Soy Milk Market Size 2022 Global Industry Share, Top Players, Opportunities and Forecast To 2032
According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of soy milk are estimated to reach a value of USD 14.36 Bn by 2032, surging at 8.4% CAGR through the decade.
Soy milk is a great substitute for conventional dairy milk because it has an equal amount of protein and low calories. Obesity is driving up demand for low-calorie products. As a consequence, many consumers who are overweight or trying for weight loss prefer soy milk.
The market for soy milk may face stiff competition from substitutes such as almond and coconut milk. Because of increased consumer awareness, these substitutes are more readily available. As a result, manufacturers are focusing on increasing product awareness through marketing campaigns.
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The disruption in the supply chain as a result of the covid-19 restrictions has significantly impacted soy milk sales. However, the tendency of consumers to use healthy food and beverage products as a result of the fear of this pandemic situation will allow this industry to make a strong comeback after the lifting of these restrictions in 2022-2023 by exhibiting a year-on-year growth of 7.2%.
Key Takeaways from Market Study
“Soybean pulses are very popular due to their deliciousness and the plethora of health benefits offered by their consumption. Key market players are investing in R&D to reduce the nut-like flavor by introducing more flavors,” says a lead analyst at Future Market Insights.
Who is Winning?
To ensure product quality, global players in the vegan milk market are primarily focused on reliable and sustainable raw material sourcing. To ensure the purity and safety of soy milk products, there is a strong emphasis on supply chain transparency.
Some of the key players in the Soy Milk Market include Eden Food; The Hershey Company; Campbell Soup Company; Vitasoy International Holdings; and Kikkoman Pearl Soy Milk.
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Future Market Insights, in its new offering, provides an unbiased analysis of soy milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
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Aug 12, 2022