Soy Milk Market – Global Industry Analysis and Forecast (2023-2029)

Soy Milk Market was valued US$ 8.77 Bn in 2022 and is expected to reach US$ 13.25 Bn by 2029, at a CAGR of 6.07% during a forecast period.

Soy Milk Market Overview:

Soy milk is a great substitute for cow milk as it contains an equal amount of protein. The demand for low-calorie products is increasing because of the growing obesity rate. Soy milk is highly preferred by consumers who are weight conscious. Soy milk is a type of grain milk made by soaking dried soya beans in water and grinding them. Soy milk is a water, oil, and protein emulsion that is stable. Soy milk is available in a variety of flavors and is fortified with additional calcium and vitamins. When compared to conventional cow milk, soy milk has a higher concentration of key nutrients like carbs, proteins, and calcium. Soy milks are lactose-free and are popular among lactose-intolerant people and those who eschew dairy products, such as vegans.Soy Milk MarketTo know about the Research Methodology :- Request Free Sample Report

COVID-19 impact on market:

COVID-19 has the potential to have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. Our analysts, who are monitoring the situation throughout the world, believe that the market would provide producers with lucrative opportunities following the COVID-19 dilemma.

Soy Milk Market Dynamics:

Many people are consuming dairy alternatives because of the allergy, lactose intolerance or adherence to a vegan/plant-based diet. Consumer demand for dairy alternatives are expected to increase at an exponential growth rate. The soy milk products offer a unique nutritional profile, with a wide range of values for protein, carbohydrates and fat, along with vitamins and minerals. Attitudes of the population, and demographics trends play a great role in the growth of the Global market. Demographics and health awareness among population in North America and Europe are high that is expected to increase the adoption rate of soy milk products. On the other hand, a fluctuations in the prices of raw materials are expected to limit the global market growth. The prices of raw materials are based on the adverse weather, unstable economy, and other conditions. The food production and marketing industry has to follow a variety of federal, state and local laws and regulations that includes food safety requirements related to the ingredients, manufacturing, processing, packaging, storage, marketing, advertising, labeling quality and distribution of their products. Key players in the market have follow regulations federal, state and local government authorities.

Soy Milk Market Segment Analysis:

Based on Product type, the market is sub-segmented into Flavored and Unflavored. The introduction of a range of flavors to the market has resulted in an increase in flavored soy milk consumption. From 2023 to 2029, this segment is predicted to grow at a CAGR of 6.3 %. Adults like flavored or sweetened soy milk because it covers the nutty flavor of the original product. Vanilla and chocolate are the most popular flavors. Manufacturers are working on expanding the range of flavors available and packaging them in appealing packages in order to improve consumption and drive overall product demand. Prominent key players are increasing their sales by consumer advertising and promotion, which is expected to assist in building brand awareness and equity. Paid social and digital advertising and public relations programs are some of the prominent drivers for brand awareness. In addition, key players are focusing on the usage brand specific websites and social media pages to engage consumers with lifestyle, product and usage information related to specific brands. The competition in the market is based on product quality, brand recognition, brand loyalty, price, product innovation, promotional activity, availability and taste among other things. A shift in taste preferences of consumers are pushing manufacturers to introduce new flavors dairy alternatives in the market. Based on Application, the market is sub-segmented into Desserts, Cheese and Snacks, Beverages. In 2022, the beverages segment had the largest market share of 42.2 %. Soy milk is used as a dairy substitute for cow milk in a variety of applications, including direct drinking, coffee and tea, and breakfast cereals. Because of its high protein content, the food is also utilized as an infant feed. The product is used to make cold noodle soup in Korean cuisine throughout the summer. Desserts are expected to rise at a CAGR of 6.6 % from 2023 to 2029, making them the fastest-growing segment. Due to an increase in the consumption of non-dairy ice cream and beverages such as smoothies and milkshakes, this category is expected to grow significantly. Soy milk is also used to make nutritious yoghurt smoothies, which are popular as treats in many countries across the world. In the next few years, the industry is likely to be driven by an increase in dessert consumption.

Soy Milk Market Regional Analysis:

The strong market growth and improved margin opportunities have caught the attention of the food companies, start up, and investors. It has also provided a ripe space for capital investment opportunities because of the consistent success for the risk of the dairy alternatives. Europe is the third largest consumer of dairy alternatives and expected to contribute more than xx% share of the global soy milk market. The market growth in the region has driven by modern trade development, changing consumer habits and dynamic product development. A shift in preferences towards packaged, branded dairy alternative products are driving the growth of the global market. European manufacturers are focusing on new product developments with new launches like fresh soy drinks and hemp drinks etc. In addition, a number of vegan advocacy organizations in Europe are requesting the government to encourage dairy farmers for transition to dairy alternatives productions. The collective group, which includes Animal Aid, PETA, The Vegan Society, and others has sent a letter to the UK government to take permission for dairy farmers to make the switch into alternative market.

Soy Milk Market Competitive Analysis:

Top brands and start-ups in the dairy industry are covering a large consumer base with the product lines and flavors to fulfil different tastes and needs. Innovation, including new product development is a key component of market growth. Key players are continuously seeking to understand their consumers and develop products that address their desire for organic and alternatives to conventional dairy packaged foods. An improvements in protein formulation options with greater formulation expertise offers product developers the opportunity to capitalize the consumer appetite for Soy proteins in a variety of dairy alternative products. The objective of the report is to present a comprehensive analysis of the Global Soy Milk Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding global market dynamics, structure by analyzing the market segments and projects the global market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.

