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.
Because it has fewer calories and the same amount of protein as dairy milk, soy milk is a great alternative. Demand for low-calorie meals is rising as more people become obese. As a result, soy milk is popular among consumers who are overweight or trying to lose weight.
Almond and coconut milk alternatives could pose a serious threat to the market for soy milk. These alternatives are easier to find due to more customer knowledge. As a result, producers are concentrating on deploying marketing initiatives to raise product awareness.
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Sales of soy milk have been considerably damaged as a result of the supply chain disruption brought on by the COVID-19 regulations. However, if these limits are lifted in 2022–2023, this business will be able to make a strong comeback by demonstrating a year-over-year growth of 7.2% due to customers’ propensity to utilise healthy food and beverage goods as a result of their fear of this pandemic situation.
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.
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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
Frequently Asked Questions
- At what rate will the Soy Milk Market grow?
- What is the expected value of the Soy Milk Market by 2032?
- What are the key factors driving the Soy Milk Market?
- Which region adds to the highest Soy Milk Market Valuation?
- What are the key strategies adopted by the major players of the Soy Milk Market?
- Who are the key players in the Soy Milk Market?
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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