Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Soy Milk Market Size is Estimated to Grow from USD 5.08 Billion in 2023 to USD 8.86 Billion by 2033, Growing at a CAGR of 5.72% during the forecast period 2023-2033.
Browse key industry insights spread across 215 pages with 110 Market data tables and figures & charts from the report on the Global Soy Milk Market Size, Share, and COVID-19 Impact Analysis, By Product (Conventional and Organic), By Flavor (Flavored and Plain/Unflavored), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Soy milk, a plant-based beverage, is produced by crushing and soaking soybeans. Increased milk protein awareness, consumer health consciousness, and a growing preference for plant-based diets are some of the causes contributing to this expansion. Owing to its many culinary uses and nutritional advantages, soy milk has gained popularity as more individuals look for dairy substitutes. Since soy milk has no cholesterol and low saturated fat, it's a desirable substitute for better nutrition. It is also high in protein and includes vital nutrients, which makes it even more appealing for health-conscious consumers. The increase in vegetarianism and veganism is another important reason driving the soy milk market's expansion. Consumers pursue these diets for health, ethical, or environmental reasons, and demand for plant-based products increases as a result. Since soy milk offers calcium and protein without the animal-derived ingredients of cow's milk, it is a mainstay in many vegan diets. Owing to the trend toward plant-based diets, producers have been forced to develop and broaden their product lines to accommodate a wide range of consumer tastes. However, the market for soy milk may face more challenges soon due to consumers' increasing adoption of the previously mentioned milk kinds, which are more widely available in the global marketplace.
The conventional segment accounted for the largest market share of 82.56% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the product, the soy milk market is categorized into conventional and organic. Among these, the conventional segment accounted for the largest market share of 82.56% in 2023 and is expected to grow at a significant CAGR during the forecast period. Primarily because it is more widely available and less expensive than organic substitutes. Many consumers who value affordability and convenience choose conventional soy milk products since they are easier to get in supermarkets and grocery stores. In addition, the attraction of conventional soy milk among health-conscious people looking for dairy substitutes is influenced by the belief that it is a dependable source of nutrients.
The flavored segment accounted for the largest share in 2023 and is expected to grow at a CAGR of 6.24% during the forecast period.
Based on the flavor, the soy milk market is classified into flavored and plain/unflavored. Among these, the flavored segment accounted for the largest share in 2023 and is expected to grow at a CAGR of 6.24% during the forecast period. Adults like sweetened or flavored soy milk because it masks the basic product's nutty flavor. Chocolate and vanilla are the most widely consumed tastes. To boost consumption and increase demand for their products usually, manufacturers are trying to increase the variety of tastes they provide and package them in appealing ways. The market is competitive due to several factors, including product quality, availability, flavor, price, product innovation, brand awareness, and brand loyalty. Consumers' changing tastes are forcing producers to release new dairy substitute flavors into the market.
The supermarkets/hypermarkets segment is estimated to hold the largest revenue share of the global soy milk market and is expected to grow at a significant CAGR through the forecast period.
Based on the distribution channel, the soy milk market is categorized into supermarkets/hypermarkets, specialty stores, online, and others. Among these, the supermarkets/hypermarkets segment is estimated to hold the largest revenue share of the global soy milk market and is expected to grow at a significant CAGR through the forecast period. Primarily because of their wide distribution and ease of use in offering customers a large range of soy milk products. Offering a one-stop shopping experience, these retail formats make it easy for customers to access a variety of soy milk brands and varieties, increasing visibility and enticing new customers to try them. In addition, as supermarkets and hypermarkets frequently have enough refrigeration capabilities, soy milk products are kept in ideal storage conditions, preserving their quality and freshness.
Asia Pacific is expected to hold the largest share of the soy milk market through the forecast period.
Asia Pacific is expected to hold the largest share of the soy milk market through the forecast period. Mostly because soy products have long been accepted in the region's culture and because plant-based diets are becoming more and more popular. Customer preference for plant-based alternatives over traditional dairy is also influenced by growing concerns about animal welfare and environmental sustainability. Soy milk has been a staple in nations such as China and Japan for decades, which has resulted in a strong market presence and ongoing innovation in flavors and formulas to satisfy changing customer preferences. These nations are prominent instances of this tendency.
North America is predicted to grow at the fastest CAGR of the soy milk market over the forecast period. Since consumers' increasing awareness of their health is driving an increase in the use of non-dairy alternatives. Soy milk has grown in popularity among consumers who want to cut out on animal products and enhance their general health as more people look for plant-based and cholesterol-free alternatives. Soy milk is a desirable substitute for conventional dairy due to the growing knowledge of lactose intolerance and the advantages of plant-based diets. The increasing number of supermarkets and grocery stores that are building their plant-based product sections which increasingly provide a range of soy milk options further supports this trend.
Competitive Analysis
Major key players in the soy milk market include American Soy Products, Inc., Eden Foods, Organic Valley, PURE HARVEST SMART FARMS, SunOpta., Pacific Foods, PANOS brands, Sanitarium, Danone S.A., Vitasoy International Holdings Ltd, and others.
Recent Developments
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the soy milk market based on the below-mentioned segments:
Global Soy Milk Market, By Product
Global Soy Milk Market, By Flavor
Global Soy Milk Market, By Distribution Channel
Global Soy Milk Market, By Regional Analysis
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