Here’s All You Need To Know About Soy Milk Market

Here\'s All You Need To Know About Soy Milk Market

Grand View Research, Inc. – Market Research And Consulting
According to report published by Grand View Research, The soy milk market is expected to witness significant growth owing to increasing awareness about the health benefits of soy foods and beverages. Availability of a variety of soy milk fortified with nutrients and flavors has helped the product gain popularity in children and adults alike.

According to a report, “Soy Milk Market Size, Share & Trends Analysis Report By Product Type (Flavored, Unflavored), By Application (Desserts, Cheese & Snacks, Beverages), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,  

Soy milk acts as a great substitute for cow milk as it contains an equal amount of protein and is low in calories. Demand for low-calorie products is high due to growing obesity. Hence, soy milk is preferred by a lot of consumers who are weight conscious or trying to lose weight. This product also lowers the bad cholesterol level and is highly preferred by heart patients. The product is also popular among lactose intolerant and anemic population as it is naturally lactose-free and rich in iron. Its high isoflavone content is known to prevent hormone-related cancers.

The beverages application segment held a major share of the overall revenue owing to growing consumption of soy milk as an alternative to cow milk for daily consumption or in preparation of tea and coffee. Moreover, new varieties of flavored soy milk is expected to drive the demand for beverages over the forecast period. However, the desserts segment is expected to grow significantly with a CAGR of 6.6%. Increasing consumption of non-dairy dessert food is expected to increase the consumption of the product in desserts.

U.S. soy milk market size, by product type, 2015 - 2025 (USD Billion)

The unflavored product segment accounted for a significant share in the market. It is used in the preparation of a variety of snacks and dishes. The original product has a peculiar nutty taste, which most consumers do not like. Hence, many flavors are introduced in the market to increase consumption of the product. Vanilla and chocolate are the popular flavors among others, which is expected to fuel the product demand.

Asia Pacific was the largest consumer of the product in 2018 due to large scale production of soy bean in major countries like China, India, Japan, and Hong Kong. China was the major consumer in the entire world in 2018. North America is anticipated to witness substantial growth in light of increasing awareness of soy benefits and consumption of non-dairy alternatives. In Europe, many German manufacturers are engaged in utilizing the health benefits of the product to make various dairy products like cheese and butter. This is expected to drive the market owing to product offerings based on soy milk.

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Further key findings from the study suggest:

  • In terms of revenue, the desserts application segment is projected to expand at a CAGR of 6.6% over the forecast period owing to rapid increase in the overall desserts and non-dairy dessert alternatives. Beverages dominated the market with an overall share of 42.2% in 2018

  • Asia Pacific dominated the market in 2018 and accounted for a share of 37.1%. This trend is projected to resume over the next few years owing to increasing population and awareness about the benefits of soy-based food and beverages

  • The market for dessert is expected to witness significant growth in various countries including U.S., U.K., Germany, India, and Japan owing to increasing consumption of non-dairy foods and beverages

  • The industry is highly competitive in nature due to presence of the main players including Eden Foods; Organic Valley; Pureharvest; WhiteWave Foods; SunOpta Inc.; and Vitasoy

  • Various manufacturers are concentrating on introducing new flavors of soy milk in the market to increase product offering.

Application Insights:

Cheese and snacks was the second largest segment in 2018 and accounted for 30.9% share in the overall market. Cheese made out of soy milk is called tofu. Tofu is used in the preparation of a variety of dishes as an alternative to cottage cheese and paneer. Many soy milk snacks and dishes are common in countries like China, Japan, and India. In these countries, soy milk is in breakfast with oatmeal. Some manufacturers are also focusing on cookery shows and endorsements by famous chefs to promote their product. Cookery shows are a great way to promote the brand as well as create new soy milk-based recipes. For instance, famous celebrity chef, Vikas Khanna introduced the recipe for making eggless mayonnaise using soy milk. The mayonnaise not only acted as a substitute for regular mayonnaise but was also vegan, healthy, and nutritious. Such similar initiatives are expected to propel market demand.

Global soy milk market share, by application, 2018 (%)


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Grand View Research has segmented the global soy milk market on the basis of product type, application, and region:

Soy Milk Product Type Outlook (Revenue, USD Billion, 2015 – 2025)

  • Unflavored

  • Flavored

Soy Milk Application Outlook (Revenue, USD Billion, 2015 – 2025)

  • Desserts

  • Cheese & Snacks

  • Beverages

Soy Milk Regional Outlook (Revenue, USD Billion, 2015 – 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa


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