Soy Milk Market To Hit Value .08 Billion By 2025 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on December 22nd, 2020

The global soy milk market size is expected to reach USD 11.08 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% over the forecast period. The market is expected to witness significant growth owing to increasing awareness about the health benefits of soy foods and beverages. Availability of a variety of soy milk fortified with nutrients and flavors has helped the product gain popularity in children and adults alike.

Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

The beverages application segment held a major share of the overall revenue owing to growing consumption of soy milk as an alternative to cow milk for daily consumption or in preparation of tea and coffee. Moreover, new varieties of flavored soy milk is expected to drive the demand for beverages over the forecast period. However, the desserts segment is expected to grow significantly with a CAGR of 6.6%. Increasing consumption of non-dairy dessert food is expected to increase the consumption of the product in desserts.

The unflavored product segment accounted for a significant share in the market. It is used in the preparation of a variety of snacks and dishes. The original product has a peculiar nutty taste, which most consumers do not like. Hence, many flavors are introduced in the market to increase consumption of the product. Vanilla and chocolate are the popular flavors among others, which is expected to fuel the product demand.

Further key findings from the study suggest:

• In terms of revenue, the desserts application segment is projected to expand at a CAGR of 6.6% over the forecast period owing to rapid increase in the overall desserts and non-dairy dessert alternatives. Beverages dominated the market with an overall share of 42.2% in 2018
• Asia Pacific dominated the market in 2018 and accounted for a share of 37.1%. This trend is projected to resume over the next few years owing to increasing population and awareness about the benefits of soy-based food and beverages
• The market for dessert is expected to witness significant growth in various countries including U.S., U.K., Germany, India, and Japan 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 Eden Foods; Organic Valley; Pureharvest; WhiteWave Foods; SunOpta Inc.; and Vitasoy
• Various manufacturers are concentrating on introducing new flavors of soy milk in the market to increase product offering.

Asia Pacific was the largest consumer of the product in 2018 due to large scale production of soy bean in major countries like China, India, Japan, and Hong Kong. China was the major consumer in the entire world in 2018. North America is anticipated to witness substantial growth in light of increasing awareness of soy benefits and consumption of non-dairy alternatives. In Europe, many German manufacturers are engaged in utilizing the health benefits of the product to make various dairy products like cheese and butter. This is expected to drive the market owing to product offerings based on soy milk.

Soy milk acts as a great substitute for cow milk as it contains an equal amount of protein and is low in calories. Demand for low-calorie products is high due to growing obesity. Hence, soy milk is preferred by a lot of consumers who are weight conscious or trying to lose weight. This product also lowers the bad cholesterol level and is highly preferred by heart patients. The product is also popular among lactose intolerant and anemic population as it is naturally lactose-free and rich in iron. Its high isoflavone content is known to prevent hormone-related cancers.

Have a Query? Ask Our Expert:

https://www.grandviewresearch.com/inquiry/5838/ibb

The market is highly fragmented due to the presence of many global players in different parts of the world. Key providers in this market include Eden Food; Organic Valley; Pureharvest; Vitasoy International Holdings; and SunOpta Inc. The product is made available at various local supermarket stores and e-commerce channels in attractive packages. This is a strategy employed by global manufacturers to increase product consumption and propel market growth.

Changing taste preferences of consumers are pushing manufacturers to introduce new flavors in the market. This is fueling the growth of flavored soy milk, thereby increasing overall consumption.

Grand View Research has segmented the global soy milk market on the basis of product type, application:

Soy Milk Product Type Outlook (Revenue, USD Billion, 2015 - 2025)

•          Unflavored
•          Flavored

Soy Milk Application Outlook (Revenue, USD Billion, 2015 - 2025)

•          Desserts
•          Cheese & Snacks
•          Beverages

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com