The global soy milk market size is expected to showcase eminent growth owing to the rising demand for plant-based milk alternatives. This information is published by Fortune Business Insights™ in an upcoming report, titled,” Soy Milk Market, 2021-2028.” According to the U.S. Food and Drug Administration (USFDA), regular consumption of soy could help in reducing the risk of heart diseases. Rising awareness regarding the benefits of consuming soy milk has given a significant boost to the soy milk market growth.
The COVID-19 contagion and the resultant lockdowns in the initial phase have disrupted operations in all aspects. With no exception, the soy milk market has also witnessed a negative demand. Industry leaders are focusing on implementing new changes in the logistics in order to overcome the challenges brought by low production and demand.
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We have categorized the market on the basis of type, application, and region. In terms of type, the market is divided into unflavored and flavored. Based on application, it is fragmented into beverages, desserts, cheese and snacks, and others. On the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report:
This report incorporates an in-depth analysis of the overall growth prospects in the market. Furthermore, it provides insights into the comprehensive competitive landscape of the global market. A dashboard overview of leading companies, including their marketing strategies, market contribution, and recent developments is presented in both historic and present contexts.
Drivers & Restraints-
Rising Demand for Non-dairy Milk Products to Drive Growth
The increasing demand for plant-based milk alternatives stoked by the rising adoption of veganism worldwide is estimated to drive the growth of the soy milk market. For instance, as per the report published by GlobalData, the population of vegan consumers in the U.S. grew by 600% between 2014 and 2017. In addition, according to a study by the National Center for Biotechnology Information, 75% of the world population is affected by lactose intolerance. This is anticipated to boost the demand for soy milk.
However, the consumption of soy can increase the amount of estrogen in some cases. Moreover, there are various alternatives available in the plant-based milk industry including almond and oat milk. Such factors are predicted to restrain the market growth.
High Rate of Soy Production in Asia Pacific to Help the Region Dominate
Asia Pacific is estimated to dominate the market during the forecast period. The increasing purchasing power of consumers in emerging countries is predicted to expand the soy milk market share in the region. Additionally, the high rate of soy production from countries including India, Japan, South Korea, and China is expected to surge the consumption of soy-based products in the region.
The market in North America is forecast to showcase robust growth during the projected timeline. High acceptance of veganism in the U.S. and Canada is projected to boost the demand for soy milk in the region. In addition, Rising concerns regarding rising obesity in the U.S. are compelling consumers to switch to a healthy lifestyle, increasing the demand for healthy food and beverages in the country. Such trends are predicted to further drive the market growth in the region
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Key Players to Rely on Mergers and Acquisitions for Expanding their Market Share
Key players operating in the soy milk market are focusing on expansion strategies such as mergers and acquisitions. This will help them enhance their portfolio as well as establish their brand in the market. For instance, in March 2016, Pulmuone Foods Co., Ltd., a leading manufacturer of perishable food products, acquired Vitasoy USA’s assets including the Nasoya brand. The acquisition will help the company strengthen its position in the tofu market.
In April 2019, Invigorate Foods, an emerging manufacturer of soya milk products based in Japan, introduced Genki-Ya Tofu in India. The product is developed using fresh soy milk.
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