6-Aug-2019: The global soy milk market
size is expected to reach USD 23.2 billion by 2025, according to a new report
by Grand View Research, Inc., expanding at a CAGR of 6.1% over the forecast
period. The market is expected to witness significant growth owing to
increasing awareness about the health benefits of soy foods and beverages.
Availability of a variety of soy milk fortified with nutrients and flavors has
helped the product gain popularity in children and adults alike.
The beverages
application segment held a major share of the overall revenue owing to growing
consumption of soy milk as an alternative to cow milk for daily consumption or
in preparation of tea and coffee. Moreover, new varieties of flavored soy milk
is expected to drive the demand for beverages over the forecast period.
However, the desserts segment is expected to grow significantly with a CAGR of
6.6%. Increasing consumption of non-dairy dessert food is expected to increase
the consumption of the product in desserts.
The unflavored
product segment accounted for a significant share in the market. It is used in
the preparation of a variety of snacks and dishes. The original product has a
peculiar nutty taste, which most consumers do not like. Hence, many flavors are
introduced in the market to increase consumption of the product. Vanilla and
chocolate are the popular flavors among others, which is expected to fuel the
product demand.
Asia Pacific was
the largest consumer of the product in 2018 due to large scale production of
soy bean in major countries like China, India, Japan, and Hong Kong. China was
the major consumer in the entire world in 2018. North America is anticipated to
witness substantial growth in light of increasing awareness of soy benefits and
consumption of non-dairy alternatives. In Europe, many German manufacturers are
engaged in utilizing the health benefits of the product to make various dairy
products like cheese and butter. This is expected to drive the market owing to
product offerings based on soy milk.
In
depth research report on Soy Milk Market
Further key findings from the study suggest:
·
In terms of revenue, the desserts application segment is
projected to expand at a CAGR of 6.6% over the forecast period owing to rapid
increase in the overall desserts and non-dairy dessert alternatives. Beverages
dominated the market with an overall share of 42.2% in 2018
·
Asia Pacific dominated the market in 2018 and accounted for a
share of 37.1%. This trend is projected to resume over the next few years owing
to increasing population and awareness about the benefits of soy-based food and
beverages
·
The market for dessert is expected to witness significant
growth in various countries including U.S., U.K., Germany, India, and Japan
owing to increasing consumption of non-dairy foods and beverages
·
The industry is highly competitive in nature due to presence
of the main players including Eden Foods; Organic Valley; Pureharvest;
WhiteWave Foods; SunOpta Inc.; and Vitasoy
·
Various manufacturers are concentrating on introducing new
flavors of soy milk in the market to increase product offering.
Grand View Research
has segmented the global soy milk market on the basis of product type,
application, and region:
Soy Milk Product Type Outlook (Revenue, USD Billion, 2015 -
2025)
·
Unflavored
·
Flavored
Soy Milk Application Outlook (Revenue, USD Billion, 2015 -
2025)
·
Desserts
·
Cheese & Snacks
·
Beverages
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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