Soy Milk Market Size, Industry Share & Trends to 2034 |
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Soy Milk Market Size, Industry Share & Trends to 2034
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Soy Milk Market Outlook from 2024 to 2034
Soy milk, over the years, has come a long way to become one of the prominent non-dairy alternatives. Busting myths and negative perceptions, soy milk’s acceptance in the general population has taken the market to a staggering US$ 6,877.4 million in 2024. Effective marketing strategies by key players in the market are set to bring this market close to US$ 12,860.8 million by 2034, progressing at a CAGR of 8.70%. Attributes Details Soy Milk Market Size for 2024 US$ 6,877.40 million Forecast Market Value for 2034 US$ 12,860.8 million Value-based CAGR from 2024 to 2034 8.70%Don't pay for what you don't need Customize your report by selecting specific countries or regions and save 30%! Soy Milk Industry Analysis The general populace’s preference for soy milk is increasing as the non-dairy alternative is also benefiting the market. Rising awareness of the nutritional content in this milk amidst the ongoing fitness trend is also driving sales of soy milk in supermarkets and online platforms to unprecedented heights. The eCommerce boom, promotion by social media influencers, last-mile grocery delivery applications, and people’s desire to explore different dietary preferences are also some of the torch-bearing drivers for the growth of the flavored soy milk market. Lactose intolerance, in the developing world is also bringing about substantial changes in the dietary preferences of the general population. Soy milk-based confectionery and products are often seen stacked up in leading supermarkets and bakery products. Product innovation by leading players in the market also has amplified people’s admiration for soy milk products. For instance, Vitamilk, the soy milk brand from Thailand, recently launched an Ube-flavored variant of soy milk. The company is able to exactly mimic the taste, texture, and flavor of Ube-ice cream in their new product. Factors Hampering the Soy Milk Market The biggest threat soy milk faces is from other non-dairy alternatives such as almond milk, oat milk, and coconut milk. These alternatives are often perceived as cheaper, healthier, and tastier. Sales of this milk are also experiencing a significant plunge, as compared to its other plant-based alternatives, due to its less appealing and bitter taste. This has adversely hampered its popularity among consumers who prefer taste more than other factors. While soy milk is best suited for people with lactose intolerance, it itself is one of the largest allergens in the general populace. This limits its acceptance, keeping a substantial chunk of the population away from the market. There are still some concerns about genetically modified organisms, hormone disruption due to phytoestrogens, and environmental impacts of soy farming. These factors are collectively contributing to the negative growth rate.Key companies in the market, over the years, have made concrete efforts to ward off negative perceptions regarding soy and soy-based products. These companies are often found collaborating with fitness bloggers and nutrition experts to promote their offerings. Besides this, it has also been observed that, in the last few years, there has been an influx of different flavors in the soy milk line. This is primarily done to mitigate the misconception about the bitter taste of soy milk. 
