Global Soy Milk Market size is
expected to rise at a significant CAGR during the forecast period. There are
multiple factors driving the demand of the soy milk market. The increased
consumer awareness and growing population of vegans has led to a high demand of
the product. Vegans look for plant-based milk. Soy milk improves the lipid
profile and reduces the cholesterol levels. It is purely obtained from plants.
It is rich in protein, calcium and isoflavone content. It is cheaper than
alternative non-dairy products and can be a complete substitute for dairy milk.
It ensures healthy living by reduction of weight, skin sustenance and less
allergic reactions. The factors which can hamper the growth of this industry
are the peculiar taste of the soy milk which significantly differs from the cow
milk, the emergence of other dairy alternatives and competition from beverage
manufacturing industries.
It is believed that soy was first
cultivated in China. Soy milk is manufactured by soaking the dried soybeans and
grinding them in water. It is an emulsion of protein, oil and water. It is an
excellent source of vitamin A, vitamin D, vitamin B and magnesium. It can be
fortified with nutrients such as iron calcium, vitamins B3 and B12 to enhance
the product quality. It has proteins which have anti-aging properties.
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It has more carbohydrates as compared
to cow milk. It contains fatty acids such as omega-3 and omega-6. Soy milk can
be of full-fat or low-fat. It is widely used in functional beverages, weight
loss products, infant formula and bakery products. Among the non-dairy
beverages, soy milk dominates the market by volume and is expected to grow at a
significant CAGR. Revenue for the soy milk producers will increase in the
forecast period.
The population growth, health
conscious lifestyle and rising disposable income of people are also some of the
major factors spurring growth of soy milk. Soy beans cultivators have a good
opportunity in the market. Soy milk is highly beneficial for people who are
lactose intolerant as it is lactose-free. The lactose intolerant population is
mainly found in Africa, Asia, Europe and U.S. Due to some food allergies
associated with dairy products, people are moving towards non-dairy soy milk.
Attractive packaging has also contributed to the uplift of the soy milk market.
The soy milk market is segmented
on the basis of form, applications, flavor and region. On the basis of form,
the market can be divided into plain sweetened and plain unsweetened forms.
Based on application, the market is segmented into food products such as
desserts, cheese and snacks, and beverages such as cold-pressed milk. Based on
flavor, the market can be divided into vanilla and chocolate.
Geographically, the market can be
divided into North America, Latin America, Asia Pacific, Europe and Middle East
and Africa. Among all the regions, Asia Pacific dominates the soy milk market.
It is followed by Europe. Increasing demand of products for lactose intolerant
population has fueled the growth of the market which is projected to expand in
terms of revenue contribution. Among the Asian countries, Hong Kong has the
highest consumption of soy drinks. Other countries having a significant
consumption of soy milk are Australia, Spain and Canada. The soy milk market
mainly covers China, Japan, U.S. and Europe.
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Soy milk was first launched by
Vitasoy in U.S. in the year 1969. Some of the major market competitors in the
soy milk industry are Eden Foods, Pureharvest, Vitasoy International Holdings
Ltd., Organic Valley, Pacific Foods of Oregon, Inc., Alpro, WhiteWave Foods,
Stremicks Heritage Foods, Palsgaard, Soy Fresh, Hershey Company, Staeta, Hain
Celestial Group, Inc., Kikkoman Corporation, NOW Foods, So Delicious Dairy
Free, etc.
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