The soy milk market is anticipated to grow at a CAGR of around 6% during the forecast period. Soy milk is made solely from soybeans seeds and has a number of health benefits. Soy can reduce hyper pigmentation and have anti-aging properties, which are anticipated to fuel its demand, especially among the female population. In addition to this, hair loss is one of the most common problems across the globe, and soy milk when combined with a protein-rich diet promotes good hair growth. This is also expected to increase the shares of the soy milk market during the forecast period.

However, the original bitter taste of soy milk will reduce its adoption rate across the globe which will restrict the growth of soy milk. In addition to this, soy causes allergic reactions involving a rash, itching, and anaphylaxis in several people owing to this the soy milk market growth will be hampered during the forecast period.

Segmental Outlook 

The global soy milk market is segmented based on type and application. Based on the type , the market is bifurcated into plain soy milk and flavored soy milk. Plain soy milk is estimated to contribute a significant share to the market. Further, based on the application the market is sub-segmented into desserts, cheese & snacks, and beverages.

Flavored Soy-Milk Segment is Expected to Exhibit Considerable Growth Rate During the Forecast Period

The flavored soy-milk segment is anticipated to grow at a significant CAGR owing to the presence of a wide variety of flavored soy milk. Soy milk in its original form is quite hard to drink as it doesn’t taste good. Moreover, flavored soy-milk popularity is also rising significantly owing to the increasing number of market players offering new flavors in soy milk. This, in turn, has significantly increased the consumption of soy milk. Additionally, the easy availability of flavored soy milk will also promote the growth of flavored soy milk segment.

Regional Outlook

The global soy milk market is further segmented based on geography into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to exhibit significant growth in the soy milk market during the forecast period. The growth of the market in the region is owing to the change in lifestyle and coupled with the increasing disposable income. 

Europe along with North America is also anticipated to be considerable region in the soy milk market. The growth of the market is owing to the increasing adoption of dairy alternative beverages such as soy milk coupled with the strong presence of market players.

Global Soy Milk Market Growth, by Region 2020-2026

Asia-Pacific to Contribute Significantly to the Soy Milk Market 

Asia-Pacific is anticipated to contribute a considerable share in the market. The regional growth is attributed to the popularity of soy milk and other soy-based products in countries such as China, Thailand, and Singapore. In addition to this, the government support for soy farming across the region will also drive the soy milk market in the region. Moreover, the increasing initiatives by the government to promote the soy-based products is also driving the soy milk market. For instance, the Government of Indian provides up to 80% of loans on Soya milk production and business, which in turn, is fueling the growth of the soy milk market. 

Market Players Outlook

Some of the key players of the soy milk market include Kikkoman Corp., Danone SA, The Hain Celestial Group, Inc., The Hershey Co., SunOpta Inc., Vitasoy international Holdings Ltd., and others. The market players are considerably contributing to the market growth by adopting various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups, and new product launches to stay competitive in the market. 

Recent Activities

• In March 2020, Asahi Group Holdings Ltd. launched a soy milk version named Calpis. With the launch of the new drink, the company is intended to target the potential health-conscious female population. 
• In October 2018, Green Spot Co. Ltd. partnered with DHL International GmbH, the global market leader for contract logistics solutions. With this partnership, the company is aiming to distribute its products across Thailand.
• In July 2017, Kikkoman Corp. in collaboration with NIZO launched a soy milk-based yogurt drink.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Soy milk market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.