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Soy Milk Market

Global Market Study on Soy Milk: Growing demand in food and beverage industry is augmenting soy milk market growth

Soy Milk Market Segmented By Organic and Conventional Nature in Retail/Household, Foodservice Industry, Food and Beverage Industry

Soy Milk Market Outlook (2023-2033)

The market for Soy Milk is pegged at 5,614.5 Mn for 2023 and is predicted to grow at a CAGR of 9.1% by end of 2033. The global sales of soy milk is estimated to generate the revenue of US$ 13,056.3 Mn by end of 2033 and is predicted to grow at substantial rate due to growing veganism and plant-curious consumers across the globe.

Attributes Key Insights

Soy Milk Market Size (2023E)

US$ 5,614.5 Mn

Projected Sales of Soy Milk (2033F)

US$ 13,056.3 Mn

Value CAGR (2023-2033)

9.1%

Value Share of Top 4 Countries (2022E)

38.4%

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Soy Milk Consumption Analysis (2018-2022) Vs. Market Estimations (2023-2033)

The global soy milk market presented strong growth in the historical period assessment and registered a value CAGR of 6.7% to reach market valuation of around US$ 3,892.5 Mn in 2018. The market in historical period observed high consumption in retail/household, due to buoyant demand for tetra pack plant-based beverages in hypermarket/supermarket; convenience stores, specialty stores and online retail.

Soy milk evolved as a primary substitute for dairy milk, which is obtained from soybean. It is considered as a traditional vegetable protein beverage, which has created a significant demand across the globe due to multiple factors like ethics, environmental concerns and health consciousness. Furthermore, with government support and growing promotions for inclination of plant-based diet in various countries such as the United Kingdom, France, and Sweden, is estimated to have a positive influence on the soy milk market.

Manufacturers from soy milk aims to to set up a robust supply chain in order to ensure availability of high-quality ingredients for production soy milk, which will also provide the extended shelf life to products. The players harness the state-of-art- equipment for manufacturing soy milk and aims to strengthen the production capabilities to meet the demand emerging from foodservice industry.

The global soy milk market is approximately at US$ 13,056.3 Mn in the forecast period. The sales or revenue of soy milk is anticipated to grow at a CAGR of 9.1% over the forecast period (2023-2033).

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What are the Key Trends in the Market for Soy Milk?

Potential Health Benefits Offered By Soy Milk to Support the Growth Of the Market

In recent years, it has become evident that the non-dairy milk sector is getting overcrowded owing to a lot of reasons. One of the core reasons for this is the potential health benefits of soy milk over other non-dairy alternatives. Consumers are shifting towards soy milk so as to avoid dairy for various reasons, such as health or weight loss.

Soy milk is known for its ability to aid various health problems, such as decreasing cholesterol levels which reduces the risk of coronary heart disease. The presence of isoflavones is considered to one of the most important and unique benefits offered by soy milk. It is known to have benefits such as reducing the risk of certain cancers, prevention of osteoporosis and easing of menopause symptoms. Its antioxidant and anti-inflammatory properties are known to promote gut health and good heart health. Soy milk is also considered to have a good impact on hair growth when combined with a protein-rich diet. These proven health benefits offered by the consumption of soy milk are expected to boost the global soy milk market.

“Governments Encouraging Adoption Of Sustainable Diets Featuring Plant-based Foods”

The world is witnessing an exponential rise in the number of consumers adopting plant-based diets for a number of reasons. It is considered beneficial for the consumers, animals and the environment. Due to this, many governments are encouraging consumers to adapt plant-based diets. Government organizations are creating awareness among the consumers regarding the benefits of plant-based diets. Plant-based diets help to reduce the carbon footprint as well as cutting down on greenhouse gas emissions.

To promote the growth of plant-based diets, governments are providing the farmers with various schemes. This has encouraged the farmers to cultivate the crops necessary for the development of plant-based milk products.

  • For instance, the Ministry of Health and Family Welfare, Government of India, launched a campaign named ‘EatRightIndia’ to encourage plant-based foods and fight climate change.

“Market Benefitting from Preference for Flavourful Plant-based Dairy Alternatives”

The growing demand among consumers for variety in beverage options has resulted in flavored dairy alternatives. Consumers’ preference is shifting toward low-calorie soy, innovative wholesome flavors, and nut-based dairy-free desserts. This is fueling the growth of the plant-based milk like soy, almond and pea market. Moreover, flavored beverages are gaining traction among people with lactose intolerance, who seeks for numerous dairy free alternative beverages.

Subsequently, initiatives and rigorous efforts are undertaken by manufacturers to offer novel flavors, better quality, and nutritious lactose-free milk products and aim to lure modern consumers, especially millennials and Gen Z, across the globe. Moreover, producers of soy milk focus on creating desirable sensory characteristics with innovative flavors to satiate the demand of plant-curious consumers.

“Growing Consumption of Lactose-free Milk”

Growing incidence of lactose intolerance due to inability of human body to absorb lactose present in the milk and suffer from diarrhea, bloating, or flatulence, which led the consumers seek alternatives for dairy milk. Moreover, the rising cases of digestive disorders from milk among the global population is paving the way for several milk substitutes. Almond milk, soy milk, and soy milk are ideal alternatives to animal milk, as these varieties also contain protein, vitamins, fiber, and other nutrients.

