Impact of COVID-19 on Soy Milk Market - Global Industry Analysis and Forecast 2025

Soy milk is a type of grain milk which is prepared by soaking dried soya beans which is grinded in water. Soy milk is a stable emulsion of water, oil and protein. Soy milk is available in various flavors in the market which is also fortified with extra calcium and vitamins. Soy milk contains high amount of essential ingredients such as carbohydrates, proteins, and calcium as compared to regular cow milk. Soy milks does not contain lactose, and is highly preferred by consumers which are lactose intolerant and individuals that avoid dairy products, including vegan consumers. Manufacturers are offering innovative soy milk-based products which are fortified with vitamins such as vitamin B12 and B3, minerals and iron for increasing their product quality. Soy milks are the most consumed milk alternative worldwide which are boosting the sales growth over the recent years. Soy milk is mostly consumed by individuals which are lactose intolerant, allergic to soy and soy-based products or milk products. Soy milks are rich in protein and is calcium fortified drinks.

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Global Soy Milk: Market Segmentation

The global soy milk market is segmented on the basis of form, flavor, distribution channel, application and region. The soy milk market is segmented on the basis of form such as plain unsweetened form and plain sweetened form. The soy milk market is segmented on the basis of flavor such as chocolate and vanilla. The soy milk market is segmented on the basis of distribution channel such as online stores, supermarket/hypermarket, retail stores, and others. The global soy milk market is segmented on the basis of application in which soy milk is used in application in food products such as cheese, desserts, and snacks and beverages such as cold-pressed milks and others. Hence, the global soy milk market is expected to significantly increase the revenue contribution over the forecast period.

Global Soy Milk Market: Regional Outlook

Geographically, the global soy milk industry can be divided by major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East & Africa. Globally, among all regions, Asia Pacific has developed as the dominant region in global soy milk market followed by Europe. Increasing demand for soy milk in lactose-intolerant consumers, has strengthened the growth of global soy milk market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.

Global Soy Milk Market: Growth Drivers

The global soy milk market driving factors are increasing demand for lactose-free food products due to the ease of digest which is likely to contribute significantly to the revenue growth of global soy milk market till 2025. Growing levels of lactose intolerance is one of the major driving factor of the market. Rising consumer awareness regarding usage of lactose-free dairy products in day-to-day life which helps in maintaining the galactose level in the body, is one of the major driving factor for the market. Manufacturers are offering a variety of soy milk-based dairy products to the consumers in order to remain in the competition. Growing population of lactose intolerance consumers is also a major factor which is driving the global soy milk market. Hence, the global soy milk market is expected to observe robust growth over the forecast period.

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Global Soy Milk Market: Key Players

Some of the key players identified across the value chain of the global soy milk market include Vitasoy Australia, Alpro, Provamel, DREAM, Furama, NOW Foods, Palsgaard, Pacific Foods of Oregon, Inc., The Hain Celestial Group, Inc., Lam Soon Group are among others. The companies are expected to expand their business by enhancing their product portfolio in global soy milk market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global soy milk market till 2025.

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