Soy Milk Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
The global soy milk market is set for substantial growth, with its value projected to increase from $6.12 billion in 2024 to $11.51 billion by 2031, reflecting a robust CAGR of 9.40%. As a versatile and nutritious alternative to dairy, soy milk is becoming a household staple and a favorite in the foodservice industry, leading to a notable rise in global demand.
Increasing Popularity of Plant-Based Diets
The growing trend of plant-based diets is a primary driver of the soy milk market. As consumers become more environmentally conscious, there has been a marked shift towards plant-based alternatives. Soy milk, a long-standing vegetable protein beverage, is gaining recognition for its ethical, environmental, and health advantages. Governments worldwide are also promoting plant-based diets, further accelerating the soy milk market's growth. Initiatives advocating for plant-based foods are gaining momentum, with several governments providing incentives to farmers to produce crops essential for plant-based milk production.
Health Advantages Drive Consumer Preference
Soy milk is gaining traction among health-conscious consumers, thanks to its numerous health benefits. It is known to help lower cholesterol levels, reducing the risk of coronary heart disease. Moreover, soy milk contains isoflavones, which are believed to decrease the risk of certain cancers, prevent osteoporosis, and alleviate menopause symptoms. The antioxidant and anti-inflammatory properties of soy milk also support improved gut and heart health. As awareness of these benefits spreads, the demand for soy milk is anticipated to grow significantly.
Rising Appeal of Flavored Dairy Alternatives
The market for flavored plant-based dairy alternatives is experiencing rapid growth as consumers seek more variety in their beverage options. The demand for innovative and wholesome flavors, particularly among millennials and Gen Z, is driving the popularity of flavored soy milk. Manufacturers are focusing on developing products that cater to the evolving preferences of modern consumers. Flavored soy milk is becoming increasingly popular, especially among individuals with lactose intolerance, as it offers a delicious and nutritious alternative to traditional dairy milk.
Growing Demand for Lactose-Free Options
Lactose intolerance, which affects a significant portion of the global population, especially in East Asia, is driving the demand for lactose-free beverages, including soy milk. Soy milk, rich in protein, vitamins, fiber, and other essential nutrients, is an ideal substitute for dairy milk. The increasing incidence of digestive issues related to dairy consumption is expected to further boost the sales of soy milk and other plant-based milk alternatives.
Surging Consumption in Foodservice and Retail Sectors
The foodservice industry is leveraging the rising trend of veganism and the growing demand for plant-based milk products. Soy milk is becoming a popular choice in various foodservice outlets, including restaurants, cafes, and hotels, as consumers look for dairy-free options. Beyond foodservice, the retail sector is also witnessing a surge in soy milk sales, driven by health-conscious consumers who are embracing plant-based diets. The growing demand for soy milk in both foodservice and retail sectors is expected to play a significant role in the market's expansion.
Competitive Analysis
Pacific Foods of Oregon, LLC.
The Bridge S.R.L
Natura Foods
Hiland Dairy
Danone Group
Ecomil
NOW Health Group, Inc.
The Hain Celestial Group, Inc
Pure Harvest
The Hershey Company
Bio Nutrients Pvt. Ltd
The Granarolo Group
Vitasoy International Holdings Ltd
American Soy Products, Inc.
Soy Milk Industry Research by Segmentation
By Nature:
Organic
Conventional
By End Use:
Food & Beverage Industry
Bakery & Confectionery
Dairy & Desserts
Infant Formula
Retail/Household
Foodservice Industry
By Distribution Channel:
Business to Business
Business to Consumer
Hypermarkets/Supermarkets
Convenience Stores
Specialty Stores
Online Retails
By Region:
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa
Table of Contents
1. Executive Summary
1.1. Global Soy Milk Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Price Analysis, 2019-2023
3.1. Global Average Price Analysis, by Nature/ End Use, US$ Per Liters, 2019-2023
3.2. Prominent Factor Affecting Soy Milk Prices
3.3. Global Average Price Analysis, by Region, US$ Per Liters
4. Global Soy Milk Market Outlook, 2019-2031
4.1. Global Soy Milk Market Outlook, by Nature, Value (US$ Bn) and Volume (Liters), 2019-2031
4.1.1. Key Highlights
4.1.1.1. Organic
4.1.1.2. Conventional
4.2. Global Soy Milk Market Outlook, by End Use, Value (US$ Bn) and Volume (Liters), 2019-2031
4.2.1. Key Highlights
4.2.1.1. Food & Beverage Industry
4.2.1.1.1. Bakery & Confectionery
4.2.1.1.2. Dairy & Desserts
4.2.1.1.3. Infant Formula
4.2.1.2. Retail/Household
4.2.1.3. Foodservice Industry
4.3. Global Soy Milk Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Liters), 2019-2031
4.3.1. Key Highlights
4.3.1.1. Business to Business
4.3.1.2. Business to Consumer
4.3.1.2.1. Hypermarkets/Supermarkets
4.3.1.2.2. Convenience Stores
4.3.1.2.3. Specialty Stores
4.3.1.2.4. Online Retails
4.4. Global Soy Milk Market Outlook, by Region, Value (US$ Bn) and Volume (Liters), 2019-2031
4.4.1. Key Highlights
4.4.1.1. North America
4.4.1.2. Europe
4.4.1.3. Asia Pacific
4.4.1.4. Latin America
4.4.1.5. Middle East & Africa
5. North America Soy Milk Market Outlook, 2019-2031
5.1. North America Soy Milk Market Outlook, by Nature, Value (US$ Bn) and Volume (Liters), 2019-2031
5.1.1. Key Highlights
5.1.1.1. Organic
5.1.1.2. Conventional
5.2. North America Soy Milk Market Outlook, by End Use, Value (US$ Bn) and Volume (Liters), 2019-2031
5.2.1. Key Highlights
5.2.1.1. Food & Beverage Industry
5.2.1.1.1. Bakery & Confectionery
5.2.1.1.2. Dairy & Desserts
5.2.1.1.3. Infant Formula
5.2.1.2. Retail/Household
5.2.1.3. Foodservice Industry
5.3. North America Soy Milk Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Liters), 2019-2031
5.3.1. Key Highlights
5.3.1.1. Business to Business
5.3.1.2. Business to Consumer
5.3.1.2.1. Hypermarkets/Supermarkets
5.3.1.2.2. Convenience Stores
5.3.1.2.3. Specialty Stores
5.3.1.2.4. Online Retails
5.4. North America Soy Milk Market Outlook, by Country, Value (US$ Bn) and Volume (Liters), 2019-2031
5.4.1. Key Highlights
5.4.1.1. U.S. Soy Milk Market by Nature, Value (US$ Bn) and Volume (Liters), 2019-2031
5.4.1.2. U.S. Soy Milk Market by End Use, Value (US$ Bn) and Volume (Liters), 2019-2031
5.4.1.3. U.S. Soy Milk Market by Distribution Channel, Value (US$ Bn) and Volume (Liters), 2019-2031
5.4.1.4. Canada Soy Milk Market by Nature, Value (US$ Bn) and Volume (Liters), 2019-2031
5.4.1.5. Canada Soy Milk Market by End Use, Value (US$ Bn) and Volume (Liters), 2019-2031
5.4.1.6. Canada Soy Milk Market by Distribution Channel, Value (US$ Bn) and Volume (Liters), 2019-2031