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 a great substitute for conventional dairy milk because it has an equal amount of protein and low calories. Obesity is driving up demand for low-calorie products. As a consequence, many consumers who are overweight or trying for weight loss prefer soy milk.
The market for soy milk may face stiff competition from substitutes such as almond and coconut milk. Because of increased consumer awareness, these substitutes are more readily available. As a result, manufacturers are focusing on increasing product awareness through marketing campaigns.
The disruption in the supply chain as a result of the covid-19 restrictions has significantly impacted soy milk sales. However, the tendency of consumers to use healthy food and beverage products as a result of the fear of this pandemic situation will allow this industry to make a strong comeback after the lifting of these restrictions in 2022-2023 by exhibiting a year-on-year growth 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.
Ø 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.
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.
The study divulges compelling insights on the soy milk based on Product Type (Plain, Flavored), by Category (Organic, Conventional), by Application (Ice Creams, Desserts Cheese, Yoghurt, and Other), by Distribution Channel (Store-based {supermarkets & hypermarkets, convenience stores, others}, non-store-based) and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Information Source: https://www.futuremarketinsights.com/reports/soy-milk-market
This report on the Soy Milk Market delivers a cumulative synopsis of the speculations of this business, overall, along with an evaluation of its segmentations.
It predicts the Soy Milk market to advance as one of the most profitable verticals, generating massive revenue by the end of the forecast years, exhibiting a sizable growth rate over the calculated period.
The opportunities for growth and expansion that are prominent in the sector as well as the geographical coverage of the industry have also been investigated by the report.The competitive landscape and company profiles offered in the report examine the key players in the Soy Milk market.
The competitive analysis scrutinizes strategic initiatives adopted by key players and evaluates recent developments and market standing of the companies.
The company profiles include data of established players and new entrants and are examined by using analytical tools like SWOT Analysis.Get FREE Sample Copy with TOC of the Report to understand the structure of the complete report @ https://www.reportsanddata.com/sample-enquiry-form/1807Outlining the competitive landscape of the Soy Milk market:A brief outlook of the key companies in the Soy Milk market, focusing on companies such asEden FoodsPureharvestVitasoy International HoldingsPacific Foods of OregonAlproStremicks Heritage FoodsPalsgaardJohars GroupThe Hershey CompanyHain CelestialKikkoman CorporationNOW FoodsSo Delicious Dairy FreeSunOptaIncluding the delivery & sales divisions, together with the particulars of every manufacturer have been stated in the report.The study encompasses the value that each region contributes for collectively along with the anticipated regional market share.
The report comprises of the rate of product consumption across all these regions alongside the consumption market share and the regional consumption rate.Request customization of the report @ https://www.reportsanddata.com/request-customization-form/1807Unveiling the regional landscape of this market:Owing to the regional geography of the Soy Milk market, this research segments the industry into USA, UK, Europe, Asia Pacific, Latin America and Middle East and Africa.Statistical data indicating product consumption across all these topographies have been cited in the report.
The global Soy Milk Market was valued USD 11.08 Billion by 2025, according to Million Insights, registering a 6.1% CAGR over the forecasted period.
The growing awareness on benefits of soy milk in dessert and beverage is anticipated to positively affect the global market.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/global-soy-milk-market/request-sample Market Synopsis of Soy Milk Market: Application wise, the beverage segment held the highest market share, in 2018 due to the increasing usage of this product over traditional milk.
Further, increasing consumption of soy milk in coffee, cereal, and tea is projected to further drive the demand of this market.
The dessert segment registered highest grow with CAGR of more than 6% over the forecast period, 2019-2025.
The unflavored segment has accounted largest market share, in 2018 due to the increasing usage of unflavored milk for snacks and dessert.
