Soy Milk Market to Reach USD 14.36 Billion by 2032, Fueled by Rising Demand for Plant-Based Milk Alternatives and Enhanced by Soy Milk’s Nutritional Benefits

According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of soy milk are estimated to reach a value of USD 14.36 Bn by 2032, surging at 8.4% CAGR through the decade.

Soy milk is an excellent choice because it contains the same amount of protein as typical dairy milk but has fewer calories. Obesity is increasing demand for low-calorie foods. As a result, many people who are overweight or attempting to lose weight choose soy milk.

Alternatives such as almond and coconut milk may pose a significant threat to soy milk. As a result of better consumer awareness, these replacements are more readily available. As a result, manufacturers are focusing their marketing efforts on increasing product awareness.

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The supply chain disruption caused by the covid-19 limits has had a substantial impact on soy milk sales. However, the tendency of customers to use healthy food and beverage items as a result of the pandemic crisis will allow this business to make a strong recovery after these restrictions are lifted in 2022-2023, with a year-on-year rise of 7.2%.

Key Takeaways from Market Study

  • China is the fastest-growing market because it is one of the product’s largest consumers. The soy milk market in the country is expected to grow at a CAGR of 7.2%.
  • The United Kingdom is the world’s third-largest consumer of dairy substitutes, growing at a CAGR of 13.6% in the global soy milk market.
  • Soy milk sales in the retail/household sector are expected to increase.
  • The unflavored segment grew significantly in 2021 and is expected to grow at a CAGR of 8% in 2022-2032.
  • The beverages industry held the largest market share. Soy milk is used as a substitute for conventional dairy milk in tea and coffee, as well as with cereals in breakfast.

“Soybean pulses are very popular due to their deliciousness and the plethora of health benefits offered by their consumption. Key market players are investing in R&D to reduce the nut-like flavor by introducing more flavors,” says a lead analyst at Future Market Insights.

Who is Winning?

To ensure product quality, global players in the vegan milk market are primarily focused on reliable and sustainable raw material sourcing. To ensure the purity and safety of soy milk products, there is a strong emphasis on supply chain transparency.

  • Pacific Foods of Oregon, LLC’s Certified to the Source programme verifies the origin of its ingredients. It confirms that 75% of the total ingredients purchased are certified organic.

Some of the key players in the Soy Milk Market include Eden Food; The Hershey Company; Campbell Soup Company; Vitasoy International Holdings; and Kikkoman Pearl Soy Milk.

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Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of soy milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.

Soy Milk Market by Category

By Product Type:

  • Plain
  • Flavored

By Category:

  • Organic
  • Conventional

By Application:

  • Ice Creams
  • Desserts Cheese
  • Yoghurt
  • Other

By Distribution Channel:

  • Store-based (supermarkets & hypermarkets, convenience stores, others)
  • Non-store-based

By Region:

  • North America
  • Latin America
  • Europe
  • Middle east and Africa
  • East Asia
  • South Asia
  • Oceania

Frequently Asked Questions

  • At what rate will the Soy Milk Market grow?
  • What is the expected value of the Soy Milk Market by 2032?
  • What are the key factors driving the Soy Milk Market?
  • Which region adds to the highest Soy Milk Market Valuation?
  • What are the key strategies adopted by the major players of the Soy Milk Market?
  • Who are the key players in the Soy Milk Market?

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About Us

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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