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 US$ 14.36 Billion by 2032, surging at 8.4% CAGR through the decade.
To capitalise on impulse purchases, marketers frequently employ sophisticated retail merchandising equipment such as racks and displays for optimal assortment and positioning.
Almond and coconut milk alternatives may represent a severe threat to soy milk. Customers may be more likely to find them now that they are more aware of their possibilities. As a result, producers are focusing their marketing efforts on increasing product awareness.
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The interruption of the supply chain caused by the covid-19 limits has had a substantial impact on soy milk sales. After these restrictions are lifted in 2022-2023, this company will be able to make a strong comeback thanks to the pandemic crisis’s inclination for consumers to utilise healthy food and beverage goods, with a 7.2% year-over-year increase.
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.
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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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?
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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