Manufacturers are offering a wide range of plant-based milk varieties, and the increasing demand for lactose-free beverages is expected to drive the sales of plant-based milk products.

  • According to the National Institutes of Health, 60-70% of the East Asian population shows lactose intolerance, and digestive issues are on the rise in developed countries.
  • For instance, leading international organizations such as the WHO (World Health Organization), FAO (Food and Agriculture Organization of the United Nations), and IPCC (Intergovernmental Panel on Climate Change) urge for the global adoption of plant-based diets, which is benefiting soy milk market.
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Country-wise Insights

What is the demand outlook of soy milk in the U.S. market?

The soy milk market in the U.S. is valued at US$ 245.3 Mn by 2018, and is expected to grow at a value CAGR (compound annual growth rate) of 6.4% over the forecast period. The sales generated from soy milk in U.S. is predicted to reach at value of US$ 450 Mn by end of 2033.

What is the value share held by the East Asia in the global soy milk market?

Demand for plant-based products in East Asia is growing at significant rate due to which consumption of dairy-alternative milk like soy, almond, coconut is also increasingly growing. The East Asia holds the value share of above 40% in the global soy milk market.

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Category-wise Insights

What is revenue outlook for food and beverage industry in global soy milk market?

On basis on end use industry, the global soy milk market is bifurcated into food & beverage industry, retail/household and foodservice industry. The food and beverage industry incurred the sales of above US$ 2,885.5 Mn in 2023 in soy milk sector. Furthermore, soy milk is gaining strong demand in dairy & desserts domain which showed 6.8% of growth rate during 2018-2022 period.

What is demand outlook for retail/household in the global soy milk market?

The retail sales of soy milk products are expected to show higher growth at a CAGR of 9.0% in the global soy milk market during the forecast period (2023-2033). The rising health-consciousness and growing consumer shift towards plant-based diets are some of the key factors that are positively affecting the growth.

Competitive Dashboard

The global soy milk market is majorly dominated by multinational and international players. An approximate share of 35-40% is held by the producers having a wide presence in the country. Players in the global soy milk market are targeting their product offerings specially toward retail/household and foodservice providers. The foodservice industry is also projected to capitalize on the veganism trend and the utilization of soy milk products is anticipated to increase in the HoReCa sector and other foodservice institutions.

Manufacturers strategizes to offer products that are in line with the market trends and consumer requirements to attract consumers. Producers are focusing on incorporating advance technology to ramp-up production of soy milk to meet emerging demand for plant-based products.

Furthermore, manufacturers is maintaining strong business relationship with distributors and suppliers to expand distribution channel for easy supplying of products to the market place. The companies engaged in manufacturing of plant-based milk ensures transparency, trust and credibility in all its operations, right from sourcing raw materials to the delivery of its organic products.

  • In 2020, Pureharvest invested in the development activities of its products to ensure the expansion of its non-dairy milk market. The company added calcium to its range of non-dairy milk including rice milk and soy milk, which is an important micro nutrient for the human body to stay healthy.
  • SunOpta Inc. focuses on offering non-GMO and organic soy milk to consumers. The company’s soy milk is produced from the company’s proprietary soybase, which is a liquid extracted from cooked soybeans. soybase is certified Kosher, non-GMO, and organic, which offers quality assurance.
  • Vitasoy International Holdings Limited. is a technology based company which harness UHT technology for production of soy milk. This gives the extended shelf life to soy milk and is gaining traction of soy milk.
  • In July 2022, Hiland Dairy announced acquisition of Borden Dairy Texas. Through this acquisition, the company aims to expand its operations to meet the growing demand for milk and plant-based products, which in turn will augment its sales performance.

Soy Milk Industry Report Scope

Attribute Details

Forecast period

2023-2033

Historical data available for

2018-2022

Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Nature
  • End Use
  • Distribution Channel

Key companies profiled

  • Pacific Foods of Oregon, LLC.
  • The Bridge S.R.L
  • Natura Foods
  • Hiland Dairy
  • Ecomil
  • 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.

Report coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Soy Milk Industry Research by Category

By Nature:

  • Organic
  • Conventional

By End Use:

  • Food & Beverage Industry
    • Bakery & Confectionery
    • Dairy & Desserts
    • Infant Formula
  • Retail/Household
  • Foodservice Industry

By Distribution Channel:

  • Business to Business
  • Business to Consumer
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Online Retails

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

- Companies Covered in This Report -

  • Pacific Foods of Oregon, LLC.
  • The Bridge S.R.L
  • Natura Foods
  • Hiland Dairy
  • Danone Group
  • Ecomil
  • 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.

- Frequently Asked Questions -

The global market for soy milk has a value of US$ 5,614.5 Mn in 2023.

The global market for soy milk has a value CAGR of 6.7% from 2018-2022.

The global market for soy milk has a value of US$ 13,056.3 Mn in 2033.

The global market for soy Milk has a value CAGR of 9.1% from 2023-2033.

The top players in the global soy milk market includes Pacific Foods of Oregon, LLC, Danone SA , The Hain Celestial Group Inc., and Vitasoy International Holdings Limited.

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