Flavored Soy Milk Market Size, Share & Industry Analysis, By Product Type (Soy Milk Powder, Soy Milk), By Packaging (Cans, Tetra Pak, PET Bottles), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Retail Stores , Others) And Regional Forecast, 2024-2032

The global flavored soy milk market has witnessed growth in recent years owing to the increasing demand for alternative dairy-free food products. Soy milk is a natural alternative to dairy-based products and low in calories. Hence these products are suitable for people who are lactose intolerant and are diet conscious.

Soy milk is a non-dairy plant-based beverage used as an alternative to milk and milk-based beverages. These drinks are made from soybeans and are found to impart various essential properties such as anti-oxidants, anti-inflammatory, and cardiovascular properties. Soy milk is also helpful for people with lactose intolerant and acts as a substitute for cow’s milk. Consumption of soy milk helps to reduce the gastrointestinal discomfort that is caused by the consumption of cow milk. Furthermore, the national centre for complementary and integrative health have conducted studies and found that consuming soy protein-based products may help to reduce LDL cholesterol in the body.   

The fatty acid content in cow milk is 10 times higher than soy milk.  Although the protein content in soy milk is similar to cow milk, the amount of mineral and calcium present in cow's milk is twice the amount present in soy milk. Thus, these perceived health benefits boosts the adoption of soymilk as a substitute for cow milk.

Additionally, soy milk contains trypsin inhibitors, lectins, phytic acids, indigestible oligosaccharides that act as anti-nutrients and it reduces the ability of the body to absorb nutrients and impair the digestion of protein and carbohydrates and other nutrients. Various manufacturing companies use different processes to reduce such anti-nutrients but the cost associated with such process is high.

Key Market Driver -

Increasing Demand for Dairy Free Products

Key Market Restraint -

Availability of Other Alternatives

Key Players Covered:

The key players in the global flavored soy milk market are Eden Foods, Organic Valley, Pureharvest, WhiteWave Foods, American Soy Products, Vitasoy International Holdings, SunOpta, Pacific Natural Foods, Panos Brands, Sanitarium, among others.

Consumers' changing lifestyle and consumption pattern has fuelled the demand for dairy free products such as soy milk and almond milk, especially in European regions. Furthermore, consumers who are lactose intolerant are focused on plant-based alternatives such as soy milk.

Many companies are coming with new product and new variants in the market which suit the growing demand for soy milk in the market. For instance, Philippines based company Kahatea launched soy-milk-based tea in different flavors such as iskrambol, taho, ube, leche flan, and others. The availability of different products helps to attract new consumers and increase in their market presence.

In order to ensure that the products that are available to the consumers are of better quality, regulatory bodies such as Food and Drug Administration department (FDA) ensures that the products are labeled properly to ensure that consumer are informed about the product and they are able to take proper purchasing decision on the basis of available information. Although soymilk is a good substitute for milk products, the soy milk does not provide the required amount of calcium and vitamin D required for children which may negatively affect their health. Hence, FDA ensures that the products are mentioned correctly and the health of consumers are not compromised. 

Common packaging materials used for packing the soy milk are LDPE Pouches, HDPE Bottles, Glass Bottles,6-Layered Carton, Metal Can, and PET bottles with PP lid. Soy milk products are usually stored in paperboard or high-density polypropylene (HDPE) packages. As these products are sensitive to light, these products are packaged with Light Protective Additives(LPA) such as titanium dioxide that limits the penetration of light into the products.   

Regional Analysis:

Asia –Pacific is the largest consumer of soy milk the market. In countries such as China, Japan, India, the production of soybean is comparatively high and is expected to drive the consumption of soy milk in the region. The majority of gym trainers have also recommended soy milk as a healthy alternative to lose weight. Growing awareness among the population about the health benefits of soy milk and the increasing number of gym-goers have also contributed to the growing demand in this region.

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Segmentation

Key Industry Developments

•  In 2020, Sun-opta acquired Hain Celestal Group’s Dream and West Soy, which is one of the largest plant based dairy brands in North America with USDA accreditation.