Soy Milk Market Growth Prediction 2019 | Size Study, Future Share & Research Report, Key Players, Development Trends and Strategies till 2023

Soy Milk Market is Expected to Grow at a CAGR of 3.2% by 2023, Global Soy Milk Market Size, Share and Industry segmented by Type, Flavor, Application, Distribution Channel and Region

Pune, India - May 14, 2019 /MarketersMedia/ —

Soy milk used in different food preparations including infant formula, frozen desserts, salad dressings, and others. Availability of soy milk in different flavors and different attractive packaging is changing the dynamics of the soy milk market from last few years.

Soy milk is extensively preferred and consumed for a line of potential health benefits it brings. Containing nine essential amino acids, soy milk is considered as a complete protein and hence included in the diet plan by a number of people. Especially for vegetarians, it is an important protein source. As a result, soy milk witnesses a huge demand, worldwide, and its market witnesses huge accruals all year long.

Soy milk is a lactose-free and dairy-free product with low FODMAP which makes it a suitable alternative for the nutritious animal milk for the lactose intolerants and the people following a low FODMAP diet. This, in turn, has helped soy milk to garner huge popularity leading to fostering the growth of the soy milk market, globally. Simultaneously, soy milk also finds huge demand in various dairy, bakery, and confectionery products replacing animal milk and other milk products.

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Acknowledging the exponential accruals, the market is enjoying currently, Market Research Future (MRFR) in its recently published study report asserts that the global soy milk market is expected to perceive a quadrupling growth by 2023, registering an impressive CAGR during the estimated period (2017 – 2023). Health benefits that soy milk offers along with the convenience of availability attribute to the growth of the market.

Moreover, the augmenting demand from health nutrition market and protein engineering market which is led by the growing number of vegan, geriatric, and obese populace, growing sports/ fitness enthusiasts, and increasing prevalence of diabetic/ heart patients. Additionally, today’s heady lifestyle prompts the demand for soy milk owing to its longer shelf life. Moreover, the burgeoning food industry including, chocolate, and protein shake are providing impetus to the growth of the soy milk market.

Major Players:

Key players leading the soy milk market include-

• Vitasoy International Holdings LTD (China)
• Eden Foods, Inc. (the U.S.)
• Organic Valley (the U.S.)
• Alpro (Belgium)
• The Hershey Company (the U.S.)
• Kikkoman Corporations (Japan)
• Soy Fresh (India)

Global Soy Milk Market - Competitive Analysis

Highly competitive, the global soy milk market appears consolidated with the limited number of players churning the market competition. To sustain their positions market, these players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch. Manufacturers operating in the soy milk market strive to develop state-of-the-art manufacturing facilities where they can develop and produce their products from carefully sourced raw materials right under the same rood.

Industry/ Innovation/ Related News

April 21, 2019 ---- Invigorate Foods Pvt. Ltd. (Japan), an emerging fresh soy milk product manufacturing company, announced its expansion in India. The company said that it would invest USD 600 MN in the next three years to manufacture soy milk products in India.

The company will be using the investment in plant, equipment, and other capital goods required for manufacturing soy milk products in India. The company has already launched Genki-Ya Tofu, a product prepared with fresh soy milk extracts in India. Invigorate also plans to launch other soy milk products like Genki-ya Silken Tofu, Genki-ya Firm Tofu, Genki-ya Extra-Firm Tofu, Fresh Soy Milk, and flavored Soy milk, among others.

Global Soy Milk Market - Regional Analysis

The North American region heading with the presence of a large number of lactose intolerant population dominates the global soy milk market. The increasing soy production in the region is a key driving force behind the growth of the market in this region. Moreover, factors such as the presence of a large consumer base and the key manufacturers are fostering the growth of the regional market. Also, factors such as the rising health-conscious populaces and the well-spread awareness of lactose intolerance add fuel to the growth of the soy milk market in the region.

The Asia Pacific soy milk market is emerging as a profitable market, globally. Factors such as the growing demand for high-quality soy milk especially from developing countries like China and India and the increasing demand for nutritional products especially in Australia and New Zealand are expected to increase the share of the APAC soy milk market in the global space.
The region has long been attracting foreign investors due to the lucrative investment policies and low production cost due to the ample availability of cost-competitive labor force and natural gas from which ethane is obtained. The soy milk market in the APAC region is estimated to witness higher growth due to the growing demand for high-quality soy milk across the region.

The Soy Milk Market in the European region accounts for the second largest market globally. Factors such as the increasing cases of lactose intolerance and the availability of different flavors of soy milk are some of the major factors driving the regional market. Also, the rising demand for soy milk for different applications mainly as a functional food is fostering the growth of the market in the European region.

Global Soy Milk Market - Segments

For ease of understanding, the analysis has been segmented into five key dynamics:

By Type

• Sweetened
• Unsweetened

By Application

• Desserts
• Non-dairy Cheese
• Snacks
• Healthy Beverages

By Flavor

• Vanilla
• Chocolate

By Distribution

• Store-based
• Non-store Based

By Region

• North America
• Europe
• Asia Pacific
• Rest-of-the-World

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