Nandini Roy Choudhury
Principal Consultant Talk to Analyst Find your sweet spots for generating winning opportunities in this market. Comparative View of Adjacent MarketsNon-dairy alternatives to milk are garnering significant interest in the overall global population. These markets have the potential to give rigorous competition to the soy milk market. The growth rates, challenges, and ongoing trends of the almond milk market and walnut milk market have been jotted down below. Drawing from these analytics, it can be concluded that the market for almond milk has great opportunities in the coming future. Soy Milk Market: Attributes Soy Milk Market Value-based CAGR (2024 to 2034) 8.70% Growth Factor Increasing lactose intolerance in the general populace, especially in the developing and developed parts of the world Restraint The negative notions about the nutritional values of soy and the bitter taste of its milk Trend Key players in the market are formulating soy milk with different flavors, textures, and variants.Walnut Milk Market: Attributes Walnut Milk Market Value-based CAGR (2024 to 2034) 8.60% Growth Factor Consumers shift toward plant-based products with the ongoing vegan trend Restraint Just like soy, walnuts too are one of the largest allergens in the world. This is impeding its acceptance by the public Trend Companies in the market are formulating products with zero additives and preservatives to generate more trust in the consumer baseAlmond Milk Market: Attributes Almond Milk Market Value-based CAGR (2024 to 2034) 9.20% Growth Factor The affluent population’s desire to have a premium non-dairy alternative to milk Restraint Almond milk costs more than regular dairy alternatives and other plant-based milk substitutes. Trends To cater to the demands of eco-conscious consumers, brands are embracing sustainable sourcing, manufacturing, and packaging. Category-wise Insights Conventional Soy Milk Retains its Dominance despite the Advent of Organic OnesSoy milk, in the market, comes in two variants: organic and conventional. Despite the ongoing trend of organic dietary preferences, conventional soy milk holds a market share of 89.3%, as of 2024. Attributes Details Top Category Conventional Market Share (2024) 89.30% Conventional soy milk products are garnering more admiration among the general consumer base as they typically tend to be a little less heavy on the pockets, as compared to the organic ones. The shelf life of conventional soy milk is also long due to the use of additives and preservatives. Their sales, in the past couple of years, have also touched the skies due to their widespread availability on e-commerce platforms. Higher Consumer Preference for Plain Soy Milk Products over Flavored OnesSoy milk, in the initial few decades, faced a serious plunge in demand due to its bitter taste. This pushed the manufacturers to curate flavored soy milk products. But despite this, a considerable chunk of consumers are still opting for plain soy milk, which holds a market share of 83.70%. Attributes Details Top Product Type Plain Market Share (2024) 83.70% Plain soy milk is capturing more esteem in the general population as it is perceived as healthy compared to flavored ones. Flavored soy milk products contain more additives, preservatives, and sometimes sugar, which doesn’t suit the preferences of health-conscious people. Plain soy milk is also cheaper, as compared to flavored ones, which attracts a substantial chunk of consumers with tight pockets.Get the data you need at a Fraction of the cost Personalize your report by choosing insights you need and save 40%! Country-wise InsightsUrbanization, growing lactose intolerance, emerging trends in vegan milk and plant-based products, and the booming eCommerce sector are contributing to the soy milk market expansion globally. Mentioned below are the growth rates of India, Japan, Germany, the United States, and China, for the forecast period. These countries are considered some of the most lucrative markets in the industry. Countries CAGR (2024 to 2034) India 7.00% Japan 6.40% Germany 6.30% United States 5.50% China 4.20% Influencer Brands and Social Media Promotion Benefits Soy Milk Market in IndiaThe market in India is slated to grow at a CAGR of 7.00% from 2024 to 2034. India is a country with more than 880 million people using social media. This has pushed soy milk manufacturers to advertise their products on these platforms. To reach a more concise consumer base, these brands are also collaborating with fitness bloggers and nutrition experts. The advent of influencer brands in the Indian market is also aiding the acceptance of soy milk as an alternative to conventional milk products. The promotion of these brands in leading television sitcoms is also generating great trust among Indian consumers, which is positively affecting the market. Japan’s Aging Population Aids the Soy Milk Market GrowthJapan is also one of the most lucrative countries in this market. It is very likely to grow at a CAGR of 6.40% over the forecast period. In 2024, Japan is dealing with the problem of growing aging population. This population is more susceptible to developing age-related problems, such as high cholesterol, obesity, and hypertension. Soy milk, which is considered a healthier