New Generation’s’ Inclination toward Vegan Diet to Shape the Future of the Soy Milk Market

Soy Milk Market was projected to reach US$ 6,877.40 million in 2024 and to reach a valuation of US$ 12,860.8 million at 8.70% CAGR during 2024 to 2034. Demand in the United States is also increasing due to the growing lactose intolerance trends in the country. The presence of multinational companies in the country has also facilitated the availability of soy milk products in leading supermarkets and online platforms.

NEWARK, Del , April 01, 2024 (GLOBE NEWSWIRE) — With lactose intolerance in the general populace hitting an all-time high, plant-based alternatives to milk and milk products are garnering tremendous admiration, pushing the overall Soy milk market valuation to a staggering US$ 6,877.4 million by 2024. To respond to this demand, brands in the market are also formulating novel flavors and variants on a regular basis.

Vegan dietary preferences among the younger population, especially in countries where eCommerce and brick-and-mortar stores are well-established are also aiding to Soy milk market’s potential to progress at an outstanding CAGR of 8.70% through 2034. This market trend is generally observed in countries like India, China, Brazil, South Korea, etc.

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Referring to the current market scenario, the market valuation is very likely to surpass US$ 12,860.8 million by 2034. This surge is mainly attributed to the growing incidences of chronic diseases in the developing parts of the world and the medicinal properties of soy milk in mitigating rising cholesterol levels. The demand for soy milk is also increasing as it helps individuals keep a check on their weight.

Key Takeaways from the Market Study

  • The conventional segment dominates the soy milk market with a share of 89.30% in 2024.
  • Based on the product type, the plain segment leads the soy milk market with a share of 83.70% in 2024.
  • The soy milk market in India is anticipated to grow at a CAGR of 7.00% through 2034.
  • The soy milk market in China is estimated to rise at a 4.20% CAGR through 2034.
  • The soy milk market in Germany has the potential to increase at a 6.30% CAGR through 2034.
  • The United States soy milk market is predicted to rise at a 5.50% CAGR through 2034.
  • The soy milk market in Japan is likely to grow at a CAGR of 6.40% through 2034.

“There are still a lot of concerns regarding the nutritional content of soy milk-based products. Negative notions about soy milk causing hormonal imbalance in the male population have also affected the adoption. Brands in the market must create effective strategies to ward off these myths and misconceptions in the general population,” says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.)

Competitive Landscape

The market has expanded significantly due to the emergence of multinational companies and eCommerce platforms in emerging economies. Brands in this market are focusing on developing new variants in their offerings to stay competitive. Eco-conscious consumers, particularly the young population, are driving brands to adopt sustainable procuring, manufacturing, and packaging practices. To cater to the demands of such consumers, brands are embracing eco-friendly processes to reduce their carbon footprint and cater to the growing trend of sustainability.

Recent Developments

  • In September 2023, Lufthansa introduced oat milk onboard its flights, meeting the demand for non-dairy options.
  • In March 2020, Asahi Soft Drinks launched Green Calpis, a plant-based version of Calpis made with soymilk.
  • In August 2021, EFKO Group invested US$ 8 million to produce soy milk, aiming to match cow milk prices.

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Key Companies

  • Bio Nutrients Pvt. Ltd.
  • The Granarolo Group
  • Vitasoy International Holdings Ltd.
  • American Soy Products, Inc.
  • Ecomil
  • NOW Health Group, Inc
  • Pureharvest
  • The Hain Celestial Group, Inc.
  • The Hershey Company
  • Pacific Foods of Oregon, LLC
  • The Bridge S.R.L
  • Natura Foods
  • Hiland Dairy
  • Danone Group

Key Coverage in the Soy Milk Market

  • Emerging Soy Milk Flavors
  • Ongoing Soy Milk Trends
  • Advantages of Soy Milk for Weight Loss
  • Overview of Coffee Flavored Soy Milk
  • Flavored soy milk brands in India

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Key Segments Profiled in the Soy Milk Industry Survey

By Product Type:

By Category:

By Application:

  • Ice Creams
  • Desserts
  • Cheese
  • Yoghurt
  • Other

By Distribution Channel:

  • Store-based (supermarkets & hypermarkets, convenience stores, others)
  • Non-store-based

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa (MEA)

Authored by: 

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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