The global soy beverage market size is projected to reach USD 24,412 million in 2024. The industry is anticipated to generate a revenue of USD 42,167 million by 2034. Sales of the product are projected to rise at a CAGR of 5.6% from 2024 to 2034.
The soy beverage market is experiencing a healthy rise, driven by consumers seeking healthier and more sustainable options. Soy milk, a lactose-free and complete protein source, caters perfectly to vegans, vegetarians, and those with lactose intolerance. These sustainability and health trends are fueling the soy beverage industry's expansion.
To increase their share, players are partnering with nutrition and health experts to develop co-branded recipes and endorse soy milk to extend their reach. Moreover, new barista-friendly options are being introduced to increase the appeal of soy beverages among people with diversified taste preferences.
Global Soy Beverage Industry Assessment
| Attributes | Description |
|---|---|
| Historical Size, 2023 | USD 23,436 million |
| Estimated Size, 2024 | USD 24,412 million |
| Projected Size, 2034 | USD 42,167 million |
| Value-based CAGR (2024 to 2034) | 5.6% |
Other factors that are influencing the soy beverage market include marketing campaigns that emphasize the health benefits, environmental sustainability, or affordability of soy milk to reach relevant consumer segments. The creation of a strong brand identity around certain values, innovation, and quality is also a significant growth driver.
Players are also building strong relationships with major supermarket chains to ensure prominent shelf space and product visibility, resulting in raised sales. They are also opting for DTC channels to enjoy control over brand messaging and reap higher profit margins.
The unique health offerings and nutritional benefits of soy beverages are being emphasized by players. This allows the core sector to be positioned as a strong contender in the continuously expanding plant-based beverage landscape.
Regional players are emphasizing the freshness and quality of soy milk, usually made with minimal processing and locally sourced soybeans. This is attracting consumers looking for minimally processed, healthy options and creates a unique selling point as opposed to larger brands.
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Soy Beverage Offers a Perfect Fit for Plant-based Lifestyles
The inclusion of soy beverages in vegetarian and vegan diets is driven by growing interest in plant-based lifestyles. Extracted from soybeans, soy milk is purely plant-based and aligns well with vegan and vegetarian dietary restrictions.
Soy milk is also a readily available option for people with lactose intolerance. Growing cases of this common digestive issue are expected to fuel product sales during the assessment period.
Soy Beverages Powers Up the Health Drink Sector
Soy beverages are increasingly being integrated into the health and functional drink categories. The product is getting upgraded with additional nutrient content and targeted ingredients to address certain health concerns.
Manufacturers are also creating exciting flavor combinations and blends with vegetables, fruits, and other plant-based milks. Thus, meeting the diversified dietary needs and taste buds.
In the formulation of health drinks, soy milk is considered for its health drinks. The neutral flavor of this product makes it a perfect fit for blending with fruits, protein powders, and other ingredients to develop customized concoctions.
Factors Limiting the Soy Beverage Market
The large-scale soy production is raising sustainability concerns among consumers. Deforestation associated with soy farming and intensive resources and water consumption are impacting environmentally conscious consumers. These consumers are opting for alternative plant-based milk options perceived to be more sustainable.
The emergence of the latest plant-based milk alternatives like almond milk, oat milk, and pea milk is creating fierce competition. These options are posing a threat to soy milk's dominance with their perceived health benefits, various taste profiles, and extensive marketing.
The following table showcases the estimated CAGR for the global soy beverage market over various semi-annual periods ranging from 2024 to 2034. In the first half (H1) of the years between 2023 to 2033 period, the business surged at a CAGR of 5.5%, followed by a slightly increased growth rate of 5.7% in the second half (H2) of the same decade.
| Particular Value | CAGR |
|---|---|
| H1 | 5.5% (2023 to 2033) |
| H2 | 5.7% (2023 to 2033) |
| H1 | 5.9% (2024 to 2034) |
| H2 | 5.8% (2024 to 2034) |
In the succeeding period, from H1 2024 to H2 2034, the CAGR is projected to be 5.9% in the first half. In the H2, the CAGR is projected to settle at 5.8%, indicating a slight decrease from H1 CAGR.
Principal Consultant
The soy beverage market attained a valuation of USD 20,431 million in 2019. The sector’s size expanded in 2023 as it came to be valued at USD 23,436 million. Throughout this period, the sector registered a CAGR of 5.7%.
During the historical period, increased health consciousness provided impetus for sales growth. The potential cholesterol-reducing benefits, plant-based protein content, and lactose-free nature resonated with health-focused individuals.
The period also saw a rise in the popularity of vegan and vegetarian lifestyles which pushed the demand for plant-based milk alternatives. Soy milk provided an affordable and readily available option for these individuals.
Over the forecast period, the sector is projected to expand at a 5.6% CAGR. By 2034, global revenue is projected to reach USD 42,167 million. Growth in the global population experiencing lactose intolerance is consistently rising, which is creating several prospects for product sales.
