SAN FRANCISCO, June 13, 2019 /PRNewswire/ -- The global soy milk market size is expected to reach USD 23.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of6.1% 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.
Key suggestions from the report:
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.
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.
Grand View Research has segmented the global soy milk market on the basis of product type, application, and region:
Soy Milk Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
Soy Milk Application Outlook (Revenue, USD Billion, 2015 - 2025)
Cheese & Snacks
Soy Milk Regional Outlook (Revenue, USD Billion, 2015 - 2025)
Lactose-Free Infant Formula Market – The lactose-free infant formula market growth is attributed to growing population of lactose intolerant newborns, coupled with increasing number of working women at the global level. It has been observed that newborns with inability to digest sugar level are increasing
Vegan Food Market– Increasing awareness about the benefits of following vegan diet is the key factor responsible for the growth of this market.
Coconut Products Market – Increasing awareness regarding the benefits associated with the products coupled with growing demand from major developed countries such as Europe and North America is expected to drive the demand of Coconut Products.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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