Research provides insight into soy milk market
Plant-based milks such as soy milk, almond milk, oat milk, rice milk and others are gaining popularity among food service providers, due to increasing consumer demand in restaurants and cafes. Soy milk products are kept in special refrigerated units, which significantly increases their shelf life compared to traditional milk.
For example, The Progressive Food Company, based in the United Kingdom, offers single servings of soy milk as an alternative to cow’s milk to its customers operating in the food service industry.
Soy milk is also considered to be one of the most effective milks used for cooking. The flavor offered by soy milk is mild and goes unnoticed in breads, muffins, cakes and other baked goods. It also provides better structure and texture to the finished product. On the basis of all these factors, the global soy milk market is expected to experience a remarkable CAGR value of 9% till 2030.
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Key Points From Soy Milk Market Research
The soy milk market in South Asia will show a high value CAGR of 10.6% during the forecast period, owing to the ability of soy milk to replace cow’s milk with an equal amount of protein. and less calories. The increasing prevalence of various diseases gives rise to the need for low calorie diets, which contributes to this high value CAGR.
The organic segment by nature is expected to register a high growth rate in volume over the forecast period, due to increased health and wellness awareness among consumers who demand organic food products without the presence of synthetic ingredients.
The use of soymilk in retail / household will provide the highest value incremental opportunity during the forecast period, attributable to the increased consumer preference for plant-based milk coupled with the abundance of calcium in soy milk which promotes overall health.
Soymilk sales through online retail channels are expected to show a high CAGR of 11.2% during the forecast period, due to the increased proliferation of the internet, the convenience offered to consumers and the abundance of brands available at competitive prices.
Although the COVID-19 pandemic has affected the soy milk market due to supply chain disruptions, the effect will be moderate as the demand for nutritional products increases every day.
“The soy milk market is expected to experience strong additional opportunities in the food processing industry, due to its increasing use in the catering industry. Soy milk is expected to replace cow’s milk in food service restaurants, due to the increase in the lactose intolerant public. It is also gaining popularity in applications such as desserts, cakes, cheese, snacks and drinks. Key players can target these segments to create room for increased opportunities. Said a PMR analyst.
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Global Soy Milk Market: Competitive Landscape
The major players in the soy milk market are focused on expanding product offerings to meet the changing needs of consumers and keep pace with the growth of the global soy milk market. These players are focused on introducing new products with increased application at affordable prices.
In 2020, Pureharvest added a new line of non-dairy milk to its product line, which featured delicious organic non-dairy milk made from mixtures of nuts and grains, to create a distinct and incredibly flavorful vegan milk.
In 2018, Hiland Dairy launched three new flavors of soy milk that can be enjoyed on their own and also find application in homemade ice cream, smoothies and coffee.
Apart from this, the major players in the soy milk market are emphasizing the strategy of expansion through strategic alliances / partnerships, mergers and acquisitions to achieve high growth and expand their global footprint. in the food and beverage industry.
In 2020, Groupe Danone partnered with Brightseed, a company committed to biosciences and precision nutrition, to ensure the development of its existing key plant ingredients, starting with soy.
In 2018, Vitasoy International Holdings Ltd opened its Australian high calcium plant milk unit in Hong Kong, to promote healthy lifestyles and better serve its consumers in this region.
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