The Global Soy Milk Market is projected to grow at a CAGR of around 7% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The market is driven by the growing population of vegans & individuals 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 & 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 & cater to the burgeoning demands worldwide. Hence, the same aspect shall also contribute to the overall expansion of the Soy Milk Industry in the future years.
Furthermore, mounting awareness among people about the benefits of consuming products made from soy milk exhibiting distinctive nutritional compositions like a range of protein, carbohydrates, 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, 2023.”
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Increasing Consumer Craving Widening the Demand for Flavored Soy Milk & Driving the Market
Based on Type, the market is further bifurcated into Flavored & Unflavored. Of all, Flavored soy milk is anticipated to make a significant contribution to the expansion of the Soy Milk Market during the forecast period. This growth is backed by the massive cravings & urge to have different flavored milk & cater to the taste buds, entwined with the rapidly expanding food & beverages industry utilizing the versatile soy milk in numerous products & 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 & fueling the market growth. Hence, these aspects are generating growth opportunities for the leading players to increase their production & distribution capacities for flavored milk & 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 2028
Geographically, with the largest share Europe is foreseen to vanquish the Global Soy Milk Market during the forecast period. Having a wide range of vegan & lactose-intolerant populations, the region is predicted to be one of the leading consumers of plant-based products, like soy milk.
Also, with the existence & diligent participation of numerous manufacturers across different regional countries to expand their product portfolios & practice rigorous production & distribution to sustain the emerging demand, the Europe Soy Milk Market is poised to upscale in the following years.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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, and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report