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 & is known popularly as a stable emulsion of protein, oil, & water. It 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.
Market Insights & Projections: Global Soy Milk Market (2023-28)
The Global Soy Milk Market is valued at around USD10.5 billion in 2022 & is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28. The market is driven by the growing health consciousness among people & a rise in the population of vegans & lactose intolerants across the world. This, in turn, propelled the demand for alternatives to animal-based regular milk, further shifting towards nutrient-rich soy milk.
Besides, as more & more individuals are stimulated by trends like veganism & 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, thus generating growth opportunities for the leading players to increase their product offering on soy milk & widen their distribution capacities to cater to the burgeoning need worldwide.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|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.)|
|Market Value in 2022||USD 10.5 Billion|
Moreover, as lactose intolerance has become quite common among the global population, numerous companies in the food & beverages industry are expanding their product portfolio & bringing lactose-free products like soy milk, drawing a massive consumer base & their substantial shift toward non-dairy alternatives. Furthermore, as numerous individuals are inclined toward using soy milk to balance their nutritional value & maintain health, several food chains are also using soy, almond, rice, & oats milk in food & beverages for consumers.
However, unlike regular cow milk, soy milk offers easy refrigeration & 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, therefore enhancing the Global Soy Milk Market size in the future years.
Global Soy Milk Market Drivers:
Rising Lactose Intolerance & Dairy Allergies to Augment the Product Demand – Lactose intolerance includes the inability to digest lactose, a sugar found in milk & dairy products, due to a deficiency of the enzyme lactase, whereas dairy allergies involve an immune response to proteins found in cow's milk. The prevalence of lactose intolerance & dairy allergies among individuals has led consumers to seek non-dairy alternatives like soy milk to meet their nutritional needs without adverse reactions, which is one of the crucial aspects driving the market growth.
Soy milk, being dairy-free & lactose-free, provides a suitable solution for individuals with these conditions. Thus, consumers are increasingly becoming conscious of their dietary choices & are actively seeking healthier options. Soy milk, as a plant-based alternative, is perceived as a nutritious alternative with lower saturated fat content than cow's milk.
In addition, it is naturally free of the proteins that are found in cow's milk which is responsible for triggering allergic reactions in some individuals. Thus, owing to its lactose-free & anti-dairy allergic characteristics, it is presumed that the Global Soy Milk Market share would upscale at a fast pace in the coming years.
Global Soy Milk Market Possible Restraint:
Presence of Alternatives like Coconut & Almond Milks Stiffening the Competition – As soy milk is not the only alternative to regular milk, the presence of numerous plant-based alternatives like coconut & almond milk is hardening the competition for the Global Soya Milk Market & sweeping the consumer base. The sales of coconut & almond milk have increased significantly, especially in recent years, owing to their low cost, high nutritional values, good taste, and growing consumer awareness about the availability of such alternate products. Hence, with the presence of such competitive alternatives with similar qualities, the Soy Milk Industry is anticipated to face challenges, further hindering growth during the forecast period.
Global Soy Milk Market Growth Opportunity:
Encouragement by Governments for Adopting Plant-based Products for Environmental Balance – As the environmental instability is growing across the world, the governments of different countries are actively participating in influencing the adoption of plant-based food products by encouraging consumers to make a paradigm shift in food preference from animal-based to plant-based to bring environmental sustainability & animal welfare. Such aspects are presenting a swift rise in veganism & increasing demand for soy milk.
Furthermore, the same aspect is also generating growth opportunities for the leading players to expand their product portfolio & increase their production & distribution capacities to cater to the burgeoning demands globally, thus supporting the Global Soy Milk Market Growth in the future years.
Global Soy Milk Market Key Trend:
Flavored Soy Milk is Gaining Wide Traction in the Market – The soy milk manufacturers have been introducing a wider range of flavored soy milk, such as vanilla, chocolate, and various fruit flavors, to cater to the diverse consumer tastes, hence creating potential opportunities for the Global Soy Milk Market growth. The kids & the younger generation are widely demanding soy milk in chocolate & vanilla flavors which have played a key role in the launch of flavored milk across the globe.
Flavored soy milk is particularly appealing to children who are likely to be hesitant to drink plain milk or who have dietary restrictions. Thus, parents worldwide have been seeking nutritious alternatives for their children who find flavored milk the most preferable option. Consequently, the surging demand for flavored soy milk is anticipated to beef up the Soy Milk Market in the coming years.
Global Soy Milk Market (2023-28): Segmentation Analysis
The Global Soy Milk Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the level. In accordance to the analysis, the market has been further classified as:
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 attributes to the continuous shift in taste preferences of individuals, instigating the leading players in the market to widen their product offerings & 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 & contribute to the high demand for flavored soy milk, leading the market toward substantial growth. Furthermore, strategic marketing & creative packaging by the manufacturers are also attracting a significant consumer base for flavored soy milk & stimulating market growth.
Based on Application:
Food & Beverages are anticipated to acquire the largest share of the Global Soy Milk Market during the forecast period. It owes principally to the versatility & convenience of using soy milk in different beverages & food products like coffee, milkshakes, teas, and smoothies, desserts, cookies, 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 or ready-to-eat products made using soy milk has escalated substantially & 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, bringing new varieties of soy milk beverages & food products in the forecast years.
Global Soy Milk Market: Regional Analysis
Geographically, the Global Soy Milk Market expands across:
Europe is presumed to dominate the Soy Milk Market with the largest share during the forecast period due to the increasing vegan population. The propelling the demand for dairy alternatives like soy milk is instigating the leading players to supplement their production & distribution capacities to suffice the growing requirement.
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, as the region is the largest consumer of dairy alternatives like soy milk, it is anticipated that the Europe Soy Milk market would grow swiftly in the coming years.
Global Soy Milk Industry Recent Development
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Frequently Asked Questions
A. The Global Soy Milk Market is expected to grow at a CAGR of around 7% during 2023-28.
A. The rising lactose intolerance & dairy allergies is expected to drive the Global Soy Milk Market during 2023-28.
A. 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 the top players in Global Soy Milk Market.
A. Food & beverages is the leading application in the Global Soy Milk Market, holding a potential market share.
A. Wide adoption & popularity of flavored soy milk to be a trending aspect shaping the growth of the Global Soy Milk Market.
A. Encouragement by governments to adopt plant-based products for environmental balance is expected to be a potential opportunity in the Global Soy Milk Market through 2028.
A. A vast presence of alternatives like coconut & almond milks to stiffen the competition, eventually affecting the growth of the Global Soy Milk Market.