The Global soy beverage market is expected to grow at a CAGR of
6.2% and is expected to reach a valuation of around $41.1 billion by
2032.
Soy drinks have become popular with consumers due to their ease of access and various scientific evidence proving that these beans have many health benefits such as reducing the risk of developing cancer cells in the body and lowering blood cholesterol levels. Also, due to their nutritional value, soy drinks end up replacing less healthy beverages such as sodas and alcoholic beverages.
Besides being a balanced source of protein, soy beverages also contain essential minerals like vitamin B, fiber and omega-3 fatty acids. All of these nutrients are essential for the growth of infants and pregnant women, and a variety of other benefits for children and adults. It is a nutritious substitute for drinks of animal origin, mainly dairy products, and therefore a decent source of vegetarian protein. However, consumers are increasingly choosing homemade protein-rich beverages over processed soy products, which is expected to hamper the market growth over the forecast period.
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Soy Beverage Market Size (2022E) | $22.5 billion |
Projected Soy Beverage Market Size (2032F) | $41.1 billion |
CAGR Value (2022-2032) | 6.20% |
Market share of the 3 main countries | 35.80% |
Key insights from market research
- The global soy beverage market is expected to reach a valuation of approximately $22.5 billion by the end of 2022
- The market is segmented on the basis of flavor, with unflavored soy beverages expected to account for around 50% of the market share during the forecast period.
- The European soy beverage market is expected to witness significant growth over the forecast period.
- Soybean beverage sales in offline sales channel will hold a major market share in the coming years
- East Asia is expected to become an important market for the soy beverage market over the projected period
“Increased cases of lactose intolerant consumers replacing dairy-based beverages with soy beverages”, says an analyst from Future Market Insights.
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Competitive landscape
The soy beverage market is highly fragmented due to the presence of several international players such as The Hershey Co., Trader Joe’s and Danone and local players such as Vitasoy International Holdings Limited and Pureharvest, especially in developing countries . Market makers mainly focus on introducing new items into their existing portfolios and engage in aggressive inorganic tactics such as acquisitions and mergers to stay afloat in the competitive environment. For example:
- In April 2021, WhiteWave was acquired by a leading company, Danone, as part of a strategic decision to grow its business and add to its portfolio of herbal products, in particular its Silk brand, selling mainly soy milk.
- Hain Celestial Group, Inc., a leading organic and natural products company, announced that its WestSoy® seitan, tofu and tempeh businesses have been sold to Keystone Natural Holdings, a portfolio company of Keystone Capital focused on foods of plant origin. However, the plant-based beverage company WestSoy® selling soy milks was not part of the strategic divestiture and was retained by the company.
Explore more valuable insights
Future Market Insights in its new report offers an unbiased analysis of the global soy beverage market, presenting historical data (2017-2021) and estimation statistics for the forecast period 2022-2032.
Soy Beverage Market by Category
By product type:
- Soy milk
- Soy drinkable yogurt
By flavor:
- Flavored soy beverage
- Unflavored soy beverage
By sales channel:
- Offline sales channel
- Supermarkets/Hypermarkets
- Departmental stores
- Grocery store
- Other sales channel
- Online sales channel
- Company Website
- E-commerce platform
By region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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Frequently Asked Questions
- What is the current value of the soy beverage market?
- At what CAGR is the Soy Beverage Market growing during the forecast period?
- What is the Soy Beverage market expected to be valued at by the end of 2032?
- Which region is expected to dominate the soy beverage market?
- Who are the major players in the soy beverage market?
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About Future Market Insights (IMF)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. MFI is headquartered in Dubai and has delivery centers in the UK, USA and India. Latest news from the IMF market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity in the midst of fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
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