing awareness regarding the health benefits of dairy alternatives

Consumers increasingly value the health benefits of plant-based products. By communicating the nutritional content of peanut milk (including calcium and protein quantity) transparently, peanut milk brands can easily build consumer confidence and promote the market growth.

Growing focus on ESG goals

As per the peanut milk market analysis, around 25% of American customers purchasing dairy alternatives are willing to pay an additional price for brands prioritising ESG. This highlights the increasing consumer preference for sustainable, ethically sourced, and socially responsible food products. This trend is prompting companies to make strategic investments in ESG practices, thereby shaping the market favourably.

Rising sales of peanut milk in Latin America

Latin American countries, including Brazil, have witnessed a significant surge in demand for plant-based milk due to rising health consciousness among consumers. The shift towards flexitarian diets and vegan food products is prompting manufacturers to introduce peanut milk products which promote heart and bone health while reducing oxidative stress and inflammation within the body. This is one of the key peanut milk market trends.

Introduction of unique flavours

Manufacturers of dairy alternative products are focusing on introducing milk flavours that appeal to the consumers’ palette, thereby driving the market growth. This serves as a USP for their brand and enables them to differentiate themselves from their competitors’ brands successfully. Besides, unique flavours like chocolate, vanilla, and berry enable companies to cater to a wider consumer base, thereby expanding their reach and driving the market development.

Global Peanut Milk Market Trends

Focus on developing allergen-free items

Various consumer studies report a rising incidence of food allergies that can be attributed to product contamination and the use of unsuitable dairy ingredients. This has prompted consumers to actively seek out nut-based food products that do not contain lactose or soy, are produced in a safe environment, and are labelled clearly for any allergens. This is enhancing consumer trust in dairy-alternative products, positively shaping the peanut milk market dynamics.

Growing demand for plant-based milk in Brazil

In 2022, the sale of plant-based milk reached ZAR 612 million, which was a year-on-year growth of 15% from 2021. Furthermore, in 2023, total sales reached ZAR 673 million, recording a year-on-year growth of 9.5%. The sustained increase in the demand for plant-based products is expected to facilitate the peanut milk market expansion in the coming years favourably.

Global Peanut Milk Industry Segmentation

The report titled “Global Peanut Milk Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Nature

• Organic
• Conventional

Breakup by Packaging Type

• Bottles
• Aseptic Carton

Breakup by Application

• Food Processing Industry
• Bakery and Confectionery
• Beverages
• Protein Bars and Supplements
• Others

Breakup by Distribution Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Online Channel
• Others

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Peanut Milk Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2025-2034, the market for peanut milk in the Asia Pacific and North America is expected to grow at a CAGR of 8.8% and 7.6%, respectively. The growth of the peanut milk market in these regions can be attributed to the growing adoption of vegan diets by consumers and rising awareness regarding lactose intolerance among dairy producers.

Based on nature, the market is categorised into conventional and organic. The industry analysis suggests that the demand for organic peanut milk is estimated to increase at a CAGR of 9.3% during the forecast period of 2025-2034 due to its rich and creamy texture and its minimal harmful effects on the environment.

Leading Companies in the Global Peanut Milk Market

Major players are capitalising on the consumer shift towards veganism and expanding their plant-based beverage production capacities. They are also expanding their market reach in regions like the Asia Pacific and Latin America by adopting health-focused marketing campaigns and strengthening their partnerships with local retailers. This is expected to increase the peanut milk market revenue in the coming years.

RITA Food & Drink Co.,Ltd.

RITA Food & Drink Co.,Ltd. was founded in 2004 and is headquartered in Di An, Vietnam. It specialises in manufacturing energy drinks, soya and peanut milk, fruit juices, and other canned beverages.

ShanTou YiLi Foods Co., Ltd.

ShanTou YiLi Foods Co., Ltd. was founded in 1993 and is headquartered in Guangdong, China. It is one of the top 10 dairy companies in the world which also produces plant-based milks. It has a substantial presence in international markets like New Zealand.