The global soy milk market size is expected to reach USD 11.08 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% over the forecast period. The market is expected to witness significant growth owing to increasing awareness about the health benefits of soy foods and beverages. Availability of a variety of soy milk fortified with nutrients and flavors has helped the product gain popularity in children and adults alike.
The beverages application segment held a major share of the overall revenue owing to growing consumption of soy milk as an alternative to cow milk for daily consumption or in preparation of tea and coffee. Moreover, new varieties of flavored soy milk is expected to drive the demand for beverages over the forecast period. However, the desserts segment is expected to grow significantly with a CAGR of 6.6%. Increasing consumption of non-dairy dessert food is expected to increase the consumption of the product in desserts.
The unflavored product segment accounted for a significant share in the market. It is used in the preparation of a variety of snacks and dishes. The original product has a peculiar nutty taste, which most consumers do not like. Hence, many flavors are introduced in the market to increase consumption of the product. Vanilla and chocolate are the popular flavors among others, which is expected to fuel the product demand.
Asia Pacific was the largest consumer of the product in 2018 due to large scale production of soy bean in major countries like China, India, Japan, and Hong Kong. China was the major consumer in the entire world in 2018. North America is anticipated to witness substantial growth in light of increasing awareness of soy benefits and consumption of non-dairy alternatives. In Europe, many German manufacturers are engaged in utilizing the health benefits of the product to make various dairy products like cheese and butter. This is expected to drive the market owing to product offerings based on soy milk.
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Further key findings from the study suggest:
- In terms of revenue, the desserts application segment is projected to expand at a CAGR of 6.6% over the forecast period owing to rapid increase in the overall desserts and non-dairy dessert alternatives. Beverages dominated the market with an overall share of 42.2% in 2018
- Asia Pacific dominated the market in 2018 and accounted for a share of 37.1%. This trend is projected to resume over the next few years owing to increasing population and awareness about the benefits of soy-based food and beverages
- The market for dessert is expected to witness significant growth in various countries including U.S., U.K., Germany, India, and Japan owing to increasing consumption of non-dairy foods and beverages
- The industry is highly competitive in nature due to presence of the main players including Eden Foods; Organic Valley; Pureharvest; WhiteWave Foods; SunOpta Inc.; and Vitasoy
- Various manufacturers are concentrating on introducing new flavors of soy milk in the market to increase product offering.