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Soy Milk Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 8.77 Bn.
Forecast Period 2023 to 2029 CAGR: 6.07% Market Size in 2029: US $ 13.25 Bn.
Segments Covered: by Product Type Flavored Unflavored
by Application Desserts Cheese and Snacks Beverages
by Category Organic Conventional
by Distribution Channel Store Based Non- Store Based

Soy Milk Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Holland, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, New Zealand, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Soy Milk Market Key players are:

1. Eden Foods 2. Organic Valley 3. Pureharvest 4. WhiteWave Foods 5. American Soy Products 6. Vitasoy International Holdings 7. SunOpta 8. Pacific Natural Foods 9. Panos Brands 10.Sanitarium 11.Hain Celestial Group, Inc. 12.Kikkoman Corporation 13.The Hershey Company 14.Alpro 15.Danone S.A. 16.Campbell Soup Company Frequently Asked Questions: 1. Which region has the largest share in Global Soy Milk Market? Ans: North America region holds the highest share in 2022. 2. What is the growth rate of Global Soy Milk Market? Ans: The Global Soy Milk Market is growing at a CAGR of 6.07% during forecasting period 2023-2029. 3. What segments are covered in Global Soy Milk market? Ans: Global Soy Milk Market is segmented into product type, application and region. 4. Who are the key players in Global Soy Milk market? Ans: The important key players in the Global Soy Milk Market are – Eden Foods, Organic Valley, Pureharvest, WhiteWave Foods, American Soy Products, Vitasoy International Holdings, SunOpta, Pacific Natural Foods, Panos Brands, Sanitarium, Hain Celestial Group, Inc., Kikkoman Corporation, The Hershey Company, Alpro, Danone S.A., Campbell Soup Company 5. What is the study period of this market? Ans: The Global Soy Milk Market is studied from 2022 to 2029.
1. Global Soy Milk Market : Research Methodology 2. Global Soy Milk Market : Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Soy Milk Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Soy Milk Market : Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Soy Milk Market Segmentation 4.1 Global Soy Milk Market , by Product Type (2022-2029) • Flavored • Unflavored 4.2 Global Soy Milk Market , by Application (2022-2029) • Desserts • Cheese and Snacks • Beverages 4.3 Global Soy Milk Market , by Category (2022-2029) • Organic • Conventional  4.4 Global Soy Milk Market , by Distribution Channel  (2022-2029) • Store Based • Non- Store Based 5. North America Soy Milk Market (2022-2029) 5.1 North America Soy Milk Market , by Product Type (2022-2029) • Flavored • Unflavored 5.2 North America Soy Milk Market , by Application (2022-2029)  • Desserts • Cheese and Snacks • Beverages 5.3 North America Soy Milk Market , by Category (2022-2029) • Organic • Conventional  5.4 North America Soy Milk Market , by Distribution Channel  (2022-2029) • Store Based • Non- Store Based 5.5 North America Soy Milk Market , by Country (2022-2029) • United States • Canada • Mexico 6. Europe Soy Milk Market (2022-2029) 6.1. European Soy Milk Market , by Product Type (2022-2029) 6.2. European Soy Milk Market , by Application (2022-2029) 6.3. European Soy Milk Market , by Category (2022-2029) 6.4. European Soy Milk Market , by Distribution Channel  (2022-2029) 6.5. European Soy Milk Market , by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Soy Milk Market (2022-2029) 7.1. Asia Pacific Soy Milk Market , by Product Type (2022-2029) 7.2. Asia Pacific Soy Milk Market , by Application (2022-2029) 7.3. Asia Pacific Soy Milk Market , by Category (2022-2029) 7.4. Asia Pacific Soy Milk Market , by Distribution Channel  (2022-2029) 7.5. Asia Pacific Soy Milk Market , by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Soy Milk Market (2022-2029) 8.1 Middle East and Africa Soy Milk Market , by Product Type (2022-2029) 8.2. Middle East and Africa Soy Milk Market , by Application (2022-2029) 8.3. Middle East and Africa Soy Milk Market , by Category (2022-2029) 8.4. Middle East and Africa Soy Milk Market , by Distribution Channel  (2022-2029) 8.5. Middle East and Africa Soy Milk Market , by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Soy Milk Market (2022-2029) 9.1. South America Soy Milk Market , by Product Type (2022-2029) 9.2. South America Soy Milk Market , by Application (2022-2029) 9.3. South America Soy Milk Market , by Category (2022-2029) 9.4. South America Soy Milk Market , by Distribution Channel  (2022-2029) 9.5. South America Soy Milk Market , by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Eden Foods 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Organic Valley 10.3 Pureharvest 10.4 WhiteWave Foods 10.5 American Soy Products 10.6 Vitasoy International Holdings 10.7 SunOpta 10.8 Pacific Natural Foods 10.9 Panos Brands 10.10 Sanitarium 10.11 Hain Celestial Group, Inc. 10.12 Kikkoman Corporation 10.13 The Hershey Company 10.14 Alpro 10.15 Danone S.A. 10.16 Campbell Soup Company

About This Report

Report ID 77593
Category Food & Beverages
Published Date June 2023
Updated Date