Soy Milk Market Overview
The global Soy Milk Market is projected to reach USD 16.17 billion by 2032. The market will register a CAGR of 6.66% during the forecasted period between 2022 and 2032.
Soy Milk is commonly known as soya milk. It is a plant-based drink that is generated by soaking and grinding soybeans, boiling the contents and filtering the residue. It is regarded to be a popular alternative to cow’s milk. It is a vital source of dietary fiber and protein for individuals who are allergic to dietary products or do not prefer to consume animal-based food. Manufacturers integrate additional vitamins and minerals into soy milk so users can derive maximum health benefits from it. Soy milk’s rising popularity is because it contains fewer calories and rich protein than cow’s milk.
During the forecasted period, the global soy milk market will show solid performance owing to a high preference for soy milk due to rising health concerns like obesity and rich nutritional content. Compared to other options like cashew or almond milk, the affordable price of soy milk is also likely to influence the market’s growth trajectory in the future.
Key Players are.
Following are some of the soy milk key market companies
- EDEN FOODS INC (US)
- ORGANIC VALLEY (US)
- PUREHARVEST (AUSTRALIA)
- AMERICAN SOY PRODUCTS (US)
- VITASOY INTERNATIONAL HOLDINGS (CHINA)
- SUNOPTA INC (CANADA)
- PACIFIC NATURAL FOODS (US)
- PANOS BRANDS (US)
- SANITARIUM (AUSTRALIA)
- HAIN CELESTIAL GROUP INC (US)
Market Segments
The global Soy Milk Market can be segmented based on application, type, category and distribution channel.
Based on the application of soy milk, the market can be further broken down into cheese, desserts, beverages and snacks. The dessert segment is growing rapidly, and during the forecasted period, it will play a key role in influencing market performance. The high consumption of non-dairy milkshakes and ice cream will play an instrumental role in its high growth. Based on type, the Soy Milk Market can be fragmented into plain and flavored. Based on category, the market can be divided into conventional and organic. Similarly, based on distribution channels, the market is divided into store-based and non-store-based. The store-based segment encompasses hypermarkets and supermarkets, convenience stores, and others.
Regional Analysis
The global Soy Milk Industry can be segmented into North America, the Middle East and Africa, Asia Pacific, Europe, and Latin America. In these regions, the soy milk market has a strong presence.
During the forecasted period, the European soy milk market segment will dominate due to the high prevalence of lactose intolerance among customers. Additionally, the increased awareness of the diverse side-effects of dairy products like cow’s milk, eggs, and meat will encourage health-conscious customers to shift towards a vegan lifestyle. Germany will play an instrumental role in accelerating future market growth in Europe. The Asia Pacific region will also contribute significantly to the performance of the global Soy Milk Market. The high milk consumption for its protein content will drive the demand for soy milk in the region.
Industry News
February 2022 – PANOS BRANDS, a U.S.-based player in the global Soy Milk Market, announced that it is working on new product formulations to expand the portfolio of its specialty food brands. The company has taken the initiative to integrate additional nutritional content and remove preservatives, artificial flavors and sucralose.
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