Global Soy Milk

Global Soy Milk Market Research Report Forecast: (2022-2027)

By Type (Flavored, Unflavored), By Application (Food & Beverages (Bakery & Confectionery, Beverages, Desserts), Dietary Supplements), By Distribution Channel (Offline (Supermarkets/Hypermarkets, Conve Read more

  • Food & Beverages
  • Aug 2022
  • 189
  • FB22043

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:

  • Flavored
  • Unflavored

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:

  • Food & Beverages
    • Bakery & Confectionery
    • Beverages
    • Desserts
  • Dietary Supplements

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:

  • North America 
  • South America
  • Europe 
  • Middle East & Africa
  • Asia-Pacific

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

  • 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 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.

  • Growth Opportunity: Governments Encouraging Plant-Based Products for Environmental Balance

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:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Soy milk Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Soy milk Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Soy milk Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Soy milk Market study?

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.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Market Segmentation
    4. Assumptions
  2. Preface
  3. Executive Summary
  4. Impact of Covid-19 on the Global Soy milk Market
  5. Global Soy milk Market Trends & Insights
  6. Global Soy milk Market Dynamics
    1. Drivers
    2. Challenges
  7. Global Soy milk Market Regulations & Policies
  8. Global Soy milk Market Supply Chain Analysis
  9. Global Soy milk Market Hotspots & Opportunities
  10. Global Soy milk Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type
        1. Flavored
        2. Unflavored
      2. By Application
        1. Food & Beverages
          1. (Bakery & Confectionery, Beverages, Desserts)
        2. Dietary Supplements
      3. By Distribution Channel
        1. Offline
          1. Supermarkets/Hypermarkets
          2. Convenience Stores
          3. Specialty Bakery/Stores
        2. Online
      4. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      5. By Company
        1. Competition Characteristics
        2. Market Share of Leading Companies, By Revenues
  11. North America Soy milk Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. By Revenues (USD Billion)
    2. Market Share & Analysis
      1. By Type
      2. By Application
      3. By Distribution Channel
      4. By Country
        1. The US
        2. Canada
        3. Mexico
        4. Rest of North America
    3. The US Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    4. Canada Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    5. Mexico Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
  12. South America Soy milk Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. By Revenues (USD Billion)
    2. Market Share & Analysis
      1. By Type
      2. By Application
      3. By Distribution Channel
      4. By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    3. Brazil Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    4. Argentina Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
  13. Europe Soy milk Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. By Revenues (USD Billion)
    2. Market Share & Analysis
      1. By Type
      2. By Consumption
      3. By Application
      4. By Distribution Channel
      5. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
    3. Germany Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    4. The UK Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    5. France Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    6. Italy Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    7. Spain Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
  14. Middle East & Africa Soy milk Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. By Revenues (USD Billion)
    2. Market Share & Analysis
      1. By Type
      2. By Consumption
      3. By Application
      4. By Distribution Channel
      5. By Country
        1. GCC
        2. South Africa
        3. Rest of Middle East & Africa
    3. GCC Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    4. South Africa Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
  15. Asia-Pacific Soy milk Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. By Revenues (USD Billion)
    2. Market Share & Analysis
      1. By Type
      2. By Consumption
      3. By Application
      4. By Distribution Channel
      5. By Country
        1. India
        2. China
        3. Japan
        4. Australia
        5. Rest of Asia-Pacific
    3. India Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    4. China Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    5. Japan Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
    6. Australia Soy milk Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
      2. Market Share and Analysis
        1. By Type
        2. By Application
  16. Global Soy milk Market Key Strategic Imperatives for Growth & Success
  17. Competition Outlook
    1. Competition Matrix
      1. Brand Specialization
      2. Target Markets
      3. Target End-Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
    2. Company Profiles
      1. Alpro
      2. American Soy Products 
      3. Campbell Soup Company
      4. Danone S.A.
      5. Eden Foods
      6. Hain Celestial Group, Inc.
      7. Kikkoman Corporation
      8. Organic Valley
      9. Pureharvest
      10. Pacific Natural Foods
      11. Panos Brands
      12. SunOpta
      13. Sanitarium
      14. The Hershey Company
      15. Vitasoy International Holdings
      16. WhiteWave Foods
      17. Others
  18. Disclaimer
Soy milk Market Segmentation Slide