Soy Milk Market Research Report - Global Forecast till 2030

Global Soy Milk Market Research Report: By Product Type (Plain, Flavored), Category (Organic, Conventional), Distribution Channel (Store-based {supermarkets & hypermarkets, convenience stores, others}, non-store-based), and Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2030

ID: MRFR/F-B & N/3042-HCR | February 2021 | Region: Global | 110 pages

Soy Milk Market

Soy Milk Market Size is anticipated to reach USD 16.76 Billion by 2027, registering a CAGR of 6.66% during 2020-2027.

Segmentation

By Application Desserts Cheese Snacks Beverages
By Type Plain Flavored
By Category Conventional Organic
By Distribution Channel Store-Based Non-Store-Based
By Region North America Europe Asia-Pacific Rest of the World

Key Players

  • EDEN FOODS INC. (US)
  • ORGANIC VALLEY (US)
  • PUREHARVEST (AUSTRALIA)
  • AMERICAN SOY PRODUCTS (US)
  • VITASOY INTERNATIONAL HOLDINGS (CHINA)
  • SUNOPTA INC. (CANADA)
  • PACIFIC NATURAL FOODS (US)
  • PANOS BRANDS (US)
  • SANITARIUM (AUSTRALIA)
  • HAIN CELESTIAL GROUP INC. (US)

Drivers

  • Rising Demand for Lactose-Free Products
  • Launch of Different Flavours of Soya Milk with Enhanced Protein Content
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Soy Milk Market Overview


The soy milk market share is expected to reach USD 16.76 Billion in 2030, with a compound annual growth rate of 6.66% during the period of forecast.


Soy milk is a plant-based beverage prepared from soybeans and further armoured by manufacturers with minerals and vitamins which are consumed instead of dairy-based beverages. It also has fewer calories and more protein in comparison to cow milk and due to the rising problem of obesity, it is preferred by most people.


COVID-19 ANALYSIS


The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the market. Due to this pandemic situation, restrictions were imposed by the government of different countries. The Soy milk market also witnessed some downfall as all the restaurants, Stalls, and shops were closed due to Covid-19 restrictions where either milkshake made up of soy milk are being served or other non-dairy products are available for consumption. Also, the supply chains have been disrupted due to these covid-19 restrictions which have largely impacted which have drastically brought down the sales of the soy milk market. But on the other side, the inclination of consumers towards usage of health-oriented food and beverages products due to the terror of this pandemic situation will enable this industry to make a powerful comeback once these restrictions are lifted.


Soy Milk Market Dynamics


DRIVERS


One of the factors responsible for the growth of this soy milk market is considered to be an economic option due to its lower price in comparison to other alternatives like almond milk or cashew milk and providing more health benefits than such options. Also, the rising demand for lactose-free products they are digested by the human body very easily and it is another factor responsible for the growth of this soy milk market. Lastly, the launch of different flavours of soya milk with enhanced protein content is another factor driving the market growth to a large extent. The production volume of soya beans is anticipated to 83 million metric tons in 2028 from 54 million metric tons in 2020.


RESTRAINTS


Due to a lack of awareness about the health benefits offered by the consumption of soy milk, the demand for the product is still very low in some regions of this world which is one of the major factors that may hamper the growth of this market during the period of assessment. Secondly, the RELAXED availability of alternatives like almond and cashew milk is another factor that may act as a barrier to the growth of this soy milk market.


Technology Analysis


The use of soya can be seen in various products. Cheese made up of soya is generally known as tofu and is very popular among the fitness industry because it has a very high content of protein present in it. Also, this tofu is being used by households in the preparation of various dishes and is considered to be a better alternative to the use of cottage cheese and PANEER. Pulses of soy are very famous among the countries of the Asia Pacific region owing to their deliciousness and a lot of health benefits offered by its consumption. The production of eggless mayonnaise is trending at a very large scale these days and is considered to be a better option than using regular mayonnaise. Also, the processing of soy concentrates takes a lot of time in following its natural procedure, so many studies and researches are being carried out to find some fast and effective way of processing natural soya.


Study Objectives



  • To consider the viewpoint of various industry experts and leaders and predict compound annual growth rate and soy milk market growth rate by the end of the global forecast in 2023.

  • To highlight a competitive market outlook and examine the yield models of key market players, worldwide. 

  • To observe the various soy milk market dynamics like trends, drivers, and restraints that are most probable to play a role in helping the market and its different segments growing in the domestic as well as international market.


