Soy Milk Market Size, Share & Industry Analysis, By Type (Unflavoured, Flavoured), By Application (Beverages, Desserts, Cheese and Snacks, Others) and Regional Forecast, 2024-2032

Soy milk is a beverage made from soybeans. The global soy milk market is expected to witness considerable growth during the forecast years, due to increasing awareness about the health benefits associated with the consumption of soy milk. Soy milk lowers the bad cholesterol level and hence is highly preferred by heart patients. The U.S. Food and Drug Administration (USFDA) has stated that soy reduces the risk of heart disease. The increasing popularity of non-dairy food products among consumers will boost product demand across the global market.

The key companies operating in the global soy milk market are focused on research and development, and new product launches to fulfill the consumer’s demands. For instance, the introduction of various flavors like chocolate, vanilla, strawberry, and coffee by the manufacturers to mask the nutty taste of soy milk is expected to drive the global soy milk market. However, the unflavoured or original soy milk is consumed on a large scale because of its high production and sales.

Key Market Driver -

Rising Popularity of Non-Dairy Products.

Key Market Restraint -

Availability of Alternate Non-Dairy Products.

The soy milk is becoming extremely popular among the lactose intolerant population as it is naturally lactose-free. Furthermore, the growing trend of veganism among consumers will drive the global soy milk market during the foreseeable years. Increasing lactose intolerance is restricting consumers to consume dairy-based products, and considering this fact food companies are launching non-dairy products made up with healthy ingredients. For instance, In April 2018, Vinamilk, one of the largest Vietnamese dairy company, launched a soymilk walnut drink made with soy products. Soy milk can be used as a substitute for cow milk as it has the same amount of protein, and it is cholesterol-free. The demand for cholesterol-free food is rising incredibly across the globe, especially in developed markets because of the growing prevalence of obesity and lifestyle diseases (caused due to unhealthy eating habits). According to the World Health Organization (WHO) in 2016, 1.9 billion adults were overweight from which 650 million were obese.

The availability of other non-dairy milk such as almond milk, coconut milk, and oat milk in the market is expected to act as a significant restraint for the growth of the global soy milk market. The aforementioned milk varieties are more readily available in the global marketplace and their adoption among consumers is high, especially across developed markets, which is a limiting factor for the growth of the market.

Key Players Covered:

The key players operating in the global soy milk market are Eden Foods, Inc., Organic Valley, Pureharvest, The WhiteWave Food Company, American Soy Products, Inc., PANOS Brand, LLC, Sanitarium, Stremicks Heritage Foods, LLC, Vitasoy, SunOpta, and others.

The unflavoured soy milk segment is expected to witness steady growth owing to evolving lifestyles and increased adoption of food & beverage products with a lesser number of ingredients. Unflavoured soy milk is not artificially sweetened and enhanced; hence is preferred by many health-conscious consumers. Changing the taste preferences of consumers is pushing manufacturers to introduce new flavors in the soy milk market, and this can be a significant fuelling factor for the growth of flavored soy milk.

The beverage segment is expected to witness prominent growth owing to the rising popularity of the product as a replacement for conventional cow milk. Soy milk can be utilized for various applications where cow milk is generally used, such as – in the preparation of coffee, tea, and breakfast cereals. The cheese and snacks segment is anticipated to witness a considerable growth rate due to the growing demand for non-dairy ingredients in the production of snacks and cheese products. For instance, In April 2019, Invigorate Foods launched Genki-Ya tofu, which is the only tofu prepared form fresh soy milk extract. The company is also planning to launch its other soya milk products such as Fresh Soy Milk, yogurts, flavored soy milk, and others.

Regional Analysis

The market in Asia Pacific is predicted to witness a speedy growth, and the region is expected to dominate in the global marketplace during the forecast period due to the rising health consciousness among consumers and increasing consumer purchasing power. The ample amount of production of soybean in countries such as India, Japan, South Korea, and China is also driving the consumption of soy-based products across this region. For instance, In August 2018, South Korea’s Seoul Dairy Cooperative (SDC) has launched Achimae soymilk, in a microwavable heat and go carton pack with cutting edge technology so that it can prevent sudden ruptures while overheating.

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North America is expected to witness considerable growth due to the growing consumption of non-dairy alternatives. The demand for cholesterol-free food is significantly influencing the need for the soy milk market in North America. According to the World Health Organization, 62% of American adults are overweight or obese; this can be the driving factor for the soy milk market in the upcoming years. Furthermore, increasing acceptance of veganism in countries such as the U.S. and Canada are predicted to contribute to enlarging the market size of the North America soy milk market. Middle East & Africa region produces a significant portion of the soybean produced worldwide, and countries such as Brazil are one of the potential markets for soy milk. These factors are predicted to lead to an enhanced market size of soy milk across the aforementioned countries or regions.

Segmentation

Key Industry Developments

• In April 2019, Invigorate Foods (a soya milk products manufacturing company of Japan) announced an investment of INR 60 crore in India in three years to manufacture soya milk products. 


• In March 2016, Pulmuone Foods Co., Ltd. has announced the acquisition of all the assets of Vitasoy USA Inc. this transition will also include Nasoya Brand. This acquisition can strengthen their position in the tofu market.