Soy Milk Market is Expected to Grow at a CAGR of 6.66% from 2023 to 2030

May, 2023- Market Research Future published a Report on the Global Soymilk Market

Market Overview

Soymilk market is anticipated to touch USD 16.17 billion by 2030, exhibiting a CAGR of 6.66% from 2023 to 2030.

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 soy milk are high in the North American region and is projected to increase at a positive growth rate in various countries of Europe and Asia Pacific over the given forecast period.

Market Forecast

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. 

Downstream Analysis

On the basis of 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, on the basis of 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.

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.

Regional Analysis

Global Soymilk Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America holds a major market share followed by Asia Pacific. High demand for soymilk due to high nutritional value and high demand for dairy substitutes is contributing to the positive growth of the soymilk market. The Netherlands, China, Mexico, Japan, and Germany are the major importers of soymilk across the globe. Developed trading channels and high demand for healthy food are also driving the growth of the market in these countries.

Market Segmentation

Global Soymilk Market is segmented by Type, Flavor, Application, Distribution Channel and Region.