Market Definition
Soy milk is grain milk obtained by soaking dry soy in water & grinding them together. This type of milk is gaining swift popularity among vegans and is known popularly as a stable emulsion of protein, oil, & water. Market-available Soymilk comes in an expansive variety ranging tastes like vanilla, strawberry, & chocolates, among others.
These products are fortified with additional calcium & vitamins. When compared to regular cow milk, Soy milk contains a higher nutrient content such as proteins, carbs, calcium & low calories, and zero lactose. Hence, with the rising population of vegans & lactose intolerants, the demand & popularity of soy milk is escalating and stimulating the industry globally.
Market Insights
The Global Soy milk Market is projected to grow at a CAGR of around 6.3% during the forecast period, i.e., 2022-27. The market is driven by the growing health consciousness among people & a rise in the population of vegans & lactose intolerants throughout the world, propelling the demand for alternatives to animal-based regular milk and seeking nutrient-rich soy milk.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 6.3% |
| Regions Covered | North America: The US, Canada, Mexico, Rest of North America |
| South America: Brazil, Argentina, Rest of South America | |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, Japan, India, Australia, Rest of Asia Pacific | |
| Middle East & Africa: GCC, South Africa, Rest of Middle East and Africa | |
| Key Companies Profiled | 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.) |
| Unit Denominations | USD Million/Billion |
Besides, as more and more people are stimulated with trends like veganism and becoming more conscious of animal welfare, the demand for soy milk is anticipated to upscale in the coming years. In fact, it is estimated that people are more likely to become vegan in the coming years, which in turn, shall generate growth opportunities for the leading players to increase their product offering on soy milk, and widen their distribution capacities to cater to the burgeoning need worldwide.
Moreover, it is said that lactose intolerance has become quite common among people across the world. Hence, numerous companies in the food & beverages industry are expanding their product portfolio and bringing lactose-free like soy milk, drawing a massive consumer base and their substantial shift toward non-dairy alternatives. Furthermore, as more and more people are inclined toward using soy milk to balance their nutritional value and maintain health, numerous food chains are also using soy, almond, rice, & oats milk in food & beverages for consumers.
Nonetheless, unlike regular cow milk, soy milk offers easy refrigeration and added benefits like longer shelf life, making them a suitable non-dairy alternative. Such factors have also widened their utilization in applications like bakery & confectionary, dietary supplements, and others to make products like cakes, bread, muffins, desserts, & various beverages.
Market Segmentation
By Type:
Here, 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 attributes to the continuous shift in taste preferences of people, instigating the leading players in the market to widen their product offering and cater to the diverse consumer demands. The same aspect is also instigating various food & beverage brands to introduce products ranging in different flavors.
Moreover, as the population of vegans & lactose intolerants has escalated over the years, their craving for different flavors is addressed through flavored soy milk. It, in turn, is likely to prevail in the coming years and contribute to the high demand for flavored soy milk, leading the market toward substantial growth. Furthermore, strategic marketing and creative packaging by the manufacturers are also attracting a significant consumer base for flavored soy milk and stimulating the market.
By Application:
Among all, Beverages are anticipated to acquire the largest share in the Global Soy milk Market during the forecast period. It owes principally to the versatility & convenience of using soy milk in different beverages like coffee, milkshakes, teas, and smoothies, among a long list of other items. Besides, as people have a hectic schedule with minimum or no time for food preparations, their inclination toward ready-to-drink products made using soy milk has escalated substantially and is prevailing worldwide. It, in turn, is generating growth opportunities for the leading players to increase their production & distribution capacities & cater to the burgeoning demands globally, and bring new soy milk beverages in the coming years.
Regional Landscape
Geographically, the Global Soy milk Market expands across:
Here, Europe is anticipated to dominate the market with the largest share during the forecast period. It owes principally to the rapidly increasing vegan population, propelling the demand for dairy alternatives like soy milk and instigating the leading players to increase their production & distribution capacities.
Besides, the presence of numerous companies manufacturing soy milk across different countries in the region is also stimulating the market, demonstrating active participation through the introduction of a new & expansive product portfolio for the consumers, grabbing maximum attention.
Hence, Europe is among the largest consumer of dairy alternatives like soy milk and a prominent market, with anticipations to grow swiftly in the coming years.
Market Dynamics
As soy milk is not the only alternative to regular milk, the presence of coconut & almond milk is stiffening the competition for Soy milk & sweeping the consumer base. The sales of coconut & almond milk have increased significantly, especially in recent years, owing to their low cost and growing consumer awareness about the availability of such products. Hence, the soy milk industry might witness challenges in fledged market growth during the forecast period.
As the environmental instability is growing throughout the world, the governments of different countries are actively participating in the market, encouraging consumers to make a paradigm shift in food preference from animal-based to plant-based products to bring environmental sustainability & animal welfare. Such aspects are presenting a swift rise in veganism and increasing demand for soy milk. The same aspect is also generating growth opportunities for the leading players to expand their product portfolio and increase their production & distribution capacities to cater to the burgeoning demands globally.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Soy milk Market is projected to grow at a CAGR of around 6.3% during 2022-27.
A. Easy availability of other plant-based products like coconut & almond milk and the growing consumer awareness about these products are demonstrating a preference shift, which might restrain the fledged growth of the Global Soy milk Market through 2027.
A. Food & Beverages are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Soy milk Market during the forecast period.
