Soy Milk Market

For various reasons, it has become clear in recent years that the nondairy milk sector is becoming overcrowded. One of the primary reasons for this is that soy milk may have health benefits over other non-dairy alternatives. Consumers turn to soy milk to avoid dairy for various reasons, including health and weight loss. Soy milk is known to help with various health issues, including lowering cholesterol levels and the risk of coronary heart disease. One of the most important and distinctive benefits of soy milk is the presence of isoflavones.

It has been shown to reduce the risk of certain cancers, prevent osteoporosis, and alleviate menopausal symptoms.

It is well known that its anti-inflammatory and antioxidant properties help maintain heart and gut health. When consumed with a protein-rich diet, soy milk is also thought to promote healthy hair growth. The proven health benefits of soy milk consumption are expected to drive growth in the soy milk market revenue. Manufacturers of soy milk aim to establish a robust supply chain to ensure the availability of high-quality ingredients to produce soy milk. This will also provide products with an extended shelf life, driving the soy milk market CAGR.

The key players use cutting-edge equipment to produce soy milk to increase production capacity to meet demand from the food service industry.

Innovation plays a crucial role in the Global Soy Milk Market Industry, as manufacturers continuously develop new and diverse product offerings to cater to varying consumer preferences. This includes flavored soy milk, fortified versions with added vitamins and minerals, and organic options. Such innovations not only attract health-conscious consumers but also appeal to those seeking variety in their diets. The introduction of these products is likely to enhance market growth, with a projected compound annual growth rate of 5.42% from 2025 to 2035. As the Global Soy Milk Market Industry evolves, the emphasis on product diversity may significantly influence purchasing decisions.

The Global Soy Milk Market Industry experiences a notable surge in demand driven by increasing health consciousness among consumers. As individuals become more aware of the health benefits associated with plant-based diets, soy milk emerges as a preferred alternative to dairy. This trend is particularly evident in regions where lactose intolerance is prevalent, leading to a significant shift towards soy milk consumption. The market is projected to reach 11.0 USD Billion in 2024, reflecting a growing preference for healthier beverage options. Furthermore, the Global Soy Milk Market Industry is likely to benefit from the rising trend of veganism and vegetarianism, as consumers seek nutritious and sustainable alternatives.

The Global Soy Milk Market Industry benefits from the increasing population of vegans and vegetarians worldwide. As dietary preferences shift towards plant-based options, soy milk is often viewed as a staple for those avoiding animal products. This demographic shift is particularly pronounced in urban areas, where health and ethical considerations drive food choices. The growing acceptance of soy milk as a nutritious and versatile beverage is likely to contribute to market expansion. With projections indicating a market value of 11.0 USD Billion in 2024, the Global Soy Milk Market Industry is well-positioned to capitalize on this trend, potentially leading to sustained growth.

The Global Soy Milk Market Industry is experiencing enhanced availability and accessibility of soy milk products across various retail channels. Supermarkets, health food stores, and online platforms are increasingly stocking a wide range of soy milk options, making it easier for consumers to access these products. This increased distribution is likely to drive sales and encourage trial among new consumers. As the market continues to expand, the convenience of purchasing soy milk is expected to play a pivotal role in its growth trajectory. The Global Soy Milk Market Industry is thus poised for further development, supported by improved consumer access to diverse soy milk offerings.

The Global Soy Milk Market Industry is increasingly influenced by sustainability and environmental concerns. As consumers become more environmentally conscious, the demand for plant-based products, including soy milk, is on the rise. Soy milk production generally has a lower carbon footprint compared to dairy milk, appealing to eco-friendly consumers. This shift towards sustainable consumption patterns is expected to propel the market forward, with projections indicating growth to 19.6 USD Billion by 2035. The Global Soy Milk Market Industry thus stands to gain from the alignment of consumer preferences with sustainable practices, potentially leading to increased market penetration and expansion.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The European Soy Milk market accounted for USD 4.71 billion in 2024 and will likely exhibit a significant CAGR growth over the study period. Countries such as Germany and the United Kingdom are heavily investing in nondairy desserts as the population's preference for healthier alternatives grows. This is expected to boost demand for soy milk products over the forecast period.

In addition, the developing Eastern European region is expected to outperform Western European markets, where dairy sales suffer from the rising popularity of dairy-free alternatives. Several European soy milk producers are putting automated fresh milk production lines in their facilities to modernize them. Furthermore, government-imposed health and fitness regulations in various European countries drive the market demand for soy milk in this region.

