Soy Milk Market In-depth Insights, Revenue Details, Analysis by 2034

Pranali

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Soy Milk Market In-depth Insights, Revenue Details, Analysis by 2034

Soy Milk Market Potential Growth, Share, Demand and Analysis of Key Players — Forecasts to 2034

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.

Key Companies