Soy Milk Market Analysis Report By Product Type, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global soy milk market size was valued at USD 7.30 Billion, in 2018 and is anticipated to grow at a CAGR of 6.1% over the forecasted period. Increasing health consciousness among people is anticipated to drive the demand for this market. In addition, the growing trend of consumption of non-dairy products for dessert is another factor giving traction to the market.

Soy milk is used instead of cow milk, as it is rich in protein and contains low calories. Therefore, soy milk is mainly preferred by consumers who are health conscious. This product type also reduces cholesterol, which is highly used among heart patients. Further, a growing number of people with lactose intolerant is expected to drive the demand for soy milk.

Several benefits of soy milk over nutty-based milk and dairy product types are expected to drive the demand for the soy milk market. However, it is facing intense competition from coconut and almond milk. Hence, market players are focusing to promote their product types by organizing campaigns across the globe. However, calcium soy milk is used by many people but it is not nutritional for daily consumption.

The introduction of strawberry, vanilla, chocolate-flavored soya milk by the market players is expected to fuel the demand for soy milk. Hence, market players are engaged in R&D to develop nutty tastes and flavors in soy milk. In addition, celebrity endorsement and brand ambassadors of product type are expected to surge the demand for this market over the forecast period, 2019-2025. 

Product Type Insights

Among product types, the unflavored segment dominated the global market, in 2018, as most of the flavors are artificial. Many market players produce soy milk by adding calcium and other nutritional ingredients to increase consumption among consumers.

However, the growing trend of flavored soy milk is expected to grow with the highest CAGR of 6.3% over the forecast period, 2019-2025. Flavored-based soy milk gives a nutty taste to it which is majorly preferred by youngsters. Hence, manufacturers are focusing to produce flavored soy milk with chocolate and vanilla flavors and distributing it with attractive packaging.

Application Insights

In 2018, the beverage segment held around 42.0% of the total market share. Soy milk is used as a substitute for dairy products. It is also used for infants, as it is highly rich in proteins. The dessert segment is projected to grow with the highest CAGR at 6.6% over the forecast period 2019-2025. This is mainly attributed to the high consumption of this product type in ice creams, smoothies across various countries.

The beverage segment was followed by cheese and snacks, which accounted for more than 30%, in 2018. Cheese made from soy milk is known as tofu and it is used in many dishes to avoid the usage of paneer and cheese. In China, India, and Japan, soy milk is used in oatmeal. Some market players are doing partnerships with famous chefs to promote this product. For instance, Vikas Khanna used soy milk to make eggless mayonnaise which is healthy and low in calories.

Regional Insights

Geographically, Asia Pacific has dominated the global soy milk market due to the increasing number of users from various countries such as China, India, Hong Kong, and South Korea. In addition, the high production of soy milk in emerging countries is propelling the demand among consumers.

North America is the fastest-growing region due to the increasing usage of non-dairy product types. This market has high competition with nut-based milk, especially in the U.S. However, due to the additional benefits of soymilk, consumers are preferring it over traditional milk. In Europe, countries such as U.K and Germany are focusing on healthy food and there is a growth in spending on non-dairy dessert products.

Soy Milk Market Share Insights

The market is fragmented with a large number of players such as Eden Food, Pureharvest, and SunOpta Inc.Organic Valley, Vitasoy International Holdings, and others. The product type is available through various applications such as supermarkets, convenience stores, e-commerce with attractive packaging. Thus, the manufacturing of soymilk with attractive packaging is a major strategy applied by market players to attract customers.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global soy milk market report based on product type, application, and region:

• Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
    • Flavored
    • Unflavored

• Application Outlook (Revenue, USD Billion, 2015 - 2025)
    • Desserts
    • Cheese and Snacks
    • Beverages

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa