The research incorporates an in-depth analysis of the overall growth prospects in the industry. Furthermore, it provides insights into the comprehensive competitive landscape of the global industry. A dashboard overview of leading companies, including their industry strategies, industry contribution, and recent developments is presented in both historic and present contexts.
The global soy milk industry size is expected to showcase eminent growth owing to the rising demand for plant-based milk alternatives. According to the U.S. Food and Drug Administration (USFDA), regular consumption of soy could help in reducing the risk of heart disease. Rising awareness regarding the benefits of consuming soy milk has given a significant boost to the soy milk industry’s growth.
We have categorized the industry on the basis of type, application, and region. In terms of type, the industry is divided into unflavored and flavored. Based on application, it is fragmented into beverages, desserts, cheese and snacks, and others. On the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Rising Demand for Non-dairy Milk Products to Drive Growth
The increasing demand for plant-based milk alternatives stoked by the rising adoption of veganism worldwide is estimated to drive the growth of the soy milk industry. For instance, as per the research published by Global Data, the population of vegan consumers in the U.S. grew by 600% between 2014 and 2017. In addition, according to a study by the National Center for Biotechnology Information, 75% of the world population is affected by lactose intolerance. This is anticipated to boost the demand for soy milk.
However, the consumption of soy can increase the amount of estrogen in some cases. Moreover, there are various alternatives available in the plant-based milk industry including almond and oat milk. Such factors are predicted to restrain the industry’s growth.
High Rate of Soy Production in Asia Pacific to Help the Region Dominate
Asia Pacific is estimated to dominate the industry during the forecast period. The increasing purchasing power of consumers in emerging countries is predicted to expand the soy milk industry share in the region. Additionally, the high rate of soy production from countries including India, Japan, South Korea, and China is expected to surge the consumption of soy-based products in the region.
The industry in North America is forecast to showcase robust growth during the projected timeline. High acceptance of veganism in the U.S. and Canada is projected to boost the demand for soy milk in the region. In addition, Rising concerns regarding rising obesity in the U.S. are compelling consumers to switch to a healthy lifestyle, increasing the demand for healthy food and beverages in the country. Such trends are predicted to further drive industry growth in the region
Key Players to Rely on Mergers and Acquisitions for Expanding their Industry Share
Key players operating in the soy milk industry are focusing on expansion strategies such as mergers and acquisitions. This will help them enhance their portfolio as well as establish their brand in the industry. For instance, in March 2016, Pulmuone Foods Co., Ltd., a leading manufacturer of perishable food products, acquired Vitasoy USA’s assets including the Nasoya brand. The acquisition will help the company strengthen its position in the tofu industry.