Soy Milk Market Analysis

Global Soy Milk Market Overview

Soy Milk Market Size was valued at USD 10.3 billion in 2023. The soy milk industry is projected to grow from USD 10.98 Billion in 2024 to USD 16.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.66% during the forecast period (2024 - 2032). Increasing consumer awareness of the health benefits of soy milk consumption, animal welfare promotion, and increased environmental awareness inspire consumers to seek plant-based alternatives, which are the key market drivers enhancing soy milk market share.

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Soy Milk Market Trends

• Soy milk's potential health benefits to support market growth

For various reasons, it has become clear in recent years that the nondairy milk sector is becoming overcrowded. One of the primary reasons for this is that soy milk may have health benefits over other non-dairy alternatives. Consumers turn to soy milk to avoid dairy for various reasons, including health and weight loss. Soy milk is known to help with various health issues, including lowering cholesterol levels and the risk of coronary heart disease. One of the most important and distinctive benefits of soy milk is the presence of isoflavones. It has been shown to reduce the risk of certain cancers, prevent osteoporosis, and alleviate menopausal symptoms.

It is well known that its anti-inflammatory and antioxidant properties help maintain heart and gut health. When consumed with a protein-rich diet, soy milk is also thought to promote healthy hair growth. The proven health benefits of soy milk consumption are expected to drive growth in the soy milk market revenue. Manufacturers of soy milk aim to establish a robust supply chain to ensure the availability of high-quality ingredients to produce soy milk. This will also provide products with an extended shelf life, driving the soy milk market CAGR. The key players use cutting-edge equipment to produce soy milk to increase production capacity to meet demand from the food service industry.

Soy Milk Market Segment Insights

Soy Milk Application Insights

Based on application, the soy milk market segmentation includes cheese & desserts, snacks, and beverages. The cheese & desserts segment held the majority share in 2022, contributing to around ~65-67% of the soy milk market revenue. This segment is expected to grow significantly due to increased consumption of nondairy ice cream, smoothies, and milkshakes. Soy milk is also used to make healthy yogurt smoothies and popular desserts in many countries worldwide. In the coming years, the soy milk market is expected to be driven by an increase in dessert consumption. Tofu is used as a substitute for cottage cheese and paneer in various dishes. Many soy milk snacks and dishes are popular in China, Japan, and India. Soy milk is served with oatmeal in these countries. Some manufacturers also promote their products by focusing on cooking shows and celebrity chef endorsements. Cooking shows are an excellent way to promote the brand while developing new soy milk-based recipes.

Soy Milk Type Insights

The soy milk market segmentation, based on type, includes plain, flavored, and others. The flavored segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Adults prefer flavored or sweetened soy milk as it masks the nutty flavor of the original product. Vanilla and chocolate are the most popular flavors. Manufacturers focus on expanding the variety of flavors and packaging them in appealing packages to increase soy milk consumption, thereby driving overall flavored-type demand. Besides, flavored beverages are becoming more popular among lactose-intolerant people looking for dairy-free alternatives. As a result, manufacturers are launching initiatives and making strenuous efforts to offer novel flavors, higher quality, and more nutritious lactose-free milk products to attract modern consumers worldwide, particularly millennials and Generation Z. Moreover, soy milk producers focus on creating desirable sensory characteristics with innovative flavors to meet the demand of plant-curious consumers.

Soy Milk Category Insights

Categories have bifurcated the soy milk market data into conventional and organic. The organic segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Organic soy milk products free of allergenic ingredients and dairy-free are becoming increasingly popular among consumers. The covid-19 pandemic has also shifted consumer preferences towards organic foods, as many customers want to know what is in their food. A Lindberg International study found that 73% of consumers would buy organic dairy products if they were widely available. Several regions are seeing an increase in demand for clean-label, natural-ingredient products. According to Cargill Inc, 8 out of 10 customers prefer clean-label soy milk products. The growing emphasis of industry players on producing clean-label soy milk is expected to benefit the overall growth of the organic soy milk market.

