Soy Milk Market to Experience an Impressive CAGR 3.2% during 2017 to 2023

Market Scenario:

Soy milk is a type of grain milk, which is a stable emulsion of oil, water, and protein. It is produced by soaking dry soybeans and grinding them with water. Soy is naturally rich in essential fatty acids, proteins, fiber, vitamins, and minerals, which makes a healthy drink as well as it is an excellent source of vitamin A, vitamin D, vitamin B, and magnesium. Since soy milk does not contain lactose, it is a suitable healthy drink for lactose intolerant people, and it provides all the nutritional benefits to the consumers without any adverse effects.

The increasing population of lactose intolerant people and health-conscious individuals are driving the demand for soy milk market. Since natural milk may trigger an allergic response in many people, the people are shifting to the non-dairy soymilk. Soybean cultivators have a good opportunity in the market. However, the peculiar taste of the soymilk may hamper the growth of soymilk market, which has forced the manufacturers to bring innovations in the soy milk product line. Soymilk has a wide application such as desserts, snacks, cheese, and other healthy beverages. The awareness of lactose intolerance among the consumers has added fuel to the growth of soymilk market. Soymilk is estimated to have high growth rate during the assessment period.

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Competitive Analysis:

The Major Key Players in the Soymilk Market are

Eden Foods, Inc. (the U.S.)
Vitasoy International Holdings LTD (China)
Organic Valley (the U.S.)
The Hershey Company (the U.S.)
Alpro (Belgium)
Soy Fresh (India)
Kikkoman Corporations (Japan)
Soymilk Manufacturers across various regions are following the strategy of product innovations and increased focus on R & D to penetrate the global market and to meet the growing demand for the product. Enhancement in the product line will further attract the consumers to choose soymilk based on increased nutritional value of the product, thereby increasing its market share. The U.S., dominates the share in North America and exports the product to various other countries, which include Canada, China, Mexico, Japan, Indonesia and others.

Key Findings:

Application of soymilk in the production of non-dairy cheese is projected to be growing at a higher rate during the forecast period owning to rising consumer demand for healthy cottage cheese substitutes
Top exporters of soymilk include the U.S., Brazil, Argentina, Canada, and Paraguay
Market Segments:

Soymilk market has been segmented on the basis of type, flavor, application, and distribution.

On the basis of type, the market is segmented into sweetened and unsweetened. Among which sweetened soymilk holds a major share owing to high demand for flavored beverages.

On the basis of flavor, the market is segmented into vanilla, chocolate, and others.  Vanilla flavor is dominating the market owing to high demand for conventional and natural flavors

 Soymilk market is also segmented on the basis of its application where the product is used as an ingredient in food products like desserts, non-dairy cheese, snacks and other healthy beverages. Among these, healthy beverages hold a major share based on rising awareness of health consciousness.

On the basis of distribution, it is categorized into store and non-store based distribution channel. Owning to one-stop shopping experience, the share of store based channels is projected to dominate the segment

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Regional Analysis:

The global soymilk market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among all, North America accounts for a significant share of global soymilk market followed by Asia Pacific.  A large population of lactose intolerant consumers in these regions is propelling the growth of soymilk market. Moreover, the rising population of health-conscious people followed by awareness of lactose intolerance add fuel to the growth of the global soymilk market.

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This release was published on openPR.