Further, the major countries studied in the market report are the U.S., Germany, Canada, France, the UK, Spain, Italy, Japan, India, Australia, China, South Korea, and Brazil.

Figure 3: SOY MILK MARKET SHARE BY REGION 2024 (%)

Source: Primary Research, Secondary Research, Market Research Future Database, and Analyst Review

The North American soy milk market accounts for the second-largest market share. The growing consumption of non-dairy alternatives is expected to drive significant growth in North America. The demand for cholesterol-free foods significantly influences the regional soy milk market. According to the World Health Organization, 62% of American adults are overweight or obese, which could drive the soy milk market in the coming years. Furthermore, rising vegan acceptance in countries such as the United States and Canada is expected to expand the North American soy milk industry.

Further, the Canadian soy milk market held the largest market share, and the U.S. soy milk market was the fastest-growing market in the North American region.

The Asia-Pacific Soy Milk Market is expected to grow at the fastest CAGR from 2024 to 2032. As many countries such as China, Japan, India, South Korea, and Hong Kong are primary product consumers, the Asia-Pacific region is the test-growing market. The abundance of soybean production in these countries is also driving regional consumption. In addition, in response to rising demand in Asian countries for vegan and lactose-free dairy products, several strategic investments have been made to boost revenue generation in the region.

For example, in 2021, EFKO Group announced plans to invest RUB 600 million in a soy milk venture capable of producing 1,000 tons of milk per month. Consumers in Asia-Pacific are increasingly looking for lactose-free dairy alternatives made from plants. The variety of products on the shelves satisfies the taste for novelty and variety of health and wellness-oriented consumers. Moreover, China’s soy milk market held the largest market share, and the Indian soy milk market was the fastest-growing market in the Asia-Pacific region.

Major market players are investing in R&D to reduce aftertaste by introducing more flavors and selling the product in appealing packages through various distribution channels. The soy milk market major players such as Eden Food, Campbell Soup, The Hershey Company, Vitasoy International Holdings, and others actively introduce flavors such as vanilla, chocolate, and strawberry, among others, to mask the aftertaste of soy milk, thereby driving product demand among children. Major players in the soy milk industry concentrate their online marketing and product branding efforts on social media platforms and online distribution channels to increase customer attraction.

Market participants are expanding their footprint through significant market developments such as introducing new products, contractual agreements, collaborations and acquisitions, increased R&D investments, and mergers with other organizations. Competitors in the soy milk industry mix it with probiotic beverages to persuade customers to choose their product over more conventional probiotic options.

Pureharvest is an Australian-owned and operated company that produces and distributes high-quality organic and natural food and beverages. Pureharvest invested in product development activities in 2020 to ensure the expansion of its non-dairy milk market. Calcium, an important micronutrient for human health, has been added to the company's nondairy milk line, including rice and soy milk.

For example, in March 2022, ITC launched the new Aashirvaard Svasti' Easy Digest Milk' for sale in the Indian market. It is said by the firm that this product is lactose free and mainly meant for people who do not tolerate lactose.

Danone S.A. expanded its Canadian dairy-free portfolio by launching Nextmilk under the Silk Canada brandname this year (2022). According to them, Silk Nextmilk contains high-quality vitamin B12 & riboflavin plus enough calcium, D-vitamin, A-vitamin, and zinc fiber too.

Russian mayonnaise leader EFKO Group announced its entrance into soy-milk production, investing $8 million into monthly production of one thousand tons that aims at reaching a parity price with cow’s milk in August 2021. Hi! Already sold test patches whilst mass-production starts after summer.

Hain Celestial Group’s North American brands Dream and Westsoy were purchased by SunOpta Inc for $33mn in April 2021

Also, SunOpta Inc is a leader in natural and organic foods, ingredient sourcing, and specialty foods. SunOpta Inc focuses on providing consumers with non-GMO and organic soy milk. In 2021, the company's soy milk was made from its proprietary soy base, a liquid extracted from cooked soybeans. Soybase is Kosher, non-GMO, and organic, providing quality assurance.

Asahi Soft Drinks introduced a soymilk based version of its Calpis brand in March 2020. Known as Green Calpis, it had a cool aftertaste and is not as sweet, making it ideal for female consumers in their 40s and 50s concerned about their health as well as those who opt for non-dairy options.