Soy Milk Distribution Channel Insights

The soy milk industry has been segmented based on distribution channels into store-based and non-store-based. In 2022, store-based had the largest segment share. The segment's growth can be attributed to research findings indicating that most people in developed countries prefer to buy soy milk from store-based supermarkets for greater convenience. Another factor driving growth in this segment is the availability of a wide variety of soy milk varieties (which gives customers a more diverse range of options). Moreover, introducing new technology, such as Artificial Intelligence (AI), alters the role of store-based hypermarkets and supermarkets in the dairy industry.

Figure 2: Soy Milk Market, by Distribution Channel, 2024 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Further, the non-store-based segment is expected to grow the fastest CAGR in the soy milk industry during the forecast period. As a result of the lockdowns imposed in some areas, the Covid-19 pandemic has increased demand for e-commerce channels. According to WebGrocer data, dairy products are ordered in more than 90% of online provision orders. This proportion has increased by more than 14% per year. In conclusion, dairy suppliers have a significant opportunity to generate significant revenue via e-commerce platforms. Consumer preference for digital commerce has shifted significantly, according to Danone, a soy milk dairy products industry leader.

Soy Milk Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The European Soy Milk market accounted for USD 4.71 billion in 2024 and will likely exhibit a significant CAGR growth over the study period. Countries such as Germany and the United Kingdom are heavily investing in nondairy desserts as the population's preference for healthier alternatives grows. This is expected to boost demand for soy milk products over the forecast period. In addition, the developing Eastern European region is expected to outperform Western European markets, where dairy sales suffer from the rising popularity of dairy-free alternatives. Several European soy milk producers are putting automated fresh milk production lines in their facilities to modernize them. Furthermore, government-imposed health and fitness regulations in various European countries drive the market demand for soy milk in this region.

Further, the major countries studied in the market report are the U.S., Germany, Canada, France, the UK, Spain, Italy, Japan, India, Australia, China, South Korea, and Brazil.

Figure 3: SOY MILK MARKET SHARE BY REGION 2024 (%)

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

The North American soy milk market accounts for the second-largest market share. The growing consumption of non-dairy alternatives is expected to drive significant growth in North America. The demand for cholesterol-free foods significantly influences the regional soy milk market. According to the World Health Organization, 62% of American adults are overweight or obese, which could drive the soy milk market in the coming years. Furthermore, rising vegan acceptance in countries such as the United States and Canada is expected to expand the North American soy milk industry. Further, the Canadian soy milk market held the largest market share, and the U.S. soy milk market was the fastest-growing market in the North American region.

The Asia-Pacific Soy Milk Market is expected to grow at the fastest CAGR from 2024 to 2032. As many countries such as China, Japan, India, South Korea, and Hong Kong are primary product consumers, the Asia-Pacific region is the test-growing market. The abundance of soybean production in these countries is also driving regional consumption. In addition, in response to rising demand in Asian countries for vegan and lactose-free dairy products, several strategic investments have been made to boost revenue generation in the region. For example, in 2021, EFKO Group announced plans to invest RUB 600 million in a soy milk venture capable of producing 1,000 tons of milk per month. Consumers in Asia-Pacific are increasingly looking for lactose-free dairy alternatives made from plants. The variety of products on the shelves satisfies the taste for novelty and variety of health and wellness-oriented consumers. Moreover, China’s soy milk market held the largest market share, and the Indian soy milk market was the fastest-growing market in the Asia-Pacific region.

Soy Milk Key Market Players & Competitive Insights

Major market players are investing in R&D to reduce aftertaste by introducing more flavors and selling the product in appealing packages through various distribution channels. The soy milk market major players such as Eden Food, Campbell Soup, The Hershey Company, Vitasoy International Holdings, and others actively introduce flavors such as vanilla, chocolate, and strawberry, among others, to mask the aftertaste of soy milk, thereby driving product demand among children. Major players in the soy milk industry concentrate their online marketing and product branding efforts on social media platforms and online distribution channels to increase customer attraction.

Market participants are expanding their footprint through significant market developments such as introducing new products, contractual agreements, collaborations and acquisitions, increased R&D investments, and mergers with other organizations. Competitors in the soy milk industry mix it with probiotic beverages to persuade customers to choose their product over more conventional probiotic options.

