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Global Soy Beverages Market By Product (Yogurt and Soy Milk), By Type (Flavored and Unflavored), By Distribution Channel (Supermarket/Hypermarket, Retail Stores, Online Stores And Others), and by Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2022 – 2027)

Published: January, 2022
ID: 3561
Pages: 185
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Soy Beverages Market Size, Growth, Forecast (2022-2027)

The Global Soy Beverages Market size was worth US$ 21.86 billion in 2021 and is determined to reach US$ 39.12 billion by 2027 with an expansion rate of 6.47% between 2022 and 2027.

Market Overview:

Soy Beverages, like soy milk, contain protein like milk. However, they have fewer calories than whole milk. Additionally, soy-based products are an important source of nutrition for millions of animals. Also, the adoption of soy beverages is high among people with dietary or allergic problems, leading the soy beverage market. Due to this, these products are gaining popularity among health-conscious consumers. Soy-based products are considered nutrient-rich and cholesterol-free, especially carbohydrates, protein, and omega-3 fatty acids. Soy protein is not a complete source of protein and contains other important nutrients such as B vitamins, fiber and omega 3 fatty acids. All these nutrients play an important role in the growth of the baby, the growth of the fetus in pregnant women and provide a wide range of benefits for both children and adults.

Recent Developments in Soy Beverages Industry:

  • In March 2020, Asahi Group Holdings Ltd. launched Calpis, a form of dairy drink, in a soymilk version. The company is specifically targeted at health-conscious female clients between the ages of 30-40.
  • In May 2019, Hain Celestial Group, Inc. completed a strategic distribution from WestSoy soy beverage subsidiary to Natural Holdings. This helps companies reduce complexity and drive the sustainable growth of their existing portfolios.

Soy Beverages Market Growth:

Population growth, health-conscious lifestyles, and people's increased disposable income are also some of the main factors driving the growth of the global soy beverages market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

6.47%

Segments Covered

By Product, Type, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Hain Celestial Group, Danone S.A, Otsuka Pharmaceutical Co., Ltd, Kikkoman Corp, Trader Joe’s, West Soy, Eden Foods, Zen Soy, Jaffe Bros, Vitasoy International Holdings Ltd and Others.

Drivers:

The global soy beverage market is expected to be driven by several factors. One of the important factors driving the adoption of soy beverages is the growing lactose intolerance population worldwide. Soy drinks are consumed due to the increased availability of soy and scientific facts that demonstrate many of the health benefits of soy. These include lowering blood cholesterol and lowering the risk of certain types of cancer. In recent years, the availability of soymilk beverages has increased significantly in supermarket stores in developing countries as well as in developing countries. Beyond that, soy drinks are an inexpensive option for consumers due to their lower price compared to almond cashew drinks. Soy drinks are consumed due to the increased availability of soy and scientific facts that demonstrate many of the health benefits of soy. Also, soy drinks are consumed to replace unhealthy drinks due to their nutritional content. It has the advantage of lowering cholesterol in the blood and reducing the risk of certain types of cancer. Besides, the soy beverage market is constantly evolving as consumers around the world try to get new and interesting flavors from their beverages. The growth of the soy beverage market is due to increased appeal among a wide range of consumers, including flexibility to adopt a more plant-based lifestyle. Additionally, the soy beverage industry is being influenced by increasing consumer adoption of protein, energy, and other nutrient-enriched healthy beverages. As consumer preference for dairy foods and beverages increases, demand from soy beverage markets around the world will increase during the forecast period.

Consumption of soy beverages is exceptionally high in developed countries. However, due to low consumer awareness, demand for products in underdeveloped and emerging countries remains low. Soy drinks are consumed due to the increased availability of soy and scientific facts that demonstrate many of the health benefits of soy. These include lowering blood cholesterol and lowering the risk of certain types of cancer. All these nutrients play an important role in the growth of the baby, the growth of the fetus in pregnant women and provide a wide range of benefits for both children and adults. Also, soy drinks are consumed to replace unhealthy drinks due to their nutritional content. This is expected to significantly lead the soymilk beverage market during the forecast period. Also, as demand for soy beverages increases, producers are focusing on bringing innovation to their products to increase market share. Identity Preservation (IP) soy is increasingly used in the processed soy milk and tofu industries located in this area to ensure consistency, quality, and high standards of the end product. Similarly, many soy manufacturing companies use techniques such as "taste control" to improve the taste of soy milk. This is expected to significantly lead the soy beverage market in the region. It is a healthy alternative to meat and other animal products, making it a good source of protein for vegetarians. The global soy beverage market is growing as health awareness augments in developing and developed countries.

