Soy Milk Market Poised for Robust Growth, Forecasted to Expand at 7% CAGR from 2024-30

MarkNtel Advisors has released its latest report highlighting strong growth in The Global Soy Milk Market is valued at around USD 10.5 billion in 2022 & is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2024-30. 

Report Coverage

This report offers a comprehensive analysis of the Soy Milk Market, providing valuable insights across historical trends, current dynamics, and future forecasts.

• Base Year: 2023
• Forecast Years: 2024-30
• Historical Years: 2019-22

Soy Milk Market Overview

The market is driven by the growing health consciousness among people & a rise in the population of vegans & lactose intolerants across the world. This, in turn, propelled the demand for alternatives to animal-based regular milk, further shifting towards nutrient-rich soy milk.

Besides, as more & more individuals are stimulated by trends like veganism & becoming more conscious of animal welfare, the demand for soy milk is anticipated to upscale in the coming years. In fact, it is estimated that people are more likely to become vegan in the coming years, thus generating growth opportunities for the leading players to increase their product offering on soy milk & widen their distribution capacities to cater to the burgeoning need worldwide.

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Soy Milk Market Segmentation Outlook

The Soy Milk is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Type

• Flavored
• Unflavored

By Application

• Food & Beverages
  • (Bakery & Confectionery, Beverages, Desserts)
• Dietary Supplements

By Distribution Channel

• Offline
  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Specialty Bakery/Stores
• Online

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Soy Milk Market Driver

Rising Lactose Intolerance & Dairy Allergies to Augment the Product Demand – Lactose intolerance includes the inability to digest lactose, a sugar found in milk & dairy products, due to a deficiency of the enzyme lactase, whereas dairy allergies involve an immune response to proteins found in cow's milk. The prevalence of lactose intolerance & dairy allergies among individuals has led consumers to seek non-dairy alternatives like soy milk to meet their nutritional needs without adverse reactions, which is one of the crucial aspects driving the market growth.

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Top Soy Milk Market Brands & Their Strategic Market Positioning

MarkNtel Advisors Research identifies Alpro, American Soy Products, Campbell Soup Company, Danone S.A., Eden Foods, Hain Celestial Group, Inc., Kikkoman Corporation, Organic Valley, Pureharvest, Pacific Natural Foods, Panos Brands, SunOpta, Sanitarium, The Hershey Company, Vitasoy International Holdings, WhiteWave Foods, Others as key players shaping the market landscape.

Soy Milk Market News

• 2024: Nestle invested around USD4.3 million for the launch of the ‘Milo Soy’. The drink includes high-protein soy & malt extract which has strong health benefits & is easy to comsume.
• 2022: Danone S.A. expanded its Canadian dairy-free portfolio by launching Nextmilk under the Silk Canada brand. As per the company, Silk Nextmilk is described as an excellent source of vitamin B12 & riboflavin and a good source of calcium, vitamin D, vitamin A, zinc, and fiber.

Key Questions Answered in the Report

• What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
• How the industry has been evolving, and which segments would dominate the market during the forecast period?
• What are the key opportunity areas that companies foresee in the coming years 2030?
• Who are the key players in the market, and what are their competitive strengths?
• What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?

Need tailored data? We offer customized forecasts by region, product segmentation, and competitive intelligence upon request — now with an exclusive special pricing offer – Customized Link

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