Market Insights:
Market Research Future (MRFR) has projected in its latest report that the global soy milk market is expected to reach USD 16.17 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.66% during the forecast period (2023 - 2030). The nutritional value of soy milk has accelerated its popularity among the consumers. The exponential lactose intolerant population has fuelled the demand for soy milk and its products. Soy milk has gained prominence in the global market as a replacement for milk without compromising on the nutrients.
The soy milk market outlook resonates growth opportunities for the market players. The catalyzed demand from food manufacturers for soy milk to be used in different food items such as beverages, non-dairy cheese, etc. is expected to encourage soy milk market proliferation over the review period.
Other factors responsible for catapulting market growth on an upward trajectory are increasing population, rising disposable income, innovations in flavors, shift towards healthy food habits, increased product offerings, etc. However, the peculiar taste of the soy milk is projected to restrict the market expansion through the projection period.
Competitive Dashboard:
Some of the key players profiled by MRFR in the report are Eden Foods, Inc. (U.S.), Vitasoy International Holdings LTD (China), The Hershey Company (U.S.), Organic Valley (U.S.), Soy Fresh (India), Alpro (Belgium), and Kikkoman Corporations (Japan).
Market Segmentation:
By type, the soy milk market has been segmented into sweetened and unsweetened. The sweetened segment has gained more popularity among the consumers due to increased demand for flavored beverages.
By flavor, the global soy milk market is segmented into vanilla, chocolate, and others. The inclination of consumers towards conventional and natural flavors has fuelled demand in the vanilla segment.
By application, the soy milk market has been segmented into desserts, non-dairy cheese, snacks, healthy beverages, and others. The healthy beverages segment holds a significant share of the market due to changing food habits and adoption of a healthy lifestyle.
By distribution, the global soy milk market is segmented into store based and non-store based. The store based segment is likely to dominate the market over the assessment period.
Regional Analysis:
By region, the global soy milk market share has been segmented into America, Europe, Asia Pacific, and the Rest of the World. North America is expected to hold a dominant share of the global soy milk market. The growth is attributable to the presence of key players, flavor innovation, growing lactose intolerant population, etc. Asia Pacific is anticipated to remain a highly lucrative market through the assessment period. The factors favoring the soy milk market proliferation in Asia Pacific are exponential population, increasing per capita income, increasing count of health-conscious population, etc. Europe is an important growth pocket due to a shift witnessed towards healthy food habits.
Industry Developments:
In Jnauray 2018, an American multi-national Hershey tested Sofit, an Indian soy milk brand acquired in 2012, in the U.S. and some other countries in a different avatar- a seed-based protein bar.
In August 2018, Seoul Dairy Cooperative (SDC), South Korea, has launched Achimae soymilk in microwaveable aseptic carton pack. The product is nutritionally-rich soy milk coupled with chickpea protein.
Read More Blogs:
Soy Derivatives Market Research Report Information by Type (Soy Oil, Soy Meal, Soy Protein, Soy Lecithin, Soy Milk), Category, Application (Food Beverage, Animal Feed, Pharmaceuticals & Nutraceuticals, Personal Care), Region - Forecast till 2027
Lactose Free Foods Market Research Report Information by Type (Milk, Bread, Fats, Soups and Sauces, Desserts, And Others), Source (Soy, Rice, Coconut, Almond, And Hemp Milk), By Region – Forecast Till 2030
Plant-Based Food & Beverages Market Research Report Information By Product Type (Plant-Based Milk & Derivatives, Plant-Based Milk, Plant-Based Meat, Bakery & Confectionery, Sweet & Savory Snacks, Plant-Based Juices, RTD Tea & Coffee), By Source (Soy, Wheat, Pea, Coconut, Almond, Cashew), By Category (Conventional And Organic), By Distribution Channel (Store-Based And Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030
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