In a recent analysis, Future Market Insights, a leader in market research and competitive information, projected that soy milk sales will increase by 8.4% CAGR to reach USD 14.36 billion by 2032.
Because soy milk has a similar amount of protein and fewer calories than traditional dairy milk, it is a fantastic replacement. Increased demand for low-calorie goods is being caused by obesity. As a result, soy milk is preferred by many consumers who are overweight or trying to lose weight.
Almond and coconut milk alternatives could pose a serious threat to the market for soy milk. These alternatives are easier to find due to more customer knowledge. As a result, producers are concentrating on deploying marketing initiatives to raise product awareness.
Sales of soy milk have been considerably damaged as a result of the supply chain disruption brought on by the COVID-19 regulations. The industry will be able to make a significant recovery after these limits are lifted in 2022–2023 by demonstrating a year-over-year growth of 7.2% due to customers’ propensity to utilize healthy food and beverage goods as a result of their fear of this pandemic crisis.
Key Market Study Conclusions
China is one of the product’s largest users, making it the market with the quickest growth. The country’s soy milk market is anticipated to expand at a CAGR of 7.2%.
With a CAGR of 13.6% in the world soy milk market, the United Kingdom is the third-largest user of dairy alternatives.
Sales of soy milk in the retail and household markets are anticipated to rise.
The unflavored segment experienced considerable growth in 2021 and is anticipated to expand at a CAGR of 8% from 2022 to 2032.
The market share that belonged to the beverage sector was the greatest. In addition to replacing traditional dairy milk with cereal for breakfast, soy milk is also used in tea and coffee.a
Due to their deliciousness and the numerous health advantages they provide, soybean pulses are particularly well-liked. According to a research analyst at Future Market Insights, “key market participants are spending in R&D to lessen the nut-like flavor by introducing other flavors.”
Who is triumphant?
Global players in the vegan milk market are largely focused on dependable and sustainable raw material procurement to maintain product quality. Transparency in the supply chain is highly valued to guarantee the quality and security of soy milk products.
The Certified to the Source program of Pacific Foods of Oregon, LLC confirms the ingredients’ country of origin. It attests to the fact that 75% of the ingredients bought are organically produced.