Soy Milk Market

Market Study on Soy Milk: East Asia & Europe to Account for Bulk of Demand

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

Market Snapshot

Persistence Market Research’s industry analysis reveals 9.1% CAGR for the global soy milk market for 2021 to 2031, with the market reaching a valuation of around US$ 11.8 Bn by 2031. As per projections, East Asia is projected to hold more than 36% of global market value share for soy milk through 2031.

As of 2020, the soy milk market held around 35% to 40% share of global plant-based milk sales.

Soy Milk Market Size (2020A)

US$ 4.6 Bn

Projected Sales of Soy Milk (2031F)

US$ 11.8 Bn

Value CAGR (2021-2031)


Share of Top 5 Countries (2020A)


Find Out More about the Report Coverage


  • 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.

2016-2020 Soy Milk Consumption Analysis Vs Market Outlook for 2021-2031

The global market for soy milk has experience significant growth at a CAGR of 6.7% from 2016 to 2020. Rise in the 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 related to the inability of the body to digest sugar present in dairy milk products. Lactose intolerance has several negative effects on the human body. Soy milk products are lactose-free. Demand for lactose-free soy milk is triggered by the rise in allergies and intolerances caused due to the consumption of dairy milk.

Rising incidence of food intolerances and allergies are expected to boost consumption of soy milk derivatives owing to surge in demand for vegetarian and vegan options.

Overall, global soy milk consumption is set to surge at 9.1 CAGR over the next ten years.

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Surge in Demand for Nutrient-Packed Plant-Based Products Driving Soybean Milk Sales

Calcium-fortified soy milk products are gaining traction, especially among vegetarians. This can be associated with the different health concerns about dairy products, such as lactose intolerance, high saturated fats, and increased risk of heart diseases. Consumers are shifting toward plant-based milk beverages such as soy milk for their calcium needs instead of traditional cow milk, which is considered to be a primary source of calcium.

Fortified soy milk offers equivalent nutritional benefits as that of cow milk. Soy milk-based products offer 1200mg/L of calcium, which makes them a perfect alternative for traditional sources of calcium. This helps fill nutrient gaps, increases bone density, and prevents iron deficiencies among consumers, leading to the widespread soy milk use across the world.

Surge in demand for nutritional plant-based products is expected to drive demand for soy milk over the decade.

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How are Government Initiatives Bringing an Optimistic Outlook for Soy Milk Suppliers?

The world is witnessing an exponential rise in the number of consumers adopting plant-based diets for several reasons. Government organizations are raising awareness among consumers regarding the benefits of plant-based food. Plant-based diets help reduce carbon footprint as well as cut down on greenhouse gas emissions.

To promote the growth of plant-based diets, governments are providing farmers with various schemes. This has encouraged 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 - ‘EatRightIndia’, to encourage production of plant-based foods and fight climate change.

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Increasing Utilization of Innovative Ingredients in Soy Milk

The plant-based milk market is witnessing growth owing to high demand for healthy and nutritional products. Manufacturers are focusing on the use of innovative ingredients to increase their product portfolios by launching different types of soy milk products in different forms.

Key soybean milk suppliers are focusing on the utilization of special flavor ingredients such as vanilla extract, cocoa, carob powder, and natural sweeteners such as dates to offer versatility in their products. They are also offering healthy, unsweetened soy milk to gain traction among the increasingly health-conscious consumers who try to avoid sugar altogether.

  • For instance, Bio Nutrients Pvt. Ltd. offers soy milk in different forms, including liquid soy milk and powder soy milk, and in various flavors, including strawberry, chocolate, honeydew melon, and others, which provide a good nutritional balance per calorie intake with minimum ingredients.

What Factors Could Restrain Soy Milk Market Growth?

Consumers around the world are looking for more nutrients in their diets, but there is lack of familiarity and understanding about plant-based milk among many consumers. Some consumers find soy milk undesirable due to its taste and nutrient composition. In some countries, where dairy products have been consumed for centuries, it is hard for consumers to replace traditional dairy products with soy milk.

Furthermore, consumers depend on milk for important nutrients, leading to a negative perception of plant-based milk products in terms of nutritional composition. Furthermore, soy milk has a distinct flavor from cow milk, which is an important factor to consider for those who prefer the taste of cow milk. As a result, consumers' lack of familiarity with plant-based milk is preventing the soy milk business from reaching its full potential.

Demand for soy milk products can also be hampered due to the availability of other plant-based milk products in the market. People tend to choose other plant-based milk, including almond, cashew, hemp, pea, rice, oat, coconut, and others due for various reasons.

One of the major reasons driving consumers away from soy milk is soy allergy. The peculiar taste of soy milk, which differs significantly from the taste of cow milk or other plant-based milk products, is another reason leading to the shift of consumers toward soy milk alternatives.


Country-wise Insights

Why is China Leading Soy Milk Consumption in the East Asian Market?

