Soy Milk and Cream Market Size, Share & Industry Analysis, By Type (Milk, Cream), By Application (Dairy, Bakery, Confectionery, Infant Formula) and Regional Forecast, 2024-2032

The global soy milk and cream market is observing a robust growth across the globe, due to numerous benefits offered by the plant-based milk products. Soy milk and cream acts as an efficient substitute to the cow milk and cream as it contains the equal amount of protein but is low in calories. The demand for dairy alternatives is rising due to the growing incidences of obesity and high cholesterol. The manufacturers are making significant efforts to satiate the growing demand from the consumers for plant-based foods. For instance, Hershey’s launched soy milk beverage Sofit in USA.

The soy milk and cream products are popular among the population facing lactose intolerance as it is naturally lactose-free and rich in iron. There is a wide utilization of soy milk and cream in various bakery, confectionery, and dairy products as a dairy-alternative owing to the consumers' demand for low-calorie and fat-free food products. The increasing lactose intolerance is restricting the consumption of dairy-based products, considering this the manufacturers are launching non-dairy products incorporated with healthy ingredients. For instance, In April 2018, Vinamilk, a Vietnamese dairy company, launched a soy milk walnut drink made with soy products.

The consumers are shifting towards veganism due to reasons such as health awareness, animal welfare, and environmental sustainability – this has been major growth-propelling factor for soy milk and cream market. The growing incidences of infants and adults having lactose intolerance have significantly increased in recent years which has spurred the consumption rate of soy milk and cream.

Key Market Driver -

Rising Demand for Vegan Products

Key Market Restraint -

Low Market Penetration Compared to Dairy-Based Products

The relatively low market penetration of soy milk and cream in various developing economies, along with the presence of established consumer base of dairy-based products is hampering the soy milk and cream market. The affordability of conventional milk and cream is higher as compared to soy milk and cream in these economies which is restraining the growth of global soy milk and cream market.

Key Players Covered:

The key companies operating in the global soy milk and cream market are Eden Foods Inc., Pure Harvest, Vitasoy, WhiteWave Foods Company, Dean Foods, Hain Celestial, Pacific Foods of Oregon, LLC., Stremicks Heritage Food, SunOpta Inc., and Sanitarium.

The soy-milk segment is leading as it is largely being incorporated in the daily diet as a substitute for conventional milk for either direct or indirect consumption such as in coffee, tea, milkshakes, and breakfast cereals. The soy cream is widely utilized in beverages such as tea and coffee to enhance its texture and mouthfeel, replacing the conventional milk cream.

The dairy segment is witnessing significant growth due to the consumers growing demand for non-dairy products such as creams, smoothies, and yogurts. The bakery segment is expected to witness considerable growth as it is widely replacing regular milk utilized in preparing bakery products such as cakes and pastries.

Regional Analysis:

North America is anticipated to witness significant growth in the upcoming years owing to the increase in the consumption rate of non-dairy food products. The incorporation of soy milk and cream in the daily diet by the health-conscious consumers due to its low-fat and no cholesterol content is growing. The rising vegan trend in the region has also led to an increase in the consumption of soy milk and cream that is propelling its regional market growth.

Asia Pacific is predicted to witness significant growth, owing to the increasing consumer awareness about healthy plant-based products. The large amount of soybean produced in countries such as India, Japan, and China is also driving the consumption of soy milk and cream across the region. The increasing adoption of westernized culture by the consumers is leading them to replace conventional milk and cream with soy milk and cream, which is fuelling its regional market growth.

Europe is witnessing a substantial growth in the soy milk and cream market owing to the consumers shifting preference towards plant-based dairy alternatives. The increasing demand for healthy plant-based, on-the-go beverages is leading to wide incorporation of soy milk and cream in various fortified drinks.

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Segmentation

Key Industry Developments

• In September 2019, Fuji Plant Protein Labs (FPPL), a manufacturer of vegan plant-based ingredients announced to launch Ko-Cream. The product is non-dairy, non-GMO and soy-based using the FPPL’s patented Ultra Soy Separation process (USS). The product can be infused in ice creams, dressings, spreads and desserts.


• In April 2019, Invigorate Foods (a Japanese soy milk manufacturing company) announced an investment of INR 60 crore in India in three years, for establishing its production base for soy milk products.