Restraints:

The harmful effects of soy and soy derivatives has hampered this market growth. Studies have shown that the presence of some ingredients in soy drinks causes serious concerns, hindering the market growth. Foods rich in homemade protein are chosen more than processed soy products. Adoption of soy milk is expected to be quite high as the health benefits are expected to affect the growth of the soy beverage market.

Soy Beverages Market Segmentation Analysis:

The global soy beverage market is classified by product, type and distribution channel.

By product, the market is divided into soymilk and yogurt. Soy milk is increasing in popularity significantly because it is cholesterol-free and contains less saturated fat than health-promoting cows. The soymilk sector is expected to occupy a significant market share as the adoption of alternative animal milk drinks increases worldwide. Furthermore, increased adoption of soy milk by the vegan population is expected to drive growth in the soymilk segment during the forecast period. In addition, it will lead the soymilk segment in the soy beverages market by making soy milk readily available in a variety of flavors such as fresh chocolate, vanilla, and more options.

Depending on the type, the market is divided into unflavored soy beverage and flavored soy beverage. The unflavored segment stood out in 2018, and the trend is expected to continue in the coming years. Unflavored soymilk drinks are preferred by many consumers as they are neither fortified nor artificially sweet. Many manufacturers require products fortified with calcium and other essential nutrients.

According to distribution channels, the soy beverage market is subdivided into retail stores, supermarket/hypermarket, and online channels. Of these, the online channels are estimated to develop with a considerable CAGR in the coming years.

Geographical Segmentation Analysis:

  • North America - the United States and Canada
  • Europe - United Kingdom, Spain, Germany, Italy, and France
  • The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
  • Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
  • The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

The global soy beverages market is segmented by region in Asia Pacific, Europe, North America, and others. North America is expected to contribute significantly to market growth during the forecast period. In addition, the changing lifestyle and aging population will also lead the soy beverage market in the region. Market growth in this region is increasing due to high disposable income and high demand for processed foods. Along with North America, Europe is also expected to be an important region for the growth of the soy beverage market. Market growth is increasing as the population grows due to the lactose intolerance that adopts alternative beverages such as soy drinks. The Asia Pacific region is expected to represent a significant portion of the soy beverage market during the forecast period. Also, the adoption of soy beverages in the region is increasing as the prevalence of obesity and related disorders increases in countries such as China and India. Growth in the region is due to increased government support for the production of soy-based products throughout the region. Also, as the millennium generation increases, the soy beverage drink market is growing due to the willingness to buy health products and health propensity.

Key Players in the Market:

Major key Players in the Global Soy Beverages Market are

  • Hain Celestial Group, Inc
  • Danone S.A
  • Otsuka Pharmaceutical Co., Ltd.
  • Kikkoman Corp
  • Trader Joe’s
  • West Soy
  • Eden Foods
  • Zen Soy
  • Jaffe Bros
  • Vitasoy International Holdings Ltd

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FAQ's

What is the market growth rate for soy beverages?

Over the next five years, the market for soy beverages is expected to rise at a CAGR of 6%.

Which region is likely to dominate the soy beverage market?

During the forecast period of 2022 to 2027, demand for soy beverages in Europe is expected to boost the total market.

What are the major reasons driving the global soy beverage market?

The global soy beverage market has grown rapidly, mainly to rising demand for lactose-free food products, which are easier to digest. Furthermore, manufacturers have introduced different flavours such as vanilla, chocolate, and strawberry to hide the nutty taste of soy milk, which is fuelling product demand among children.

What segments does the Soy Beverage Market cover?

Product, type, distribution channel, and geography are all used to segment the global soy beverage market.

What are the restraints in the Soy Beverage Market?

During the projected period, the availability of substitutes such as almond milk, coconut milk, and others, as well as the inclusion of diverse flavours to mask the nutty taste of soy milk, would act as a market restraint.

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