Soymilk market is witnessing a rapid growth owing to high nutritional value and diverse applications across the food industries. It is primarily used for the preparation of various products such as desserts, snacks, non-dairy cheese, and healthy beverages. These factors have a positive influence on the growth of this market. Additionally, the absence of lactose in the product is one of the major factors for the growth of soymilk market, which has increased its popularity among the lactose intolerant consumers. The production and the consumption of soymilk are high in the North American region and is projected to increase at a growth rate in various countries of Europe and Asia Pacific over the given forecast period.
The global soymilk market share is expected to grow at a higher growth rate supported by rise in health conscious lifestyle and increasing consumer awareness on lactose intolerance. The prevalence of lactose intolerance cured by self-diagnosed cases has given market rise to soymilk for dairy consumption with lactose free offerings. Rising population of individuals with lactose intolerance is identified to be increasing in America, which propels the growth of this market.
All these factors will contribute to the estimated CAGR of 3.2% of soymilk market during the forecast period 2017-2023.
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.
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Based on type, sweetened soymilk dominates the global market based on high consumer demand for flavored beverages over the bland flavor of unsweetened soymilk. Furthermore, based on the flavor, vanilla dominates the market owing to high demand for conventional and natural flavor in the product.
Additionally, based on application, consumers are more inclined towards healthy beverages, which has increased its application as a major ingredient in beverage products. Also, rising demand for an on-the-go healthy sports drink, the sale of soymilk is experiencing a surge. Furthermore, the store-based sale of soymilk dominates the distribution channel owing to consumers’ preferred shopping experience.
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