The soy milk market is estimated to grow to US$5.011 billion in 2024 from US$3.761 billion in 2018 at a CAGR of 4.90% during the forecast period. Soy milk refers to the plant-based milk produced from Soy Beans, it has various nutritional benefits. Soy Milk is low in cholesterol and is also free from lactose, it is a great alternative to dairy-based products, especially for people who are lactose intolerant.
According to the National Library of Medicine (NLM), approximately 65 percent of the human population has a reduced ability to digest lactose after infancy. Lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting more than 90 percent of adults in some of these communities.
Unsweetened soy milk has a lower calorie content than compared to its plant-based counterpart soy milk as well as cow’s milk. The growing health consciousness along with rising demand for low calories drinks is anticipated to drive the market for soy milk. However, the availability of substitute products such as plant-based milk such as cashew and rice milk as well as cow milk is expected to hamper the Soy milk market growth. Product innovations by major players in the form of new flavors and varieties are expected to widen up the growth opportunities for the soy milk market during the forecast period.
The soy milk market has been segmented on the basis of type, packaging, distribution channel, application, and geography. In the type segment, plain soy milk is expected to grow at a substantial rate owing to the preference for unsweetened milk due to health concerns. Geographically, the Asia Pacific is anticipated to hold a significant share in the market during the forecasted period on account of the rising disposable income in the growing economies of India and China along with the changing consumption habits.
Rising prevalence of lactose intolerance.
Growing health consciousness.
Availability of substitutes.
In December 2017, Campbell Soups Company acquired Pacific Foods Of Oregon LLC for $700 million.
The major players profiled in the soy milk market include Danone, Pacific Foods of Oregon LLC (CSC Brands L.P.), Sanitarium, Organic Valley, Panos Brands, SunOpta, PureHarvest, Eden Foods Inc., Provamel, The Hershey Company.
|Market size value in 2018||US$3.761 billion|
|Market size value in 2024||US$5.011 billion|
|Growth Rate||CAGR of 4.90% from 2018 to 2024|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Packaging, Distribution Channel, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Danone, Pacific Foods of Oregon LLC (CSC Brands L.P.), Sanitarium, Organic Valley, Panos Brands, SunOpta, PureHarvest, Eden Foods Inc., Provamel, The Hershey Company|
|Customization scope||Free report customization with purchase|
The soy milk market has been analyzed through the following segments:
Plain Soy Milk
Flavored Soy Milk
By Distribution Channel
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the soy milk market size by 2024?
A1. The global soy milk market is estimated to reach a market size of US$5.011 billion in 2024.
Q2. What is the size of the global soy milk market?
A2. Soy Milk Market was valued at US$3.761 billion in 2018.
Q3. What are the growth prospects for the soy milk market?
A3. The soy milk market is estimated to grow at a CAGR of 4.90% during the forecast period.
Q4. What factors are anticipated to drive the soy milk market growth?
A4. The growing health consciousness along with the rising demand for low calories drinks is anticipated to drive the soy milk market.
Q5. Which region holds the maximum market share of the soy milk market?
A5. Geographically, the Asia Pacific is anticipated to hold a significant share in the soy milk market.
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. SOY MILK MARKET BY TYPE
5.1. Plain Soy Milk
5.2. Flavored Soy Milk
6. SOY MILK MARKET BY PACKAGING
7. SOY MILK MARKET BY DISTRIBUTION CHANNEL
8. SOY MILK MARKET BY APPLICATION
9. SOY MILK MARKET BY GEOGRAPHY
9.1. North America
9.2. South America
9.3.3. United Kingdom
9.4. Middle East and Africa
9.4.1. Saudi Arabia
9.5. Asia Pacific
9.5.3. South Korea
10. COMPETITIVE INTELLIGENCE
10.1. Competitive Benchmarking and Analysis
10.2. Recent Investmentss and Deals
10.3. Strategies of Key Players
11. COMPANY PROFILES
11.2. Pacific Foods of Oregon LLC (CSC Brands L.P.)
11.4. Organic Valley
11.5. Panos Brands
11.8. Eden Foods Inc.,
11.10. The Hershey Company
LIST OF FIGURES
LIST OF TABLES
Pacific Foods of Oregon LLC (CSC Brands L.P.)
Eden Foods Inc.
The Hershey Company
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