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Soy Milk Market Size - By Type (Flavored, Unflavored), By Application (Ice Creams, Desserts, Yoghurt), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Health Food Stores, Online Retail) & Global Forecast, 2024 – 2032

  • Report ID: GMI1388
  • Published Date: Aug 2023
  • Report Format: PDF

Soy Milk Market Size

Soy Milk Market size was valued at USD 6.6 billion in 2023 and is estimated to expand at a CAGR of 8.3% between 2024 and 2032. Increasing consumer awareness about health and wellness has driven the demand for plant-based and dairy-free alternatives. Soy milk is often perceived as a healthier option compared to dairy milk due to its lower saturated fat content and potential benefits for those who are lactose intolerant or have dairy allergies.

Soy Milk Market

The growing adoption of vegetarian and vegan diets has contributed significantly to the demand for soy milk. Plant-based diets are gaining popularity for ethical, environmental, and health reasons, and soy milk is a staple in these diets.

The plant-based market has expanded significantly, with alternatives such as almond milk, oat milk, and coconut milk gaining popularity. While soy milk is a suitable option for many people with dairy allergies, it can be problematic for individuals with soy allergies. Some consumers find the taste and texture of soy milk less appealing compared to other plant-based alternatives or dairy milk.

COVID-19 Impact

The closure or reduced operations of cafes, restaurants, and other foodservice establishments could have led to decreased demand for soy milk used in beverages and food items served in these places. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is set to drive the market growth.

Soy Milk Market Trends

The increasing popularity of plant-based diets and the growing awareness of their health and environmental benefits were driving the demand for soy milk and other plant-based alternatives to dairy. Consumers were looking for healthier options, and soy milk was gaining traction due to its perceived nutritional benefits, including being a source of plant-based protein, vitamins, and minerals. Companies were focusing on developing a wider range of flavors and formulations to cater to diverse consumer preferences and palates, enhancing the appeal of soy milk.

Soy Milk Market Analysis

Soy Milk Market Size, By Type, 2021 - 2032 (USD Billion)

The soy milk market from fresh sources segment dominated around USD 3.8 billion revenue in 2022. Consumers seeking a healthier alternative to dairy milk or other beverages might choose plain soy milk for its low saturated fat content, cholesterol-free nature, and potential benefits for heart health.

Soy Milk Market Revenue Share, By Application, (2023)

The ice creams segment accounted for 40% of the soy milk market share in 2022. Soy milk serves as a base for making vegan and dairy-free desserts, such as puddings, custards, and ice creams.

The soy milk market from Supermarkets and Hypermarkets segment is anticipated to grow at 7.9% CAGR through 2032.  Grocery stores offer convenient access to a wide variety of soy milk brands, flavors, and types, driving demand for consumers looking to include soy milk in their regular shopping trips.

U.S. Soy Milk Market Size, 2021- 2032 (USD Billion)

U.S. soy milk market size held over USD 1.3 billion in 2022. Consumers in North America are increasingly health-conscious and are seeking alternatives to traditional dairy products. The perceived health benefits of soy milk, such as being a good source of plant-based protein and its potential to lower cholesterol, drive its demand.

Soy Milk Market Share

Some of the major companies operating in the soy milk market are

  • Silk (WhiteWave Foods/ Danone)
  • So Delicious Dairy Free (WhiteWave Foods/ Danone)
  • Alpro
  • Pacific Foods (Campbell Soup Company)
  • Eden Foods
  • WestSoy (WhiteWave Foods/ Danone)
  • Vitasoy
  • Wildwood Organic
  • Organic Valley
  • Trader Joe's
  • Earth's Own
  • Oatly
  • Good Karma Foods
  • SunOpta
  • Califia Farms

These companies focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these companies are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.

Soy Milk Industry News:

  • In 2021, Hershey India, a subsidiary of the leading global chocolate giant The Hershey Company, announced that it has developed Soft Plus, a plant protein drink made from soy that was created to meet the nutritional requirements of underprivileged children.

This soy milk market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:

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Market, By Type

  • Flavored
  • Unflavored

Market, By Application

  • Ice Creams
  • Desserts
  • Yoghurt
  • Other

Market, By Distribution Channel

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Health Food Stores
  • Online Retail

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Indonesia
    • Malaysia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Egypt


Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of soy milk recorded USD 6.6 billion in 2023 and is set to reach USD 13.6 billion by 2032, due to the increasing consumer awareness about health and wellness worldwide.

The ice cream application segment registered 40% of the market share in 2022, on account of its usage in several vegan and dairy-free desserts.

U.S. market reached 1.3 billion revenue in 2022, owing to the increasing number of health-conscious consumers in the region.

Silk, So Delicious Dairy Free, Alpro, Pacific Foods, Eden Foods, WestSoy, Vitasoy, Wildwood Organic, Organic Valley, and Trader Joe's are some of the majors soy milk companies worldwide.

Soy Milk Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 191
  • Countries covered: 21
  • Pages: 150
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