Press release
Soy Milk Market Expansion: Opportunities in the United States
The global soy milk market is on a robust growth trajectory, driven by increasing consumer awareness of plant-based diets and rising lactose intolerance cases. As of 2024, the market was valued at approximately USD 9.86 billion and is projected to reach nearly USD 15.80 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.07% during the forecast period.
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United States: Growth Opportunities and Trends
In the United States, the soy milk market is experiencing substantial growth, propelled by a significant shift towards veganism and plant-based diets. The increasing prevalence of lactose intolerance among the population has further augmented the demand for soy milk products. The U.S. soy derivatives market is projected to reach an estimated value of USD 83.17 billion by 2032, reflecting the growing consumer inclination towards vegan and vegetarian diets.
Asia Pacific: Growth and Consolidation
The Asia Pacific region dominates the soy milk market, accounting for a substantial share of global consumption. This dominance is attributed to the traditional use of soy products in daily diets and the burgeoning middle-class population seeking nutritious and affordable dairy alternatives. The region's soy derivatives market held a market share of 42.59% in 2024, indicating a strong consumer base.
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Europe: Trends and Updation
Europe has seen a marked increase in soy milk consumption, driven by rising health consciousness and environmental concerns. The European Union's stringent regulations on deforestation have prompted companies like Danone to revise their sourcing strategies. In October 2024, Danone ceased sourcing soy from Brazil, opting for suppliers in Asia to ensure compliance with upcoming EU regulations aimed at preventing deforestation.
Middle East and Africa: Opportunities and Trends
The Middle East and Africa region is emerging as a potential market for soy milk, driven by increasing urbanization and changing dietary preferences. The region's soy milk market was valued at $9.65 billion in 2023 and is expected to reach $15.88 billion by 2033.
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Competitive Landscape
The soy milk market is characterized by the presence of several key players striving to meet evolving consumer preferences. Notable companies include Eden Foods, Organic Valley, Pureharvest, WhiteWave Foods, American Soy Products, Vitasoy International Holdings, SunOpta, Pacific Natural Foods, Panos Brands, Sanitarium, Hain Celestial Group, Inc., Kikkoman Corporation, The Hershey Company, Alpro, Danone S.A., and Campbell Soup Company.
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Soy Milk Market Segmentation
by Product Type
Flavored
Unflavored
The market is divided into Flavored and Unflavored segments based on the kind of product. The market's introduction of a variety of flavors has led to a rise in the consumption of flavored soy milk. This market is expected to expand at a compound annual growth rate (CAGR) of 6.3% between 2025 and 2032. Because it masks the original product's nutty flavor, adults prefer flavored or sweetened soy milk. The most popular flavors are chocolate and vanilla. To increase consumption and boost total product demand, manufacturers are attempting to increase the variety of flavors that are offered and package them in enticing ways.
by Application
Desserts
Cheese and Snacks
Beverages
The market is divided into three segments based on application: beverages, cheese and snacks, and desserts. With 42.2% of the market, the beverages segment held the most share in 2024. A number of products, such as morning cereals, coffee and tea, and direct drinking, employ soy milk as a dairy alternative to cow milk. The food is frequently used as newborn feed due to its high protein content. Throughout the summer, Korean cuisine uses the product to make cold noodle soup. Desserts are predicted to expand at the fastest rate, with a compound annual growth rate (CAGR) of 6.6% between 2025 and 2032. This category is predicted to develop dramatically as a result of rising consumption of non-dairy ice cream and drinks like milkshakes and smoothies.
by Category
Organic
Conventional
by Distribution Channel Store Based
Non- Store Based
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