Soymilk Market Overview
Global soymilk market size is estimated to reach USD 15.25 billion and record a CAGR of 6.25% by the end of 2024. Soymilk market is witnessing a rapid growth owing to high nutritional value and diverse applications across the food industries. It is primarily used for the preparation of various products such as desserts, snacks, non-dairy cheese, and healthy beverages. These factors have a positive influence on the growth of this market. Additionally, the absence of lactose in the product is one of the major factors for the growth of soymilk market, which has increased its popularity among the lactose intolerant consumers. The production and the consumption of soymilk are high in the North American region and is projected to increase at a growth rate in various countries of Europe and Asia Pacific over the given forecast period.
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Soymilk Industry News:
In September 2019, Maeil announced that their soymilk brand will get a huge upliftment in the form of a marketing strategy where they are getting celebrity endorsement to reach a wider consumer base. They have made a deal with Minhyun and are launching the product as Minhyun’s soymilk on social media to gain better market percolation.
Soymilk Market Competitive Analysis
The Major Key Players in the Soymilk Market are
- Eden Foods, Inc. (the U.S.)
- Vitasoy International Holdings LTD (China)
- Organic Valley (the U.S.)
- The Hershey Company (the U.S.)
- Alpro (Belgium)
- Soy Fresh (India)
- Kikkoman Corporations (Japan)
Soymilk Manufacturers across various regions are following the strategy of product innovations and increased focus on R & D to penetrate the global market and to meet the growing demand for the product. Enhancement in the product line will further attract the consumers to choose soymilk based on increased nutritional value of the product, thereby increasing its market share. The U.S. dominates the share in North America and exports the product to various other countries, which include Canada, China, Mexico, Japan, Indonesia and others.
Market Segmentation
Global Soymilk Market is segmented by Type, Flavor, Application, Distribution Channel and Region.
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Regional Analysis
Europe has the potential to score more than the other regions as the region is witnessing a strong surge in veganism. The regional market covered almost 35% of the global market in 2018 and it can depend on several side factors. Another major factor that is triggering the regional market is the growing number of people registering lactose intolerance. Market players are trying to cope up with the situation by producing more and more innovative products that would deliver better results.
Global Soymilk Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America holds a major market share followed by Asia Pacific. High demand for soymilk due to high nutritional value and high demand for dairy substitutes is contributing to the growth of the soymilk market. The Netherlands, China, Mexico, Japan, and Germany are the major importers of soymilk across the globe. Developed trading channels and high demand for healthy food are also driving the growth of the market in these countries.
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