The East Asia soy milk market is anticipated to experience robust growth as consumers from the region prefer more nutritious as well as plant-based food products. There has been growing awareness and adoption of plant-based milk among the Chinese population.

The market for soy milk here is slated to surge at a CAGR of 9.8% through 2031.

Which Country Holds the Largest Share in the European Market for Soy Milk?

In the European region, Germany holds a major market value share of 13.9%, followed by the U.K. Demand for soy milk is NORDIC, Germany, and France is expected to increase at a high pace owing to surge in demand for vegetarian and vegan options.

Category-wise Insights

Will We Witness Rising Consumption of Organic Soy Milk?

On the basis of nature, conventional soy milk is in high demand. Soy milk in conventional nature holds a market share of 93%. Whereas, organic soy milk is expected to witness a CAGR of 9.6% over the forecast period.

Why is Soy Milk Hugely Popular in the Retail/Household Sector?

Plant-based milk products offer beneficial properties such as enhancing joint health, improving the digestive system, and others. Dairy-free milk also enhances nutritional composition when used in food & beverage products. It is considered to be an essential part of the diet due to the presence of proteins, carbohydrates, and fats.

Consumers are becoming more aware about the health benefits of including soy milk in their diets, and hence, soy milk sales in the retail/household sector are expected to surge at a CAGR of 9.7%.

Impact of COVID-19 Crisis

COVID-19 affected trade and logistics, disrupted supply chains, reduced workforce at industrial levels, and led to consumer uncertainties. However, it can be seen that the global soy milk market will be moderately affected owing to growing demand for nutritional products. Further, with the improving situation, demand for vegan milk will increase and the market is expected to develop in parallel.

Competitive Dashboard

Global players in the vegan milk market are mainly focusing on reliable and sustainable sourcing of raw materials to ensure the quality standard of products. Focus on supply chain transparency is high to ensure the purity and safety of soy milk products.

  • Pacific Foods of Oregon, LLC verifies the origin of its ingredients through its Certified to the Source program. It verifies that 80% of its total ingredients purchased are certified organic. It also ensures that 33 of its products are verified by the Non-GMO Project.
  • Bridge S.R.L. focuses on sourcing high-quality organic raw materials to ensure high-quality standards. The company partners with different suppliers across Italy and works in solidarity to ensure long-term contracts and sustainable sourcing of high-quality raw ingredients.
  • Natura Foods focuses on reliable sourcing of its raw materials to ensure that its consumers get all the benefits of soy. The company sources soybeans grown in Quebec by certified organic farmers and suppliers. It also soaks soybeans for around 8 hours before cooking to provide superior products with higher amounts of folate.
  • Ecomil focuses on sourcing organic raw materials by supporting local farmers for organic farming to attract customers. The company ensures that its products are free from chemical fertilizers, pesticides, and genetically modified organisms, and are controlled and certified according to the standards of European regulations.
  • Hiland Dairy focuses on high levels of transparency in its supply chain to ensure the purity and safety of its products. It monitors every single step in its production chain, from farm to plant to stores. The company screens all its products to provide the most potent products to the market.

Soy Milk Industry Report Scope



Forecast period


Historical data available for


Market analysis

USD Million for Value

Key regions covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • 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
  • Region

Key companies profiled

  • Bio Nutrients Pvt. Ltd.
  • The Granarolo Group
  • Vitasoy International Holdings Ltd.
  • American Soy Products, Inc.
  • Ecomil
  • NOW Health Group, Inc.
  • Pureharvest
  • The Hain Celestial Group, Inc.
  • The Hershey Company
  • Pacific Foods of Oregon, LLC
  • The Bridge S.R.L
  • Natura Foods
  • Hiland Dairy
  • Danone Group

Report coverage

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

Customization & pricing

Available upon request

Key Segments Covered in Soy Milk Industry Survey


  • Organic Soy Milk
  • Conventional Soy Milk

End Use

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

Distribution Channel

  • Business to Business Sales of Soy Milk
  • Business to Consumer Sales of Soy Milk
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Online Retail

- FAQs -

The global soy milk market is currently valued at over US$ 5 Bn.

Health benefits of soy milk, surge in demand for nutrient-packed plant-based products, and governments encouraging adoption of sustainable diets featuring plant-based foods and dairy-free ready-to-drink beverages are driving market expansion.

From 2016 to 2020, soy milk demand increased at a CAGR of 6.7%.

Soy milk sales are projected to surge at 9.1% CAGR and be valued at close to US$ 11.8 Bn by 2031.

Group Danone, The Hain Celestial Group Inc, Vitasoy International Holdings Ltd, The Hershey Company, Pacific Foods of Oregon LLC and NOW Health Group are the top 5 soy milk manufacturers accounting for around 35% to 40% market share.

The market for soy milk in Germany leads the European region.

China, India, Japan, the U.K., and Indonesia are the top 5 consumers of soy milk.

The India market for soy milk is projected to reach US$ 1.3 Bn by 2031, while that in Indonesia is slated to top US$ 510 Mn.


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