Soy Milk Market Segment Overview


Soy milk market share is anticipated to witness significant growth owing to the performance of different market segments. Among these segments, the desserts segment will be the fastest-growing and also contribute towards this soy milk market growth more than any other segment. As the consumption of Non-dairy ice cream and milkshakes is increasing day by day which is another factor responsible for the tremendous growth of this segment. Soy milk is widely used in the preparation of healthy smoothies consumed as desserts or post-workout protein sources among different countries all around the world.


Also with rising health consciousness among the population, the consumption of soy milk is increasing due to the good content of protein present in it. Soy milk can also be used in making different types of milkshakes with some added ice cream on it and can be served in restaurants too. For an amplifying use the soy milk market has been segmented into the following on different bases:


Based on the application it has desserts, cheese, snacks, and beverages.


Based on product type, it has plain and flavored.


Based on the category it has conventional and organic.


Based on distribution channel it has store-based and non-store based. Also, the segment named store-based is further divided into supermarkets and hypermarkets.


Soy Milk Market Regional Analysis


The SOY MILK industry movements are remarkably working in 6 major regions of the world that is North America, Asia Pacific, Africa, Europe, the Middle East, and Latin America. Among all these regions, the European region will dominate soy milk market, and the reason attributed to it is the rising prevalence of lactose intolerance among consumers. Also the increasing awareness among consumers about different types of side effects due to eggs and meat consumption most of them are shifting their preference towards a vegan diet which in turn will increase the growth of this market in this region. Germany will be the leading country responsible for the growth of this market in the European region. Asia pacific region will be the second-largest soy milk market due to the consumption of milk being considered a good source of protein for a long period in its developing economies like India and Japan.


Soy Milk Market Competitive Landscape


To get a detailed and profound idea about the SOY MILK market insights, it is very important to create a competitive environment amongst the different key players at different soy milk market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of this market include:-



  • EDEN FOODS, INC. (US)

  • ORGANIC VALLEY (US)

  • PUREHARVEST (AUSTRALIA)

  • AMERICAN SOY PRODUCTS (US)

  • VITASOY INTERNATIONAL HOLDINGS (CHINA)

  • SUNOPTA INC. (CANADA)

  • PACIFIC NATURAL FOODS (US)

  • PANOS BRANDS (US)

  • SANITARIUM (AUSTRALIA)

  • HAIN CELESTIAL GROUP, INC. (US)

  • KIKKOMAN CORPORATION (JAPAN)

  • WHITEWAVE FOODS (US)

  • THE HERSHEY COMPANY (US)

  • ALPRO (BELGIUM)


Recent Developments



  • In June 2020. The very first premium organic UHT soymilk was launched by a Thailand based company named TOFUSAN in organic flavor and low sugar varieties

  • In 2019, the plan of investing a massive amount of 600 million in the plant, capital, and other capital goods required for producing soya milk products in the 3 forthcoming years was announced by invigorating foods. A product named GENKI YA tofu which is prepared from the extracts of soya milk was launched by this company.

  • In February 2019, nutrition bars made up wholly of soy named soy joy crispy SAKURA were launched by OTSUKA pharmaceutical co., ltd. This specific product is mainly advised to be consumed with soy milk which can act as a good source of protein.

  • In July 2018, six new soy products were launched (2 in form of milk and 4 in form of protein nuggets) by du Pont nutrition and health having more protein content than sodium. These products were launched in series of SUPRO and TRURO product range.

  • In February 2020, the production capacity of non-GMO concentrates of soy proteins was increased by archer Daniels midland company in its factory located in the Netherlands to cope up with the demand for plant-based proteins. Further, these protein concentrates are supplied to manufacturing units for producing soy milk, protein bars, nuggets, and other products.

  • In June 2019, the first naturally sourced soy product was launched by du Pont nutrition and biosciences. This product is considered very suitable for every person who is waiting to give up their meat and egg consumption and alter it to a vegan diet.


Intended Audience



  • Soy milk manufacturers

  • Dairy Alternative manufacturers

  • Organic Soy Milk manufacturers

  • Milk manufacturers

  • Beverages manufacturers

  • Retailers, wholesalers

  • Traders, exporters, and importers


Soy Milk Market Report Overview


The SOY MILK industry report presents a shift analysis that includes soy milk market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the soy milk market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.



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Frequently Asked Questions (FAQ) :

Soy milk market valuation would be USD 16.66 billion.

Soy milk market CAGR would be 6.66% during the forecast period.

Lack of awareness in developing countries can hinder soy milk market growth.

Store-based and non-store-based are soy milk market segments based on the distribution channel.

North America would dominate soy milk market.