Leading participants are also focusing on making soy beverages reasonable for consumers. This factor makes the product accessible to many consumers, particularly in price-sensitive markets. Apart from this, a key focus of players is projected to be on branding and product availability.
Key tier 1 players in the soy beverage industry account for a leading share of 45.2%. They are crafting distinct blends with different plant-based ingredients. Further, they are exploring various functional options that are enriched with various health benefits.
Big players are also focusing on sustainability. They are taking the lead in the market by championing eco-friendly practices and deforestation-free sourcing. Growing consumer consciousness about sustainability is a propelling factor for these players.
The compelling marketing campaigns of players promote the health aspects and versatility of soy milk. Players are also strategically partnering with retailers and distributors to ensure their products reach a broader audience.
Tier 2 companies, with heightened regional presence, account for a substantial 34.2% share. The mid-size players influence the local sector. These companies are increasing their share by capitalizing on the dietary needs and the local tastes of people.
This tactic allows them to formulate product offerings, flavored with regional ingredients or serve specific cultural preferences. They are also cultivating strong brand loyalty by concentrating on community engagement, partnering with regional retailers, and sponsoring local events.
Tier 3 companies, that operate on a local level, register a share of 20.6%. These companies are going hyper-local to capture the tastebuds of local consumers. Additionally, they are bypassing traditional distribution channels and selling directly to consumers through online platforms, local grocery stores, and farmers' markets.
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Markets associated with the core industry are inspected in this section. Top related sectors undertaken for comparative study include the functional beverage industry and the low-alcohol beverage industry. Players can spot lucrative opportunities and trends in these industries to extend their reach.
Functional Beverage Industry Assessment:
The beverage sector is no longer restricted to its purpose as a thirst-quenching beverage. The beverage players are integrating new functionalities to offer targeted health benefits as well as refreshments. These reasons have been instrumental in the establishment of the functional beverage industry.
Convenient options in the functional beverage sector include sports drinks and probiotic yogurts, among others. New product entries reflect the focus on preventative health and convenience. Players are also exploring new ingredients and personalizing their offerings.
Players are further focusing on responsible sourcing and clear labeling to gain the trust of consumers. The growing interest in personalized wellness is projected to brighten the prospect of functional beverage players as they innovate effectively.
| Attributes | Description |
|---|---|
| Related Industry | Functional Beverage Industry |
| CAGR (2024 to 2034) | 5.4% |
| Growth Factor | Rising demand for cognition improvement products. |
| Key Trend | Emerging sustainability trends impact the functional beverage industry. |
| Opportunity | Players are developing functional water product offerings due to emerging lucrative opportunities in this category. |
Low-alcohol Beverage Industry Assessment:
The low-alcohol beverage industry is gaining significant traction due to the expanding range of flavorful drinks with drastically lower alcohol content. This trend is boosting the desire for a more mindful drinking experience.
Distillers and brewers are getting creative in their efforts. They are introducing unique techniques like alternative ingredients and special fermentation to craft delicious low-alcohol beverages. As health-conscious consumers seek ways to enjoy social drinking with moderate alcohol intake, the perceived benefits of low-alcohol beverages fuel sector growth.
Designated drivers and pregnant women who are restricted from consuming full-strength alcohol also find beverages quite appealing. All these factors contribute to industry growth.
| Attributes | Description |
|---|---|
| Related Industry | Low-alcohol Beverage Industry |
| CAGR (2024 to 2034) | 5.3% |
| Growth Factor | Growing interest in wellness and health is inducing sales of low-alcohol beverages. |
| Key Trend | Key players are investing in promotional campaigns to raise awareness about low-alcoholic beverages, which is expected to impact the sales trends in the industry. |
| Opportunity | Players are adopting various product innovation strategies to raise the sales of low-alcohol beverages. |
Mentioned below is the list of top markets for the product. Their consumption pattern varies drastically from developed to developing countries, with significant demand coming from developing countries. This indicates that populations in emerging nations are embracing new exciting, and healthy beverage options to complement their nutritional intake.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 3.4% |
| United Kingdom | 5.6% |
| Canada | 5.9% |
| India | 9.6% |
| Indonesia | 12.3% |
Sales of soy beverages in the United States are expected to increase at a 3.4% CAGR during the assessment period. Growing popularity of vegan and plant-based diets fuels the demand for dairy alternatives. Soy milk offers a lactose-free option for those with lactose intolerance.
Soy milk is often fortified with vitamins and minerals like calcium and vitamin D, potentially addressing deficiencies that might arise from avoiding dairy products. Further, soy milk can be used as a substitute for cow's milk in various recipes, making it a versatile ingredient for cooking and baking.
Manufacturers in the United States are constantly improving the taste and texture of soy milk, making it more comparable to cow's milk. The enhanced texture and taste of soy milk is projected to fuel the sector’s growth.
The soy beverage market in the United Kingdom is forecast to increase at a 5.6% CAGR, driven by the growing perception of soy milk as a healthier option compared to cow's milk. It is naturally low in saturated fat and cholesterol-free, and certain soy milk options are fortified with calcium, vitamin D, and other essential nutrients.
