“Global Soy Milk Market to reach a market value of 13.23 Billion by 2031 growing at a CAGR of 13.2%”
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 Asia Pacific segment leads the soy milk market, driven by its cultural affinity for soy-based products and the widespread consumption of soy milk as a staple in countries like China, Japan, and India. The region's large population base and high prevalence of lactose intolerance further bolster the demand for plant-based milk alternatives like soy milk. Additionally, affordability and the established production infrastructure for soybeans in countries such as China and India make soy milk readily available and cost-effective for consumers. The growing adoption of plant-based diets, driven by health consciousness and traditional preferences, has also amplified the market's growth in Asia Pacific. Thus, the Asia Pacific segment recorded 43% revenue share in the market in 2023. In terms of volume, the Asia Pacific region is expected to utilize 1,987.17 kilo tonnes of soy milk by the year 2031.
The rise in awareness about dietary choices' environmental, ethical, and health implications has fueled a significant global shift towards plant-based diets. This trend is not limited to vegans and vegetarians but also extends to flexitarians—individuals who consciously reduce their consumption of animal products while incorporating more plant-based foods.
Additionally, derived from soybeans, soy milk is an excellent source of high-quality plant protein, offering all essential amino acids needed for maintaining muscle health and overall body function. This is particularly advantageous for individuals who adhere to vegan or vegetarian diets, as they may experience challenges in obtaining their protein requirements exclusively from plant-based sources.
However, soy is recognized as one of the most common food allergens worldwide. It can cause reactions that range from mild symptoms, such as hives and itching, to severe, life-threatening anaphylaxis. As a result, individuals with soy allergies must completely avoid soy milk, significantly narrowing its potential consumer base. Hence, these factors significantly influence consumer choices, often leading them to select more appealing options instead of soy milk in the expanding plant-based milk industry.
On the basis of flavor, the market is classified into plain/unflavored and flavored. The flavored segment recorded 41% revenue share in the market in 2023. In terms of volume, 1,541.06 kilo tonnes of flavored soy milk is expected to be utilized by the year 2031. Flavored soy milk, available in options like vanilla, chocolate, and strawberry, appeals particularly to younger demographics, families with children, and those transitioning from dairy to plant-based alternatives.
Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online, and others. The supermarkets & hypermarkets segment witnessed 52% revenue share in the market in 2023. In terms of volume, 1,856.55 kilo tonnes of soy milk is expected to be sold by supermarkets and hypermarkets by the year 2031. The primary distribution channels for soy milk are supermarkets and hypermarkets, as they offer numerous products under a single canopy.
Based on product, the market is bifurcated into conventional and organic. The organic segment procured 14% revenue share in the market in 2023. In terms of volume, 380.37 kilo tonnes of organic soy milk is expected to utilize by the year 2031. The growing consumer preference for clean-label, chemical-free, and sustainably produced food products drives the organic segment. With increased awareness of health and environmental issues, consumers seek soy milk free from synthetic pesticides, herbicides, and GMOs, making organic soy milk a popular choice.
By type, the market is divided into unsweetened and sweetened. The sweetened segment procured 58% revenue share in the market in 2023. In terms of volume, 2,178.36 kilo tonnes of sweetened soy milk are expected to be utilized by the year 2031. This can be attributed to its broad appeal, as sweetened soy milk caters to consumers who prefer a more palatable and flavorful alternative to traditional dairy.
Free Valuable Insights: Global Soy Milk Market size to reach USD 13.23 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed 25% revenue share in the market in 2023. In terms of volume, the North America region is expected to utilize 789.59 kilo tonnes of soy milk by the year 2031. Soy milk is particularly appealing as a high-protein, lactose-free alternative to dairy, catering to those with dietary restrictions or sustainability concerns.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 5.26 Billion |
| Market size forecast in 2031 | USD 13.23 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.2% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 352 |
| Tables | 830 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Flavor, Distribution Channel, Type, Region |
| Country scope |
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| Companies Included | Eden Foods, Inc., Vitasoy International Holdings Ltd.,SunOpta, Inc., Campbell Soup Company (Pacific Foods of Oregon, Inc.), Panos Brands, LLC, Sanitarium Health and Wellbeing Company,Danone S.A., The Hershey Company, NOW Foods, Inc. and Foodchem International Corporation |
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)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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