Soy Milk Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1388
Global Soy Milk Market size is expected to rise at a significant CAGR during the forecast period. There are multiple factors driving the demand of the soy milk market. The increased consumer awareness and growing population of vegans has led to a high demand of the product. Vegans look for plant-based milk. Soy milk improves the lipid profile and reduces the cholesterol levels. It is purely obtained from plants. It is rich in protein, calcium and isoflavone content. It is cheaper than alternative non-dairy products and can be a complete substitute for dairy milk. It ensures healthy living by reduction of weight, skin sustenance and less allergic reactions. The factors which can hamper the growth of this industry are the peculiar taste of the soy milk which significantly differs from the cow milk, the emergence of other dairy alternatives and competition from beverage manufacturing industries.
It is believed that soy was first cultivated in China. Soy milk is manufactured by soaking the dried soybeans and grinding them in water. It is an emulsion of protein, oil and water. It is an excellent source of vitamin A, vitamin D, vitamin B and magnesium. It can be fortified with nutrients such as iron calcium, vitamins B3 and B12 to enhance the product quality. It has proteins which have anti-aging properties. It has more carbohydrates as compared to cow milk. It contains fatty acids such as omega-3 and omega-6. Soy milk can be of full-fat or low-fat. It is widely used in functional beverages, weight loss products, infant formula and bakery products. Among the non-dairy beverages, soy milk dominates the market by volume and is expected to grow at a significant CAGR. Revenue for the soy milk producers will increase in the forecast period.
The population growth, health conscious lifestyle and rising disposable income of people are also some of the major factors spurring growth of soy milk. Soy beans cultivators have a good opportunity in the market. Soy milk is highly beneficial for people who are lactose intolerant as it is lactose-free. The lactose intolerant population is mainly found in Africa, Asia, Europe and U.S. Due to some food allergies associated with dairy products, people are moving towards non-dairy soy milk. Attractive packaging has also contributed to the uplift of the soy milk market.
The soy milk market is segmented on the basis of form, applications, flavor and region. On the basis of form, the market can be divided into plain sweetened and plain unsweetened forms. Based on application, the market is segmented into food products such as desserts, cheese and snacks, and beverages such as cold-pressed milk. Based on flavor, the market can be divided into vanilla and chocolate.
Geographically, the market can be divided into North America, Latin America, Asia Pacific, Europe and Middle East and Africa. Among all the regions, Asia Pacific dominates the soy milk market. It is followed by Europe. Increasing demand of products for lactose intolerant population has fueled the growth of the market which is projected to expand in terms of revenue contribution. Among the Asian countries, Hong Kong has the highest consumption of soy drinks. Other countries having a significant consumption of soy milk are Australia, Spain and Canada. The soy milk market mainly covers China, Japan, U.S. and Europe.
Soy milk was first launched by Vitasoy in U.S. in the year 1969. Some of the major market competitors in the soy milk industry are Eden Foods, Pureharvest, Vitasoy International Holdings Ltd., Organic Valley, Pacific Foods of Oregon, Inc., Alpro, WhiteWave Foods, Stremicks Heritage Foods, Palsgaard, Soy Fresh, Hershey Company, Staeta, Hain Celestial Group, Inc., Kikkoman Corporation, NOW Foods, So Delicious Dairy Free, etc.
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