The size of the global soy beverages market is expected to be worth USD 24.78 billion in 2024 and grow at a CAGR of 6.47% from 2024 to 2029 to achieve USD 33.90 billion by 2029.
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. 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.
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.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
6.47% |
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Segments Covered |
By Product, Type, Distribution Channel and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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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. |
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.
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.
Of these, the online channels are estimated to develop with a considerable CAGR in the coming years.
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.
Major key Players in the Global Soy Beverages Market are 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.
By Product
By Type
By Distribution Channel
By Region
Frequently Asked Questions
The key trends driving growth in the soy beverages market are growing adoption of plant-based diets, driven by health, environmental, and ethical considerations, and increasing consumer awareness of the nutritional benefits of soy beverages, such as high protein content, vitamins, and minerals.
The challenges facing the soy beverages market are Competition from other plant-based milk alternatives like almond milk, oat milk, and coconut milk, fluctuations in raw material costs, especially soybeans, can impact pricing and profitability, and regulatory challenges and varying consumer perceptions about soy products in different regions.
The opportunities for growth in the soy beverages market are Expansion into new geographical markets, particularly in Asia-Pacific and Latin America, and developing innovative products tailored to specific dietary needs and preferences, such as high-protein or functional soy beverages.
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