The global soy milk market was valued USD 11.08 Billion by 2025, according to Million Insights, registering a 6.1% CAGR over the forecasted period. The growing awareness on benefits of soy milk in dessert and beverage is anticipated to positively affect the global market. The availability of various flavors to enhance the taste of soy milk is projected to further drive the demand for this market among adults and children.
Application wise, the beverage segment held the highest market share, in 2018 due to the increasing usage of this product over traditional milk. Further, increasing consumption of soy milk in coffee, cereal, and tea is projected to further drive the demand of this market. The dessert segment registered highest grow with CAGR of more than 6% over the forecast period, 2019-2025.
The unflavored segment has accounted largest market share, in 2018 due to the increasing usage of unflavored milk for snacks and dessert. Many consumers prefer flavored soy milk to reduce the nutty taste of this product. Hence, market players are introducing a wide range of flavors with unique packaging to attract customers. Chocolate and vanilla are two popular flavors used in soy milk, which is estimated to propel the demand for this market.
Due to the large scale production of soybean in Asia pacific countries such as India, China, Japan, the APAC region held the highest market share across the globe. China has a high consumption of soy milk in the total market. Moreover, North America is projected to grow with a significant growth rate of more than 6% during the forecast period. The increasing trend in avoiding non-dairy products is anticipated to further drive the demand for soy milk market.
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Further key findings from the report suggest:
• North America dominated the market in terms of market share with more than 25%, in 2018.
• The desserts application segment is expected to expand at a CAGR of 6.6% in terms of revenue over the forecast period due to rapid increase in the overall desserts’ alternatives.
• Geographically, Asia Pacific dominated the market in 2018 and accounted for a share of more than 37% owing to increasing awareness about the benefits of soy-based food and beverages
• Dessert segment is expected to witness significant growth in various countries including U.S., Japan, U.K., Germany, and India 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 Pureharvest; WhiteWave Foods; Eden Foods; Organic Valley; SunOpta Inc.; and Vitasoy
• Market players are focusing on introducing new flavors of soy milk to increase product offering.
Million Insights has segmented the global soy milk market on the basis of product type, application, and region:
Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
Application Outlook (Revenue, USD Billion, 2015 - 2025)
• Cheese and Snacks
Soy Milk Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa