The Global Soy Milk market is projected to grow at a CAGR of 6.3% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the growing population of vegans and people with health conditions like lactose intolerance & obesity, among others, showing a greater inclination toward plant-based products & upsurging the demand for soy milk.
Besides, increasing health consciousness among people and a rise in the utilization of dietary supplements to attain nutritional value are also augmenting the demand for soy milk. Moreover, widening the consumer base for such products is instigating the leading players to increase their production & distribution capacities for soy milk and cater to the burgeoning demands worldwide. The same aspect shall also contribute to the overall expansion of the soy milk industry in the future.
Furthermore, mounting awareness among people about the benefits of consuming products made from soy milk exhibiting distinctive nutritional composition like a range of protein, carbohydrate, fats, vitamins, & minerals, among others, are also drawing a massive consumer base & complimenting the market expansion globally, further states the research report, “Global Soy milk Market Analysis, 2022.”
Increasing Consumer Craving Widening the Demand for Flavored Soy Milk & Driving the Market
Based on Type, Flavored soy milk is anticipated to make a significant contribution to the expansion of the Global Soy milk Market during the forecast period. This growth is backed by the massive cravings and urge to have different flavored milk and cater to the taste buds, entwined with the rapidly expanding food & beverages industry utilizing the versatile soy milk in numerous products and meeting the consumer requirements.
Besides, while the consumer base for flavored soy milk is not age barred, young adults are the prominent customer buying these products and fueling the market growth. These aspects are generating growth opportunities for the leading players to increase their production & distribution capacities for flavored milk and expand their product portfolio to cater to the rising needs worldwide, leading the market toward substantial growth in the coming years.
Massive Vegan Population in Europe Catering the Market Expansion through 2027
Geographically, Europe is anticipated to dominate the Global Soy milk Market with the largest share during the forecast period. It owes principally to the vast population of vegans & lactose-intolerants in the region and the estimated rise in the coming years, fueling the demand for dairy alternatives like soy milk.
Besides, the presence & active participation of several leading manufacturers across different countries in the region through expanding product portfolios and rigorous production & distribution operations to cater to the mounting demands is also stimulating the market growth in Europe.
The leading players in the Global Soymilk market are Alpro, American Soy Products, Campbell Soup Company, Danone S.A., Eden Foods, Hain Celestial Group, Inc., Kikkoman Corporation, Organic Valley, Pureharvest, Pacific Natural Foods, Panos Brands, SunOpta, Sanitarium, The Hershey Company, Vitasoy International Holdings, WhiteWave Foods, Others.
Key Questions Answered in the Research Report