Soy Milk Market

Soy Milk Market Outlook from 2024 to 2034

Soy milk, over the years, has come a long way to become one of the prominent non-dairy alternatives. Busting myths and negative perceptions, soy milk’s acceptance in the general population has taken the market to a staggering USD 6,877.4 million in 2024. Effective marketing strategies by key players in the market are set to bring this market close to USD 12,860.8 million by 2034, progressing at a CAGR of 8.70%.

Attributes	Details
Soy Milk Market Size for 2024	USD 6,877.40 million
Forecast Market Value for 2034	USD 12,860.8 million
Value-based CAGR from 2024 to 2034	8.70%

Soy Milk Industry Analysis

• The general populace’s preference for soy milk is increasing as the non-dairy alternative is also benefiting the market.
• Rising awareness of the nutritional content in this milk amidst the ongoing fitness trend is also driving sales of soy milk in supermarkets and online platforms to unprecedented heights.
• The eCommerce boom, promotion by social media influencers, last-mile grocery delivery applications, and people’s desire to explore different dietary preferences are also some of the torch-bearing drivers for the growth of the flavored soy milk market.
• Lactose intolerance, in the developing world is also bringing about substantial changes in the dietary preferences of the general population. Soy milk-based confectionery and products are often seen stacked up in leading supermarkets and bakery products.
• Product innovation by leading players in the market also has amplified people’s admiration for soy milk products. For instance, Vitamilk, the soy milk brand from Thailand, recently launched an Ube-flavored variant of soy milk. The company is able to exactly mimic the taste, texture, and flavor of Ube-ice cream in their new product.

Factors Hampering the Soy Milk Market

• The biggest threat soy milk faces is from other non-dairy alternatives such as almond milk, oat milk, and coconut milk. These alternatives are often perceived as cheaper, healthier, and tastier.
• Sales of this milk are also experiencing a significant plunge, as compared to its other plant-based alternatives, due to its less appealing and bitter taste. This has adversely hampered its popularity among consumers who prefer taste more than other factors.
• While soy milk is best suited for people with lactose intolerance, it itself is one of the largest allergens in the general populace. This limits its acceptance, keeping a substantial chunk of the population away from the market.
• There are still some concerns about genetically modified organisms, hormone disruption due to phytoestrogens, and environmental impacts of soy farming. These factors are collectively contributing to the negative growth rate.

Key companies in the market, over the years, have made concrete efforts to ward off negative perceptions regarding soy and soy-based products. These companies are often found collaborating with fitness bloggers and nutrition experts to promote their offerings.

Besides this, it has also been observed that, in the last few years, there has been an influx of different flavors in the soy milk line. This is primarily done to mitigate the misconception about the bitter taste of soy milk.

Category-wise Insights

Conventional Soy Milk Retains its Dominance despite the Advent of Organic Ones

Soy milk, in the market, comes in two variants: organic and conventional. Despite the ongoing trend of organic dietary preferences, conventional soy milk holds a market share of 89.3%, as of 2024.

Attributes	Details
Top Category	Conventional
Market Share (2024)	89.30%

• Conventional soy milk products are garnering more admiration among the general consumer base as they typically tend to be a little less heavy on the pockets, as compared to the organic ones.
• The shelf life of conventional soy milk is also long due to the use of additives and preservatives. Their sales, in the past couple of years, have also touched the skies due to their widespread availability on e-commerce platforms.

Higher Consumer Preference for Plain Soy Milk Products over Flavored Ones

Soy milk, in the initial few decades, faced a serious plunge in demand due to its bitter taste. This pushed the manufacturers to curate flavored soy milk products. But despite this, a considerable chunk of consumers are still opting for plain soy milk, which holds a market share of 83.70%.

Attributes	Details
Top Product Type	Plain
Market Share (2024)	83.70%

• Plain soy milk is capturing more esteem in the general population as it is perceived as healthy compared to flavored ones. Flavored soy milk products contain more additives, preservatives, and sometimes sugar, which doesn’t suit the preferences of health-conscious people.
• Plain soy milk is also cheaper, as compared to flavored ones, which attracts a substantial chunk of consumers with tight pockets.

Country-wise Insights

Urbanization, growing lactose intolerance, emerging trends in vegan milk and plant-based products, and the booming eCommerce sector are contributing to the soy milk market expansion globally. Mentioned below are the growth rates of India, Japan, Germany, the United States, and China, for the forecast period. These countries are considered some of the most lucrative markets in the industry.

Countries	CAGR (2024 to 2034)
India	7.00%
Japan	6.40%
Germany	6.30%
United States	5.50%
China	4.20%

Influencer Brands and Social Media Promotion Benefits Soy Milk Market in India

The market in India is slated to grow at a CAGR of 7.00% from 2024 to 2034.

• India is a country with more than 880 million people using social media. This has pushed soy milk manufacturers to advertise their products on these platforms. To reach a more concise consumer base, these brands are also collaborating with fitness bloggers and nutrition experts.
• The advent of influencer brands in the Indian market is also aiding the acceptance of soy milk as an alternative to conventional milk products. The promotion of these brands in leading television sitcoms is also generating great trust among Indian consumers, which is positively affecting the market.

