Market Size of South America Soy Beverages Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.20 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Soy Beverages Market Analysis
The South American soy beverages market is projected to register a CAGR of 5.2% over the next five years.
The growing vegan population and an increasing number of people with lactose intolerance are the key factors driving the demand for soy milk as a primary milk alternative in the region. Also, the growth of dairy alternative milk kinds has played a significant role in the market's growth. Perceived health benefits of consuming dairy-alternative products over conventional dairy products and increasing health concerns such as lactose intolerance among consumers have led to innovations in the market, and this factor is providing opportunities for manufacturers to introduce new products in the region. For instance, the types of vitamin B contained in soy milk are crucial for assisting the body in maintaining DNA and nerve cells. Also, they can aid in preventing certain types of anemia, which might lessen tiredness and exhaustion.
Furthermore, soy-based beverages are known to reduce the symptoms of menopause and maintain heart and brain health. The majority of customers are also seen switching from dairy to dairy-free items since they are always aware of the various benefits of dairy-free diets. Over the forecast period, the market is anticipated to be driven by the increased availability of dairy replacement products and rising consumer awareness of their advantages.
Moreover, private-label brands in the region have been playing a pivotal role in the development of soy products, facilitated by the evolving retail landscape. With this growing demand and the establishment of many medium enterprises in the region, the market is expected to grow further during the forecast period. However, the high cost of production associated with dairy alternatives is one of the restraining factors associated with the market.
