One of the factors responsible for the growth of this soy milk market is considered to be an economic option due to its lower price in comparison to other alternatives like almond milk or cashew milk and providing more health benefits than such options.
New York, United States - January 24, 2022 /MarketersMedia/ —
According to Market Research Future (MRFR), the soy milk market is estimated to reach USD 15.25 BN by 2024, growing at 6.25% CAGR during the forecast period (2019 -2024). Increasing consumer preference for non-dairy food & beverages is increasing the size of the market significantly. Besides, the burgeoning food industry, including bakeries and confectionaries, provides an impetus to the growth of the market. The price of soy milk is comparatively lower than almond or cashew milk, which increases its preference.
Global soy milk market is growing continually, mainly due to the rising popularity of plant-based milk worldwide. Also, soy milk is widely used across food industries to enhance flavor and nutrient content of the food. Also, the rising prevalence of lactose intolerance among people increases the popularity of soy milk. Augmenting applications in food industries due to the increasing demand for additional nutrient content drives the growth of the market. Moreover, the growing popularity of health drinks escalates the market growth to furthered height.
The demand for soy milk is still low in emerging economies due to the little awareness among the consumers. Increasing health-conscious populace and rising consumer inclination towards vegan diets creates enormous market demand. Moreover, substantial R&D investments drive market growth exponentially. Availability of convenient packagings like bottles, cans, and pouches drive market sales further. Furthermore, the expansion of distribution channels boosts the growth of the market.
Global Soy Milk Market - Segments
The report is segmented into four dynamics.
By Product Type: Plain, Flavored, and others.
By Category: Organic, Convectional, and others.
By Distribution Channel: Store-based, Supermarkets & Hypermarkets, Convenience Stores, Non-store-based, and others.
By Regions: Americas, Europe, Asia Pacific, and Rest of the World.
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Global Soy Milk Market - Geographical Analysis
Europe dominates the global soy milk market. The region accounted for around 35% of the overall market share in 2018. The significant market share attributes to augmented demand for health drinks with lesser calories and increased exports of Soy milk, mainly in France & Italy.
Besides, advances in derivation technologies in the region and the rising prevalence of lactose intolerance among demographics are estimated to increase the size of the market. The region witnesses a rise in consumers of dairy alternative beverages instead of animal-based milk. The European soy milk market is anticipated to retain its leading position throughout the assessment period.
North America stands second in the global soy milk market. The increasing lactose intolerance occurrences drive market growth among demographics. North American countries, the US accounts for a major market share in the regional market. Moreover, increasing consumer inclination for a vegan diet and the rising popularity of plant-based milk is propelling the growth of the soy milk market in the region. The North American soy milk market is projected to expand at an exponential growth rate during the review period.
The Asia Pacific soy milk market is growing rapidly. Factors such as increasing consumption of soy milk, changing consumer preference, and increasing uptake of vegan & plant-based milk, drive the regional market growth. APAC countries like India & China contribute to the regional market growth majorly. The APAC soy milk market is predicted to register the highest growth rate during the forecast period.
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Global Soy Milk Market - Competitive Analysis
Highly competitive, the soy milk market appears fragmented, with several well-established players forming a competitive landscape. Industry players adopt strategies such as mergers & acquisitions, collaboration, expansions, and innovations/ product launch to gain a larger competitive share. They make substantial investments to drive R&D activities required for product development and improve their existing portfolio.
Investments assigned for expansion plans are used to acquire or form partnerships with promising companies from emerging markets. Manufacturers strive to possess state-of-the-art facilities to develop a cost-effective product portfolio and a stable marketing network that can help them to gain a leading position in the market. Marketers operating in the industry are focusing on inbound lead generation more than ever, instantiating ROI-oriented strategies that can pay off quickly.
Major Players
Players leading the global soy milk market include Organic Valley (US), Eden Foods, Inc. (US), Pureharvest (Australia), Vitasoy International Holdings (China), American Soy Products (US), SunOpta Inc. (Canada), Panos Brands (US), Pacific Natural Foods (US), Sanitarium (Australia), Kikkoman Corporation (Japan), Hain Celestial Group, Inc. (US), WhiteWave Foods (US), Alpro (Belgium), and The Hershey Company (US), among others.
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