Pureharvest is an Australian-owned and operated company that produces and distributes high-quality organic and natural food and beverages. Pureharvest invested in product development activities in 2020 to ensure the expansion of its non-dairy milk market. Calcium, an important micronutrient for human health, has been added to the company's nondairy milk line, including rice and soy milk.

For example, in March 2022, ITC launched the new Aashirvaard Svasti' Easy Digest Milk' for sale in the Indian market. It is said by the firm that this product is lactose free and mainly meant for people who do not tolerate lactose.

Danone S.A. expanded its Canadian dairy-free portfolio by launching Nextmilk under the Silk Canada brandname this year (2022). According to them, Silk Nextmilk contains high-quality vitamin B12 & riboflavin plus enough calcium, D-vitamin, A-vitamin, and zinc fiber too.

Russian mayonnaise leader EFKO Group announced its entrance into soy-milk production, investing $8 million into monthly production of one thousand tons that aims at reaching a parity price with cow’s milk in August 2021. Hi! Already sold test patches whilst mass-production starts after summer.

Hain Celestial Group’s North American brands Dream and Westsoy were purchased by SunOpta Inc for $33mn in April 2021

Also, SunOpta Inc is a leader in natural and organic foods, ingredient sourcing, and specialty foods. SunOpta Inc focuses on providing consumers with non-GMO and organic soy milk. In 2021, the company's soy milk was made from its proprietary soy base, a liquid extracted from cooked soybeans. Soybase is Kosher, non-GMO, and organic, providing quality assurance.

Asahi Soft Drinks introduced a soymilk based version of its Calpis brand in March 2020. Known as Green Calpis, it had a cool aftertaste and is not as sweet, making it ideal for female consumers in their 40s and 50s concerned about their health as well as those who opt for non-dairy options.

Key Companies in the soy milk market include

• EDEN FOODS INC (US)


• ORGANIC VALLEY (US)


• PUREHARVEST (AUSTRALIA)


• AMERICAN SOY PRODUCTS (US)


• VITASOY INTERNATIONAL HOLDINGS (CHINA)


• SUNOPTA INC (CANADA)


• PACIFIC NATURAL FOODS (US)


• PANOS BRANDS (US)


• SANITARIUM (AUSTRALIA)


• HAIN CELESTIAL GROUP INC (US)

Soy Milk Industry Developments

In 2024, Nestle invested a sum of about $4.3 million to bring out the ‘Milo Soy’. This drink is rich in protein from soybean and malted extracts which are very healthy for us and are easy to consume.

In September 2023, oat milk made its debut on Lufthansa air carriers, following the trend of providing non-dairy options. The move was expensive, but it aligned with what other airlines were doing to address growing demand for dairy-free products among passengers.

May 2022: Canadian Silk portfolio was enhanced by Danone S.A. by launching Nextmilk. According to the firm, Silk Nextmilk is characterized as being an excellent source of vitamin B12 & riboflavin and a good source of calcium, vitamins D & A, zinc and fiber.

July 2022: Hiland Dairy announced the purchase of Borden Dairy Texas. The company intends to expand its operations through this acquisition to cater to the increasing demand for soy milk and plant-based product lines, boosting its sales performance.

May 2022: Danone S.A. enlarged its dairy-free portfolio in Canada by introducing Nextmilk underneath the Silk Canada brand. The manufacturer claims that Silk Nextmilk is a nutritious source of calcium, vitamin D, vitamin A, zinc, and fiber and an excellent source of riboflavin and vitamin B12.

March 2022: In the Indian soy milk market, ITC introduced the new Aashirvaard Svasti Easy Digest Milk. According to the company, it is a lactose-free product designed primarily for people with lactose intolerance.

March 2021: Soft Plus, a soy-based protein drink, was unveiled by Hershey India’s subsidiary that caters for the needs of underprivileged kids. The Hershey Company’s Indian unit, which manufactures chocolates worldwide, has invented Soft Plus, a plant protein drink made from soybeans for poor children.

Soy Milk Market Segmentation

Soy Milk Type Outlook

• Plain


• Flavored


• Others

Soy Milk Category Outlook

• Conventional


• Organic

Soy Milk Application Outlook

• Cheese & Desserts


• Snacks


• Beverages

Soy Milk Distribution Channel Outlook

• Store-Based


• Non-Store-Based

Soy Milk Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America