The global soy beverage market is set to witness growth at a CAGR of 6.2% and is anticipated to reach a valuation of around USD 41.1 Bn by 2032.
Soy beverages have become popular among consumers due to their ease of availability and various scientific evidence proving that these beans have numerous health benefits, such as lowering the risk of developing cancer cells in the body and reducing cholesterol level in the blood. Moreover, owing to its nutritional value, soy beverages are eventually substituting less healthful drinks such as sodas and alcoholic beverages.
Apart from being a balanced source of protein, soy beverages also contain key minerals like vitamin B, fiber, and omega-3 fatty acids. All of these nutrients are essential for infant growth and pregnant women, and a variety of other benefits for children and adults. It is a nutritious replacement for animal based beverages mainly dairy products, and hence a decent vegetarian protein source. However, consumers are increasingly choosing homemade protein-rich beverages over processed soy products, which is expected to hamper the market’s growth over the forecast period.
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Key Takeaways from Market Study
- The global soy beverage market is anticipated to reach a valuation of around USD 22.5 Bn by 2022 end
- The market is segmented based on flavor, wherein unflavored soy beverage is anticipated to account for around 50% of the market share over the forecast period.
- The European soy beverage market is expected to witness significant growth over the forecast period.
- Sales of soy beverage over offline sales channel to hold a major chunk of the market in the coming years
- East Asia is expected to emerge as a important market for soy beverage market in the projected period
“Rising cases of lactose intolerant consumers to replace dairy based beverages with soy beverages,” says a Future Market Insights analyst.
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Competitive Landscape
The market for soy beverages is highly fragmented owing to the presence of multiple international player such as The Hershey Co., Trader Joe’s and Danone and local players such as Vitasoy International Holdings Limited and Pureharvest, especially in developing countries. The manufacturers in the market mainly focus on introducing new items to their existing portfolios and indulge in aggressive inorganic tactics such as acquisitions and mergers to remain afloat in the competitive environment. For instance:
- In April 2021, WhiteWave was acquired by a leading company, Danone as a strategic move to expand their business and add to their plant-based product portfolio specifically their brand Silk, primarily selling soy milk
- The Hain Celestial Group, Inc., a leading organic and natural products company, announced their WestSoy® seitan, tofu and tempeh businesses had been sold to Keystone Natural Holdings, a Keystone Capital portfolio company focused on plant-based foods. However, the WestSoy® plant-based beverage company selling soy milks was not part of the strategic divestment and was kept by the company
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global soy beverage market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Soy Beverage Market by Category
By Product Type:
- Soy Milk
- Soy Drinkable Yogurt
By Flavor:
- Flavored Soy Beverage
- Unflavored Soy Beverage
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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Frequently Asked Questions
- What is the current worth of the soy beverage market?
- At what CAGR is the soy beverage market growing over the forecast period?
- How much is the soy beverage market expected to be valued at by 2032 end?
- Which region is expected to lead the market for soy beverage?
- Who are the major players in the soy beverage market?
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