Soy milk is considered as one of the best alternatives to cow milk, as it is similar to traditional milk when it comes to calcium and protein content. The flavor and appearance of good quality soy milk is remarkably similar to that of cow milk. Traditional milk contains lactose, also known as milk sugar or the main carbohydrate of milk, which is the major component associated with digestion problems among many lactose-intolerant consumers. The soy milk market is profited by this group of lactose-intolerant consumers. Wide range of soy milk applications along with various health benefits offered is captivating millennials who demand highly nutritional milk products.
Soy milk is known for its low calorie and high calcium content, which is associated with the prevention of diabetes and better bone density. Consumption of soy milk also reduces the risk of heart diseases. Rich consumer perception of soy milk and its derived products, with consequent positive health effects, is expected to drive demand for soy milk. As such, the soy milk market size is expected to witness significant 8.6% volume growth over the forecast period of 2020 to 2030.
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- Pacific Foods of Oregon, LLC.
- The Bridge S.R.L
- Natura Foods
- Hiland Dairy
- Danone Group
- NOW Health Group, Inc.
- The Hain Celestial Group, Inc
- Pure Harvest
- The Hershey Company
- Bio Nutrients Pvt. Ltd
- The Granarolo Group
- Vitasoy International Holdings Ltd
- American Soy Products, Inc.
Soy Milk Market Trends
Growth in Acceptance of Veganism Bodes Well for Market Expansion: The trend of veganism is gaining popularity owing to three core reasons - potential health benefits, rise in awareness regarding animal rights, and environmental protection. This increasing acceptance of veganism by consumers has been seen across cities, suburbs, and in rural areas. Availability of vegan alternatives for dairy-based milk has also affected the rise in acceptance of plant-based milk products.
This impressive worldwide increase in the interest toward veganism has led to the adoption of the plant-based way of living. The soy milk market is anticipated to spur over the forecast period, owing to this rising veganism trend across the world.
- For instance, the number of vegan consumers in the U.S. grew from 1% to 6% from 2014 and 2017.
Rising Level of Lactose-Intolerant Consumers to Propel Market Growth: Rise in number of lactose-intolerant consumers is one of the major reasons for the inclined rise in demand for plant-based milk products. Lactose intolerance is the related to the inability of the body to digest sugar present in dairy milk products. Lactose intolerance has a number of negative effects on the human body. Soy milk products are free from lactose content. They are formulated with prebiotic sugars and raffinose. They also contain vegetable nutrients, which proves to be an excellent source of high quality protein and vitamin B. Demand for lactose-free soy milk is triggered by rise in allergies and intolerances caused by the consumption of dairy milk.
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Regional Outlook of Soy Milk Market
In terms of geography, Asia Pacific is expected to dominate the global soy milk market share, owing to rise in the health and wellness trend in this region. Rising incidence of food intolerance and allergies is expected to boost the consumption of soy milk and its derivatives. Developing countries such as India and China are expected to be prominent regions for the growth of the soy milk market, owing to rising demand for plant-based protein. The region of Asia Pacific is expected to hold approximately 52% of the total value share, globally, in the year 2020.
Europe is expected to hold the second-highest share in the global soy milk market, followed by Latin America, owing to surge in the demand for vegetarian and vegan options. Europe is expected to witness a value CAGR of 8%, followed by 9.2% in the Latin American market.
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COVID-19 Impact on Soy Milk Market
The COVID-19 outbreak has had a significant impact on all phases of the value chain and supply chain of different global markets. The ongoing effects of the pandemic are expected to have a negative impact on the global food and beverage industry as well. Impact of the pandemic can be seen through different mediums, including affected trade and logistics, disrupted supply chains, reduced workforce at industrial levels, and consumer uncertainties. However, it can be seen that, the global soy milk market will be only moderately affected during the forecast period, owing to rising demand for nutritional products.
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Key players operating in the global soy milk market are focusing on high levels of innovation and increasing premiumization to create more sophisticated soy milk. Manufacturers are emphasizing on the utilization of innovative ingredients in the formulation of soy milk to expand their product catalogues by launching different types of soy milk products in various forms.
Key players are utilizing special ingredients such as natural sweeteners (dates) and flavors (vanilla extract, cocoa, and carob powder) to offer versatility in their products. Ceaseless efforts taken by prominent players to introduce innovative soy milk and soy milk products in the market are expected to further contribute toward high market growth, with expected volume of 10,552 KT in the year 2030.
Key Segments of Global Soy Milk Market
PMR’s report on the global soy milk market offers information divided into four segments - nature, end use, distribution channel, and region.