Soy Milk Market Growth, Size, Share, Trends, and Forecast 2032

Soy Milk Industry Prospective:

The global soy milk market size was evaluated at $7.35 billion in 2023 and is slated to hit $13.74 billion by the end of 2032 with a CAGR of nearly 7.21% between 2024 and 2032.  

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Soy Milk Market: Overview

Soy milk is a plant-based drink that is produced by both soaking as well as grinding soybeans, boiling the mixture, and then filtering out the particles that remain. Reportedly, soy milk is a mixture of water, oil, and protein. Moreover, it is free from lactose and gluten and hence is the best alternative for consumers who are lactose intolerant to the milk of cow or buffalo. For the record, soy milk possesses no cholesterol and is a rich source of vegetable proteins which can benefit health.

Key Insights

• As per the analysis shared by our research analyst, the global soy milk market is projected to expand annually at the annual growth rate of around 7.21% over the forecast timespan (2024-2032)
• In terms of revenue, the global soy milk market size was evaluated at nearly $7.35 billion in 2023 and is expected to reach $13.74 billion by 2032.
• The global soy milk market is anticipated to grow rapidly over the forecast timeline owing to a surge in customer awareness about numerous health benefits offered by soy milk.
• In terms of application, the ice cream segment is slated to register the highest CAGR over the forecast period.
• Based on distribution channel, the supermarkets & hypermarkets segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the European soy milk industry is projected to register the fastest CAGR during the projected timespan.

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Soy Milk Market: Growth Factors

Rise in consumer awareness about health & fitness will drive the global market trends

A surge in customer awareness about the numerous health benefits offered by soy milk is anticipated to steer the expansion of the soy milk market across the globe. Additionally, growing awareness about a green & clean environment has encouraged consumers to consume plant-based products, thereby fostering the expansion of the global market. A prominent surge in the vegan population along with the flourishing food & beverages sector will contribute notably towards the growth of the global market. Surging awareness among consumers about good health & fitness will steer the expansion of the market across the globe.

Soy Milk Market: Restraints

Growing issues regarding allergies witnessed in individuals due to the intake of soy milk can hamper the growth of the global industry  

Rising concerns pertaining development of allergies and different perceptions regarding the texture and taste of the product can restrict the expansion of the global soy milk industry  

Soy Milk Market: Opportunities

Easy access to dairy product substitutes will open new growth avenues for the global market

Soy milk is an apt alternative to dairy milk and is also considered a conventional vegetable protein drink. This has generated a huge demand for soy milk, thereby opening new growth opportunities for the global market.

Soy Milk Market: Challenges

A surge in the cost of producing soy milk can impact the growth of the industry globally

A rise in product costs and procurement costs as well as production costs can prove as a huge challenge for the global soy milk industry in the upcoming years.

Soy Milk Market: Segmentation

The global soy milk market is divided into type, application, distribution channel, and region.                                         

In application terms, the soy milk market across the globe is bifurcated into ice-creams, yogurt, and dessert segments. Additionally, the ice cream segment, which acquired nearly 52% of the global market earnings in 2023, is expected to register the fastest annual rate of growth in the forecast timeline. The expansion of the segment in the next eight years can be due to the rising use of soy milk in vegan dairy-free desserts such as ice-creams. 

Based on the distribution channel, the global soy milk industry is divided into supermarkets & hypermarkets, health food stores, convenience stores, and online retail segments. Moreover, the supermarkets & hypermarkets segment, which accumulated about 53% of the global industry size in 2023, is anticipated to make sizable contributions towards the global industry revenue over the analysis timeline. The growth of the segment in the upcoming years can be attributed to a rise in the availability of the product on shelves of supermarkets & hypermarkets. 

Based on the type, the global soy milk market is divided into flavored and unflavored segments.

Soy Milk Market: Report Scope

Soy Milk Market: Regional Insights

North America is expected to maintain its leadership status in the global market in the next couple of years

North America, which contributed approximately 75% of the global soy milk market earnings in 2023, is projected to maintain the number one position in the global market in the years ahead. In addition to this, the regional market expansion in the next couple of years can be subject to the large-scale presence of key manufacturers in countries such as the U.S. Moreover, the rise in the health consciousness among people in countries such as Canada and the U.S. and the huge demand for dairy product substitutes will drive the regional market trends.

The European soy milk industry is anticipated to register the fastest growth rate in the forecast timeline. The rapid progression of the industry in Europe over 2024-2032 can be attributed to a rise in the allocation of funds in non-dairy desserts by governments of countries such as Germany and the UK. Moreover, strict enforcement of health & fitness laws in a slew of European nations will steer the growth of the industry in Europe.

Key Developments

• In second quarter of 2019, Invigorate Foods, a soya milk manufacturing firm based in Japan, declared an investment of nearly INR 60 crore in Indian sub-continent for producing soy milk for three years. Such moves will boost the growth of soy milk business in APAC.
• In April 2024, Yeo Hiap Seng Limited, a Singapore-based beverage firm, introduced new soy milk beverages in Asia.
• In October 2023, Nestle S.A. launched soy-dairy milk blend as instant milk powder in Western and Central African markets. The newly launched product is cost-effective and nutritious.

Soy Milk Market: Competitive Space

The global soy milk market profiles key players such as:

• Sanitarium
• PACIFIC FOODS OF OREGON LLC
• Eden Foods
• Lam Soon Group
• Organic Valley
• Pure Harvest Smart Farms Ltd
• Palsgaard
• Danone North America Public Benefit Corporation
• SunOpta Grains and Foods Inc.
• American Soy Products Inc.
• SunOpta
• Vitasoy International Holdings Limited
• PANOS brands.
• Alpro
• NOW Foods
• The Hain Celestial
• Kikkoman Corporation.

The global soy milk market is segmented as follows:

By Type

• Flavored
• Unflavored

By Application

• Ice Creams
• Yoghurt
• Desserts

By Distribution Channel

• Supermarkets & Hypermarkets
• Health Food Stores
• Convenience Stores
• Online Retail

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa