Soy Milk Market Size, Share & Trends Analysis Report By Product Type (Flavored, Unflavored), By Application (Desserts, Cheese & Snacks, Beverages), By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global soy milk market size was valued at USD 7.30 billion in 2018. Increasing awareness about the health benefits associated with consumption of soy milk is expected to drive the demand over the forecast period. Increasing popularity of non-dairy foods and beverages is also anticipated to boost product demand.

Soy milk acts as a great substitute for cow milk as it contains an equal amount of protein and is low in calories. Demand for low-calorie products is high due to growing obesity. Hence, soy milk is preferred by a lot of consumers who are weight conscious or trying to lose weight. This product also lowers the bad cholesterol level and is highly preferred by heart patients. The product is also popular among lactose intolerant and anemic population as it is naturally lactose-free and rich in iron. Its high isoflavone content is known to prevent hormone-related cancers.

Numerous other benefits of the product are expected to increase the overall consumption of soy milk and drive the market. However, this product can face stiff competition from its substitutes in the market, such as almond and coconut milk. These substitutes are more easily available due to greater awareness among consumers. Hence, manufacturers are also focusing on increasing awareness about their products via marketing campaigns. Another factor that can obstruct the market growth is the low calcium content in the natural form of the product. Calcium-fortified soy milk is available in the market but such milk may not be fit for regular consumption due to external addition of nutrients.

Introduction of various flavors like vanilla, chocolate, and strawberry by the manufacturers to mask the nutty taste of soy milk is propelling the product demand among kids. However, unflavored or plain soy milk is consumed on a large scale due to its high production. Key manufacturers are investing in research and development to curb the nutty taste by introducing more flavors and selling the product in attractive packages via many distribution channels. Celebrity endorsements are also positively impacting the consumer preference for the product.

Product Type insights

The unflavored segment was prominent in 2018 and is anticipated to continue the trend for the next few years. Unflavored soy milk is not fortified or artificially sweetened and hence is preferred by many consumers. Many manufacturers provide the product fortified with calcium and other essential nutrients to increase its consumption.

Introduction of a variety of flavors in the market has led to an increase in the consumption of flavored soy milk. This segment is expected to expand rapidly at a CAGR of 6.3% from 2019 to 2025. Flavored or sweetened soy milk masks the nutty taste of the original product and hence is preferred by adults. Most popular flavors are vanilla and chocolate. Manufacturers are focusing on increasing the variety of flavors and distribute them in attractive packages to increase consumption, thereby driving the overall product demand.

Application Insights

The beverages segment accounted for the largest market share of 42.2% in 2018. Soy milk is used as a dairy substitute for cow milk either direct consumption or in coffee and tea or with breakfast cereals. The product is also used as an infant feed as it is rich in proteins. In Korean cuisine, the product is used to cold noodle soup in summers.

Desserts are anticipated to be the fastest-growing segment, expanding at a CAGR of 6.6% from 2019 to 2025. This segment is anticipated to witness substantial growth due to an increase in the consumption of non-dairy ice cream and beverages like smoothies and milkshakes. Soy milk is also used to prepare healthy yogurt smoothies, which are consumed as desserts in many countries worldwide. An increase in dessert consumption is expected to drive the market in the coming years.

Cheese and snacks was the second largest segment in 2018 and accounted for 30.9% share in the overall market. Cheese made out of soy milk is called tofu. Tofu is used in the preparation of a variety of dishes as an alternative to cottage cheese and paneer. Many soy milk snacks and dishes are common in countries like China, Japan, and India. In these countries, soy milk is in breakfast with oatmeal. Some manufacturers are also focusing on cookery shows and endorsements by famous chefs to promote their product. Cookery shows are a great way to promote the brand as well as create new soy milk-based recipes. For instance, famous celebrity chef, Vikas Khanna introduced the recipe for making eggless mayonnaise using soy milk. The mayonnaise not only acted as a substitute for regular mayonnaise but was also vegan, healthy, and nutritious. Such similar initiatives are expected to propel market demand.

Regional Insights

In terms of revenue, Asia Pacific dominates the market as many countries like China, India, Japan, South Korea, and Hong Kong are the major consumers of the product. Abundant production of soybean in these countries is also driving the consumption in this region.

North America is anticipated to be the fastest-growing market due to the increasing consumption of non-dairy alternatives. However, the product faces competition from almond milk in this region as consumers find nuts and nuts-based beverages healthy. However, with a lot of studies proving the benefits of soy milk, consumers are preferring the product over other substitutes like almond, rice, and coconut milk.

In Europe and other regions, consumption is steadily increasing. Countries like Germany and the United Kingdom are investing heavily in non-dairy desserts due to the increasing focus of the population on healthy alternatives. This is expected to increase product demand in the forecast period.

Other countries in the rest of the world may propel growth of the market due to increasing awareness about soy milk in these regions. Since soybean is produced in the majority of the African region and countries like Brazil are the potential markets for soy milk.

Soy Milk Market Share Insights

The market is highly fragmented due to the presence of many global players in different parts of the world. Key providers in this market include Eden Food; Organic Valley; Pureharvest; Vitasoy International Holdings; and SunOpta Inc. The product is made available at various local supermarket stores and e-commerce channels in attractive packages. This is a strategy employed by global manufacturers to increase product consumption and propel market growth.

Changing taste preferences of consumers are pushing manufacturers to introduce new flavors in the market. This is fueling the growth of flavored soy milk, thereby increasing overall consumption.

Report Scope

Segments Covered in the Report:

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global soy milk market report on the basis of product type, application, and region:

• Product Type Outlook (Revenue, USD Billion, 2015 - 2025)

  • Flavored

  • Unflavored

• Application Outlook (Revenue, USD Billion, 2015 - 2025)

  • Desserts

  • Cheese and Snacks

  • Beverages

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)

  • North America

    • The U.S.

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • India

  • Central and South America

    •  Brazil

  • Middle East and Africa