The industry size is continuously increasing on account of the increasing range of soy milk options, such as organic, flavored, and barista-blend options. These varieties serve the diverse requirements of consumers like dietary needs and preferences.
The growing interest in plant-based diets is supporting product sales in the United Kingdom. Additionally, manufacturers in the nation are doing their best to make plant-based options mainstream by pushing product innovation.
Demand for soy beverages is expanding in India at a 9.6% CAGR, due to various growth influencing factors. The emerging wave of health consciousness among Indians is pushing the sales of soy milk as it is considered healthier than its traditional counterparts. It is a rich source of plant-based protein, and upon moderate consumption, it offers cholesterol-lowering benefits.
Key players are launching new varieties of soy milk with different flavors, enhanced with extra nutrients. These efforts are aimed at making product categories exciting for consumers. Further, the expansion of the hospitality sector and surging tourism are projected to fuel the sales of plant-based soft drinks like soy-based drinkable yogurts.
Given below are the leading performers in the landscape. The soy milk segment in the product type category is expected to account for a revenue share of 64.6% in 2024. Under the flavor category, the flavored soy beverage segment is projected to lead with a 56.8% value share in 2024.
| Segment | Soy Milk (Product Type) |
|---|---|
| Value Share (2024) | 64.6% |
The soy milk segment accounts for a 64.6% share of the soy beverage market. The dominance of soy milk is driven by its established presence even before other plant-based milk alternatives were introduced in the sector.
This has resulted in consumer familiarity with the soy milk brands. The neutral flavor profile of soy milk makes it versatile for applications in cooking and the formulation of various flavored beverages.
The relative affordability of soy milk over oat milk and almond milk makes it widely accessible among various demographics. They are easily available in grocery stores and supermarkets, which adds to their convenience quotient.
| Segment | Flavored Soy Beverage (Flavor) |
|---|---|
| Value Share (2024) | 56.8% |
The flavored soy beverage segment is projected to hold a prominent value share of the industry. Flavored soy beverage’s popularity among millennials and different younger generations is prompting manufacturers to produce diverse varieties of soy milk and soy drinkable yogurts. These new productions include vanilla, chocolate, and fruit flavors.
Players are also participating in research and development activities to introduce unique flavors like coffee, sweet potato, plum, and matcha to tantalize the taste buds of consumers. Higher income levels of people in developed countries are a key reason behind the uptake of flavored soy beverages.
Key players in the soy beverage industry are formulating vegan, lactose-free, and organic options, to serve the various dietary requirements of varied consumer demographics. Further, players are launching soy milk enriched with extra nutrients like vitamin D, calcium, and protein blends to position their product offerings as a health-conscious choice.
Players are also committing to sustainable soy farming practices by reducing their water usage and other measures. As a result of this tactic, players gain appeal among environmentally conscious consumers. Participants are also promoting fair trade practices to build trust and brand loyalty.
Industry participants are collaborating with various plant-based food and beverage firms to extend their reach. They are further creating distinct co-branded soy beverage products that align with health trends in the industry.
Industry Updates
The soy beverage market segmentation, based on product type, is divided into soy milk and soy drinkable yogurt.
The industry is categorized as flavored and unflavored soy beverages, on the basis of flavor.
Key sales channels that distribute this product include offline sales channels and online sales channels. The offline sales channel is further divided into supermarkets/hypermarkets, departmental stores, convenience stores, and other sales channel. The online sales channel is divided into eCommerce platforms and company websites.
Sales trends of the product in regions like North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania are inspected in the report.
The global soy beverage industry is valued at USD 24,412 million in 2023.
The industry is projected to expand at a 5.6% CAGR over the forecast period.
The sector is forecast to reach USD 42,167 million by 2034.
Indonesia is projected to record the highest CAGR of 12.3% over next decade.
Leading producers of the product are Danone and The Hershey Co.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Product Type 6.2. Flavor 6.3. Sales Channel 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type 7.1. Soy Milk 7.2. Soy Drinkable Yogurt 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Flavor 8.1. Flavored Soy Beverage 8.2. Unflavored Soy Beverage 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 9.1. Offline Sales Channel 9.1.1. Supermarkets/Hypermarkets 9.1.2. Departmental Stores 9.1.3. Convenience Store 9.1.4. Other Sales Channel 9.2. Online Sales Channel 9.2.1. Company Website 9.2.2. eCommerce Platform 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. South Asia 10.5. East Asia 10.6. Eastern Europe 10.7. Middle East & Africa 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 by Product Type, Flavor, and Sales Channel for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Danone 20.2. The Hershey Co. 20.3. Kikkoman 20.4. Trader Joe's 20.5. The Hain Celestial Group 20.6. Eden Food 20.7. Pureharvest 20.8. American Soy Products 20.9. SunOpta 20.10. Vitasoy International Holdings Limited 20.11. Devansoy Inc. 20.12. Pacific Foods of Oregon, LLC.
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Soy Beverage Market
