Soy Milk Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global soy milk market is set for substantial growth, with its value projected to increase from $6.12 billion in 2024 to $11.51 billion by 2031, reflecting a robust CAGR of 9.40%. As a versatile and nutritious alternative to dairy milk, soy milk has become a staple in many households and foodservice industries, leading to a surge in its global demand.

Expanding Demand for Plant-Based Diets

The surge in plant-based diets is one of the key drivers of the soy milk market. As consumers become more conscious of the environmental impact of their food choices, there has been a notable shift towards plant-based alternatives. Soy milk, being a traditional vegetable protein beverage, has garnered attention for its ethical, environmental, and health benefits. Governments across the globe are also encouraging the adoption of plant-based diets, further fueling the growth of the soy milk market. Campaigns promoting plant-based foods are gaining traction, with many governments offering incentives to farmers to cultivate crops necessary for plant-based milk production.

Health Benefits Fuel Consumer Preference

Soy milk has emerged as a preferred choice among health-conscious consumers, owing to its numerous health benefits. It is known to aid in reducing cholesterol levels, thereby decreasing the risk of coronary heart disease. Additionally, soy milk contains isoflavones, which are believed to lower the risk of certain cancers, prevent osteoporosis, and ease menopause symptoms. The antioxidant and anti-inflammatory properties of soy milk also contribute to improved gut and heart health. With growing consumer awareness of these benefits, the demand for soy milk is expected to rise substantially.

Flavored Dairy Alternatives Gain Traction

The market for flavored plant-based dairy alternatives is witnessing significant growth as consumers seek variety in their beverage options. The demand for innovative and wholesome flavors, particularly among millennials and Gen Z, is driving the popularity of flavored soy milk. Manufacturers are focusing on creating products that cater to the evolving tastes of modern consumers. Flavored soy milk is gaining traction, especially among those with lactose intolerance, as it offers a tasty and nutritious alternative to traditional dairy milk.

Growing Popularity of Lactose-Free Milk

Lactose intolerance is a common condition affecting a significant portion of the global population, particularly in East Asia. As consumers with lactose intolerance seek alternatives to dairy milk, the demand for lactose-free beverages, including soy milk, is on the rise. Soy milk is rich in protein, vitamins, fiber, and other essential nutrients, making it an ideal substitute for animal milk. The increasing prevalence of digestive disorders related to dairy consumption is expected to further boost the sales of soy milk and other plant-based milk varieties.

Rising Consumption in Foodservice and Retail Sectors

The foodservice industry is capitalizing on the growing trend of veganism and the increasing demand for plant-based milk products. Soy milk is becoming a popular choice in various foodservice establishments, including restaurants, cafes, and hotels, as consumers seek dairy-free options. In addition to foodservice, the retail sector is also witnessing a surge in soy milk sales, driven by health-conscious consumers who are shifting towards plant-based diets. The rising demand for soy milk in both foodservice and retail sectors is expected to contribute significantly to the market's growth.

Competitive Analysis

• Pacific Foods of Oregon, LLC.
• The Bridge S.R.L
• Natura Foods
• Hiland Dairy
• Danone Group
• Ecomil
• NOW Health Group, Inc.
• The Hain Celestial Group, Inc
• Pure Harvest
• The Hershey Company
• Bio Nutrients Pvt. Ltd
• The Granarolo Group
• Vitasoy International Holdings Ltd
• American Soy Products, Inc.

Soy Milk Industry Research by Segmentation

By Nature:

• Organic
• Conventional

By End Use:

• Food & Beverage Industry
• Bakery & Confectionery
• Dairy & Desserts
• Infant Formula
• Retail/Household
• Foodservice Industry

By Distribution Channel:

• Business to Business
• Business to Consumer
• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retails

By Region:

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

This product will be delivered within 1-3 business days.