Japan’s Aging Population Aids the Soy Milk Market Growth

Japan is also one of the most lucrative countries in this market. It is very likely to grow at a CAGR of 6.40% over the forecast period.

• In 2024, Japan is dealing with the problem of growing aging population. This population is more predisposed to age-related problems, such as high levels of cholesterol, obesity, and blood pressure, informing the growth of soy milk.
• Soy milk, as a reputedly much healthier variant of milk, best suits the dietary preferences of the geriatric population of the country. This, along with the familiarity of Japanese people with soy milk, has positioned it as one of the prosperous markets in the overall industry.

Germany’s Cultural Affinity to Soy Milk Profits its Domestic Manufacturers

Germany is one of the most vibrant markets for soy milk. It is inclined to grow at a CAGR of 6.30% through 2034.

• Germany, during the world wars, was heavily dependent on soy milk and other plant-based alternatives to milk due to supply chain disruptions. This cultural affinity toward it has led to the considerable acceptance of soy milk in the German population.
• Besides this, German brands in the plant-based milk domain, are also introducing refillable glass bottles to cater to the demand of eco-conscious consumers.

Rising Incidences of Diabetes in the United States Population to Benefit Soy Milk Market

The market in the United States is also a promising one. It is slated to grow at a CAGR of 5.50% through 2034. According to a survey, 11.6 percent of the total United States population is dealing with diabetes. This has increased the reliance of people on soy milk products as it potentially has more health benefits than traditional milk.

Chinese Population’s Plant-based Dietary Preferences Popularizes Soy Milk Products

The Chinese market is also very likely to flourish in the coming years. It is slated to grow at a CAGR of 3.70% through 2034.

• China is home to one of the largest populations in the world. Its sheer enormity is enough to make it one of the most lucrative countries in the market. Besides this, the ongoing trend of plant-based diets is also proving to be a boon for the Chinese market.
• The pharmaceutical and nutraceutical industry in China has also seen major ups in the last couple of years. Its application in cereal bars, protein shakes, milkshakes, etc., has also propelled the market to touch the skies in the country.

Competitive Landscape

Soy milk, as a non-dairy, plant-based alternative to milk has come of long way. The market, which was only relevant in a few countries, a couple of decades ago, has expanded significantly due to the advent of multinational companies and e-commerce platforms in emerging economies.

Recent Developments

• In August 2021, Russia-based mayo giant EFKO Group made its entry into the market, investing USD 8 million to produce soy milk which has a competitive price with cow milk. Test batches under the Hi! the brand was already sold.
• In March 2020, Asahi Soft Drinks launched a plant-based version of Calpis, using soymilk. Marketed as Green Calpis, the beverage boasted a refreshing aftertaste and lower sweetness, targeting health-conscious females in their 40s and 50s, alongside consumers favoring non-dairy options.

Key Companies

• Bio Nutrients Pvt. Ltd.
• The Granarolo Group
• Vitasoy International Holdings Ltd.
• American Soy Products, Inc.
• Ecomil
• NOW Health Group, Inc
• Pureharvest
• The Hain Celestial Group, Inc.
• The Hershey Company
• Pacific Foods of Oregon, LLC
• The Bridge S.R.L
• Natura Foods
• Hiland Dairy
• Danone Group

Key Coverage in the Soy Milk Market

• Emerging Soy Milk Flavors
• Ongoing Soy Milk Trends
• Advantages of Soy Milk for Weight Loss
• Overview of Coffee Flavored Soy Milk
• Flavored soy milk brands in India

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Nature
  • 5.1. Organic
  • 5.2. Conventional
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use
  • 6.1. Food & Beverage Industry
    • 6.1.1. Bakery & Confectionery
    • 6.1.2. Dairy & Desserts
    • 6.1.3. Infant Formula
  • 6.2. Retail/Household
  • 6.3. Foodservice Industry
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Distribution Channel
  • 7.1. Business to Business
  • 7.2. Business to Consumer
    • 7.2.1. Hypermarkets/Supermarkets
    • 7.2.2. Convenience Stores
    • 7.2.3. Specialty Stores
    • 7.2.4. Online Retails
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 8.1. North America
  • 8.2. Latin America
  • 8.3. Western Europe
  • 8.4. Eastern Europe
  • 8.5. South Asia and Pacific
  • 8.6. East Asia
  • 8.7. Middle East and Africa
• 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. Bio Nutrients Pvt. Ltd.
  • 18.2. The Granarolo Group
  • 18.3. Vitasoy International Holdings Ltd.
  • 18.4. American Soy Products, Inc.
  • 18.5. Ecomil
  • 18.6. NOW Health Group, Inc
  • 18.7. Pureharvest
  • 18.8. The Hain Celestial Group, Inc.
  • 18.9. The Hershey Company
  • 18.10. Pacific Foods of Oregon, LLC
  • 18.11. The Bridge S.R.L
  • 18.12. Natura Foods
  • 18.13. Hiland Dairy
  • 18.14. Danone Group
• 19. Assumptions & Acronyms Used
• 20. Research Methodology