World Soy Milk Market is expected to grow at a CAGR Over 3.2% during 2018 to 2023 | Asserts MRFR

“Soy milk is a type of grain milk, which is a stable emulsion of oil, water, and protein”
Soy Milk Market Information: by Type (Sweetened and Unsweetened), Application (Desserts, Non –Dairy Cheese, Snacks, Healthy Beverages and others), Flavor (Vanilla, Chocolate and others), Distribution (Store Based and Non-Store Based) and Region – Forecast to 2023

Market Overview:

Soy milk is a type of grain milk, which is a stable emulsion of oil, water, and protein. It is produced by soaking dry soybeans and grinding them with water. Soy is naturally rich in essential fatty acids, proteins, fiber, vitamins, and minerals, which makes a healthy drink as well as it is an excellent source of vitamin A, vitamin D, vitamin B, and magnesium. Since soy milk does not contain lactose, it is a suitable healthy drink for lactose intolerant people, and it provides all the nutritional benefits to the consumers without any adverse effects.

The increasing population of lactose intolerant people and health-conscious individuals are driving the demand for soy milk market. Since natural milk may trigger an allergic response in many people, the people are shifting to the non-dairy soymilk. Soybean cultivators have a good opportunity in the market. However, the peculiar taste of the soymilk may hamper the growth of soymilk market, which has forced the manufacturers to bring innovations in the soy milk product line. Soymilk has a wide application such as desserts, snacks, cheese, and other healthy beverages. The awareness of lactose intolerance among the consumers has added fuel to the growth of soymilk market. Soymilk is estimated to have high growth rate during the assessment period.

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Major Key Players:

Some of the key players in soymilk market industry are The Hershey Company (the U.S.), Eden Foods, Inc. (the U.S.), Vitasoy International Holdings LTD (China), Organic Valley (the U.S.), Alpro (Belgium), Soy Fresh (India), and Kikkoman Corporations (Japan)

Regional Analysis:

The global soymilk market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among all, North America accounts for a significant share of global soymilk market followed by Asia Pacific.  A large population of lactose intolerant consumers in these regions is propelling the growth of soymilk market. Moreover, the rising population of health-conscious people followed by awareness of lactose intolerance add fuel to the growth of the global soymilk market.

Key Findings:

Application of soymilk in the production of non-dairy cheese is projected to be growing at a higher rate during the forecast period owning to rising consumer demand for healthy cottage cheese substitutes

Top exporters of soymilk include the U.S., Brazil, Argentina, Canada, and Paraguay

The global soymilk market is segmented under the following regions:

North America

  • U.S.
  • Canada
  • Mexico 

Europe

  • Germany
  • France
  • Italy
  • Spain
  • U.K.
  • Rest of Europe

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Asia Pacific

  • China
  • India
  • Australia
  • Japan
  • Rest of Asia Pacific

Rest of the world

  • Brazil
  • Argentina
  • South Africa
  • Others

Downstream Analysis:

On the basis of type, sweetened soymilk dominates the global market based on high consumer demand for flavored beverages over the bland flavor of unsweetened soymilk. Furthermore, based on the flavor, vanilla dominates the market owing to high demand for conventional and natural flavor in the product.

Additionally, on the basis of application, consumers are more inclined towards healthy beverages, which has increased its application as a major ingredient in beverage products. Also, rising demand for an on-the-go healthy sports drink, the sale of soymilk is experiencing a surge. Furthermore, the store based sale of soymilk dominates the distribution channel owing to consumers’ preferred shopping experience.

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