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
- China is the fastest-growing market because it is one of the product’s largest consumers. The soy milk market in the country is expected to grow at a CAGR of 7.2%.
- The United Kingdom is the world’s third-largest consumer of dairy substitutes, growing at a CAGR of 13.6% in the global soy milk market.
- Soy milk sales in the retail/household sector are expected to increase.
- The unflavored segment grew significantly in 2021 and is expected to grow at a CAGR of 8% in 2022-2032.
- The beverages industry held the largest market share. Soy milk is used as a substitute for conventional dairy milk in tea and coffee, as well as with cereals in breakfast.
“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.
- Pacific Foods of Oregon, LLC’s Certified to the Source programme verifies the origin of its ingredients. It confirms that 75% of the total ingredients purchased are certified organic.
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.
Get More Valuable Insights
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.
Soy Milk Market by Category
By Product Type:
- Plain
- Flavored
By Category:
- Organic
- Conventional
By Application:
- Ice Creams
- Desserts Cheese
- Yoghurt
- Other
By Distribution Channel:
- Store-based (supermarkets & hypermarkets, convenience stores, others)
- Non-store-based
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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