alternative to conventional milk best suits the dietary preferences of the geriatric population in the country. This, along with the familiarity of Japanese people with soy milk, has positioned it as one of the prosperous markets in the overall industry. Germany’s Cultural Affinity to Soy Milk Profits its Domestic ManufacturersGermany is one of the most vibrant markets for soy milk. It is inclined to grow at a CAGR of 6.30% through 2034. Germany, during the world wars, was heavily dependent on soy milk and other plant-based alternatives to milk due to supply chain disruptions. This cultural affinity toward it has led to the considerable acceptance of soy milk in the German population. Besides this, German brands in the plant-based milk domain, are also introducing refillable glass bottles to cater to the demand of eco-conscious consumers. Rising Incidences of Diabetes in the United States Population to Benefit Soy Milk MarketThe market in the United States is also a promising one. It is slated to grow at a CAGR of 5.50% through 2034. According to a survey, 11.6 percent of the total United States population is dealing with diabetes. This has increased the reliance of people on soy milk products as it potentially has more health benefits than traditional milk. Demand in the United States is also increasing due to the growing lactose intolerance trends in the country. The presence of multinational companies in the country has also facilitated the availability of soy milk products in leading supermarkets and online platforms. Chinese Population’s Plant-based Dietary Preferences Popularizes Soy Milk ProductsThe Chinese market is also very likely to flourish in the coming years. It is slated to grow at a CAGR of 3.70% through 2034. China is home to one of the largest populations in the world. Its sheer enormity is enough to make it one of the most lucrative countries in the market. Besides this, the ongoing trend of plant-based diets is also proving to be a boon for the Chinese market. The pharmaceutical and nutraceutical industry in China has also seen major ups in the last couple of years. Its application in cereal bars, protein shakes, milkshakes, etc., has also propelled the market to touch the skies in the country. Competitive LandscapeSoy milk, as a non-dairy, plant-based alternative to milk has come of long way. The market, which was only relevant in a few countries, a couple of decades ago, has expanded significantly due to the advent of multinational companies and e-commerce platforms in emerging economies. To remain competitive, brands in this market are formulating new variants in their offerings. They are also embracing sustainable procuring, manufacturing, and packaging practices to cater to the demands of eco-conscious consumers, especially the young population. Recent Developments In September 2023, Lufthansa introduced oat milk onboard its flights, following the trend of offering non-dairy alternatives. Despite the additional cost, the airline joined others in meeting the growing demand for dairy-free options among passengers. In August 2021, Russian mayo giant EFKO Group announced its foray into soy milk production, investing $8 million to produce a thousand tons monthly, aiming to match cow milk prices. Test batches under the Hi! the brand was already sold, with mass production set for autumn. In March 2020, Asahi Soft Drinks launched a plant-based version of Calpis, using soymilk. Marketed as Green Calpis, the beverage boasted a refreshing aftertaste and lower sweetness, targeting health-conscious females in their 40s and 50s, alongside consumers favoring non-dairy options. Key Companies Bio Nutrients Pvt. Ltd. The Granarolo Group Vitasoy International Holdings Ltd. American Soy Products, Inc. Ecomil NOW Health Group, Inc Pureharvest The Hain Celestial Group, Inc. The Hershey Company Pacific Foods of Oregon, LLC The Bridge S.R.L Natura Foods Hiland Dairy Danone Group Key Coverage in the Soy Milk Market Emerging Soy Milk Flavors Ongoing Soy Milk Trends Advantages of Soy Milk for Weight Loss Overview of Coffee Flavored Soy Milk Flavored soy milk brands in India Key Segments Profiled in the Soy Milk Industry Survey By Product Type: Plain Flavoured By Category: Organic Conventional By Application: Ice Creams Desserts Cheese Yoghurt Other By Distribution Channel: Store-based (supermarkets & hypermarkets, convenience stores, others) Non-store-based By Region: North America Latin America Europe Asia Pacific Middle East and Africa (MEA) Frequently Asked Questions How Big is the Soy Milk Market Worth in 2024?The market is expected to be worth US$ 6,877.40 million in 2024. What is the Sales Forecast for the Soy Milk through 2034?The market is expected to reach US$ 12,860.8 million by 2034. At What rate is the Soy Milk Market Growing?The market is developing at a CAGR of 8.70% from 2024 to 2034. Which are the Key Companies in the Soy Milk Market?Bio Nutrients Pvt. Ltd., The Granarolo Group, Vitasoy International Holdings Ltd., American Soy Products, Inc., Ecomil, NOW Health Group, Inc., Pureharvest, etc., are some of the major players in the market. What was the overall Value of the Market in 2019?The valuation for the market was US$ 4,264 million in 2019. |
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