Market Size of Soy Milk Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.92 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Soymilk Market Analysis
The soy milk market is projected to register a CAGR of 6.92% over the next five years.
- Consumers are beginning to prefer low-calorie products, free of artificial additives and high in protein, pushing the market for soy beverages. Plant-based beverages contain vegetable protein or a combination of proteins, which meet the growing need for a healthy lifestyle.
- Additionally, consumers are increasingly looking for lactose-free dairy alternatives made from plant sources due to rising lactose intolerance and the ongoing trend of veganism. The variety of goods on the shelves meets the taste for novelty and type of health and wellness-oriented consumers. Therefore, the plant-based beverages segment is promising with untapped potential in Asia-Pacific due to soy's traditional acceptance.
- Furthermore, soy milk is used extensively in Chinese, Japanese, Korean, and other East Asian cuisines. Soy milk is also used while producing imitation dairy products such as soy yogurt, soy cream, soy kefir, and soy-based cheese substitutes. It's also used to make milkshakes, pancakes, smoothies, bread, mayonnaise, and baked products.
- The manufacturers' introduction of various flavors like vanilla, chocolate, and strawberry, among others, to mask the aftertaste of soy milk is propelling the product demand among kids as well. Key manufacturers are investing in research and development to curb the aftertaste by introducing more flavors and selling the product in attractive packages via many distribution channels.
- For instance, The Hershey Company has been focused on introducing newer flavors like "Coffee Mocha" to its portfolio of "Sofit" beverages, i.e., soy milk drinks, to capture a larger audience and cater to their preferences and health at the same time.
