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Soy Milk Market size is poised to exhibit prolific gains in the ensuing years, driven by the rising health benefits of the product including improving brain and heart health, reducing symptoms of menopause, and others. In fact, the escalating trend of veganism is projected to influence the growth scale of market over 2021-2027. Globally, over 14% of the overall population is known to be vegan.
Moreover, rising prevalence of obesity is as well expected to lay positive impact on soy milk market growth through the coming years. It contains an equal amount of protein like in cow’s milk, but is relatively low in calories, which makes it an ideal substitute for the product. It also lowers down the bad cholesterol level and is highly popular amongst heart patients. In fact, soy milk turns out to be an important alternative for lactose-intolerant population.
Soy milk market growth is anticipated to be challenged by rigid competition from its substitutes in the market, like coconut and almond milk. Owing to their easy feasibility and higher awareness among consumers, the sales of coconut and almond milk is increasing considerably over the recent years. This is in turn is producing a threat to the global market expansion.
Soy milk market is segmented into flavored and unflavored product type. The demand for flavored soy milk is touted to rise multifold in the years to come as the product is known to overpower the nutty taste of the original product and is thereby much preferred by adults today. Some of the most common flavors are chocolate and vanilla. Numerous producers are emphasizing on increasing the production and including a variety of flavors in the product and distributing them in attractive packages to increase consumption. For instance, NutriSoy recently launched an ondeh ondeh flavored soy milk products.
Soy milk industry is characterized by various applications including cheese and snacks, desserts, and other. Cheese and snacks segmentation is projected to accrue significant gains through 2027. Cheese extracted out of soy milk is called tofu, which is usually used in various food preparations for vegan or lactose-intolerants. Meanwhile, soy milk is also included in breakfast in these countries.
Moreover, desserts made from soy milk are also gaining immense traction worldwide. An upsurge in dessert consumption is estimated to drive the market growth.
Regionally, industry growth would be driven by increased product demand from North America and European economies. In North America, increasing consumption of non-dairy alternative and growing vegan population is adding to the market expansion. While, in Europe, constant investments in non-dairy desserts due to rising focus of people on healthy substitutes.
Prominent companies operable in soy milk industry are Pureharvest, Alpro (Danone, WhiteWave Foods), Eden Foods Inc., Vitasoy International Holdings Ltd., Pacific Foods of Oregon LLC., Soy Fresh, and more. These industry participants are relentlessly working towards introducing new products in the business space to allow the market to churn out lucrative profits in the overall food industry. Additionally, they are also involved in various industry strategies like acquisitions, collaborations, and more to score a competitive advantage over others.
Plummeting demand for non-dairy alternatives has proposed a positive growth trajectory for soy milk market during 2020. The product is expected to witness a remarkable growth in restaurants and cafes owing to the rising trend of plant-based foods.