According to a new report, published by KBV research, The Global Soy Milk Market size is expected to reach $13.23 billion by 2031, rising at a market growth of 13.2% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,724.36 kilo tonnes, experiencing a growth of 11.9% (2020-2023).
The Conventional segment is leading the Global Soy Milk Market by Product in 2023, thereby, achieving a market value of $11.2 billion by 2031. Conventional soy milk is often mass-produced using efficient manufacturing methods, enabling it to be priced competitively and appeal to a broad audience, including cost-sensitive consumers. Its affordability and presence in mainstream retail outlets make it a go-to option for households in developed and emerging markets. Additionally, its longer shelf life and ease of storage than organic alternatives further enhance its appeal to consumers seeking convenient and reliable plant-based milk options.
The Convenience Stores segment is anticipating a CAGR of 12.8% during (2024 - 2031). Conventional soy milk is often mass-produced using efficient manufacturing methods, enabling it to be priced competitively and appeal to a broad audience, including cost-sensitive consumers. Its affordability and presence in mainstream retail outlets make it a go-to option for households in developed and emerging markets. Additionally, its longer shelf life and ease of storage than organic alternatives further enhance its appeal to consumers seeking convenient and reliable plant-based milk options.
The Plain/Unflavored segment is generating the maximum revenue in the Global Soy Milk Market by Flavor in 2023; thereby, achieving a market value of $7.6 billion by 2031. This dominance is primarily driven by plain soy milk's versatility and broad appeal, as it serves as a base for various applications, including cooking, baking, and blending in smoothies or coffee. Its neutral flavor profile makes it a preferred choice for consumers seeking plant-based milk without added sugars, artificial flavors, or sweeteners, catering to those focused on health and nutrition. Additionally, plain soy milk often aligns with dietary preferences and requirements, such as low-calorie or unsweetened options, further boosting its demand across diverse demographics.
The Unsweetened segment would overtake the Sweetened market by 2031, growing at a CAGR of 12.7% during (2024 - 2031). Unsweetened soy milk, free from added sugars, appeals to individuals focused on reducing calorie and sugar intake, such as those managing diabetes or following weight-loss diets. Its neutral flavor profile and high protein content make it versatile for cooking, blending, and direct consumption. Additionally, as more consumers prioritize clean-label and minimally processed products, the demand for unsweetened soy milk continues to grow, particularly among health-conscious and fitness-oriented demographics.
Full Report: https://www.kbvresearch.com/soy-milk-market/
The Asia Pacific market dominated the Global Soy Milk Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5.9 billion by 2031. The Europe market is expected to witness a CAGR of 12.4% during (2024 - 2031). Additionally, The North America market is expected to witness a CAGR of 12.9% during (2024 - 2031).
By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Flavor (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
Unique Offerings 
