Plant-based milks such are soy milk, almond milk, oat milk, rice milk, and others are gaining rapid traction among foodservice providers, owing to increasing consumer demand in restaurants and cafes. Soy milk products are housed in special refrigerated units, which significantly increase their shelf life as compared to traditional milk.
Soy milk is also considered as one of the most efficient milks used for baking. The flavor offered by soy milk is mild and goes unnoticed in breads, muffins, cakes, and other baked goods. It also offers a better structure and texture to the finished product. On the back of all these factors, the global soy milk market is expected to witness a remarkable value CAGR of 9% through 2030.
- The soy milk market in South Asia will exhibit a high value CAGR of 10.6% over the forecast period, owing to the ability of soy milk to replace cow milk with equal amount of protein and less calories. Increasing prevalence of various diseases is giving rise to the need for low calorie diets, which contributes toward this high value CAGR.
- The organic segment, by nature, is projected to register a high volume growth rate during the forecast period, owing to increased awareness about health and wellness among consumers who demand organic food products without the presence of synthetic ingredients.
- The use of soy milk in retail/household will offer the highest value incremental opportunity during the forecast period, attributable to increased consumer preference for plant-based milk coupled with abundance of calcium in soy milk that supports overall health.
- Sales of soy milk through online retail channels is expected to exhibit a high value CAGR of 11.2% over the forecast period, owing to increased Internet proliferation, convenience offered to consumers, and abundance of brands available at competitive prices.
- Though the COVID-19 pandemic has affected the soy milk market due to supply chain disruptions, the effect will be moderate, as demand for nutritional products is rising every day.
"The soy milk market is expected to witness high incremental opportunity in the food processing industry, owing to growing use in the foodservice industry," says a Persistence Market Research Analyst. "Soy milk is expected to replace dairy milk in foodservice restaurants, owing to increasing lactose-intolerant audience. It is also gaining popularity in applications such as desserts, cakes, cheese, snacks, and beverages. Key players can target these segment to create room for increased opportunities."
Key players in the soy milk market are focusing on expansion of product offerings to fulfill evolving consumer needs and keep up with the growth in the global soy milk market. These players are focusing on introducing new products with increased application at affordable prices.
- In 2020, Pureharvest added a new line of non-dairy milk to its product catalogue range, which offered organic and delicious non-dairy milk made from blends of nuts and grains, to create distinct and incredibly tasty vegan milk.
- In 2018, Hiland Dairy launched three new soy milk flavors that can be enjoyed on their own, and also find application in homemade ice cream, smoothies, and coffee.
Apart from this, key players in the soy milk market are emphasizing on the expansion strategy through strategic alliances/partnerships, mergers, and acquisitions to achieve high growth and expand global footprint in the food & beverage industry.
- In 2020, Danone Group partnered with Brightseed, a company engaged in biosciences and precision nutrition, to ensure the development of its existing key plant-based ingredients, starting with soy.
- In 2018, Vitasoy International Holdings Ltd opened its Australian high calcium plant milk unit in Hong Kong, to promote healthy lifestyles and better serve its consumers in this region.
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