Global Soy Milk Market was valued US$ 7.80 Bn in 2019 and is expected to reach US$ 12.50 Bn by 2027, at a CAGR of 6.07 % during a forecast period.
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Soy milk is a great substitute for cow milk as it contains an equal amount of protein. The demand for low-calorie products is increasing because of the growing obesity rate. The soy milk is highly preferred by a consumers who are weight conscious.
Global Soy Milk Market, Dynamics:
Many people are consuming dairy alternatives because of the allergy, lactose intolerance or adherence to a vegan/plant-based diet. Consumer demand for dairy alternatives are expected to increase at an exponential growth rate. The soy milk products offer a unique nutritional profile, with a wide range of values for protein, carbohydrates and fat, along with vitamins and minerals. Attitudes of the population, and demographics trends play a great role in the growth of the Global soy milk market. Demographics and health awareness among population in North America and Europe are high that is expected to increase the adoption rate of soy milk products. On the other hand, a fluctuations in the prices of raw materials are expected to limit the global soy milk market growth. The prices of raw materials are based on the adverse weather, unstable economy, and other conditions.
The food production and marketing industry has to follow a variety of federal, state and local laws and regulations that includes food safety requirements related to the ingredients, manufacturing, processing, packaging, storage, marketing, advertising, labeling quality and distribution of their products. Key players in the market have follow regulations federal, state and local government authorities.
Global Soy Milk Market, Segment Analysis:
An Introduction of various flavors like vanilla, chocolate, and strawberry by the market key players to offer the nutty taste of soy milk is boosting the soy milk product demand among kids. Unflavored or plain soy milk is widely consumed because of its high production. Key players are investing in research and development to provide the nutty taste by introducing more flavors. Many of the innovations and products, which are pioneered in the food marketplace are expected to achieve commercial successes. Food manufacturers are launching different soymilk distribution channels and innovative products to meet the increasing consumer demand for healthy beverages and pasteurized soymilk as dairy alternatives and deliver unique flavors of soy drinks.
Prominent key players are increasing their sales by consumer advertising and promotion, which is expected to assist in building brand awareness and equity. Paid social and digital advertising and public relations programs are some of the prominent drivers for brand awareness. In addition, key players are focusing on the usage brand specific websites and social media pages to engage consumers with lifestyle, product and usage information related to specific brands. The competition in the market is based on product quality, brand recognition, brand loyalty, price, product innovation, promotional activity, availability and taste among other things. A shift in taste preferences of consumers are pushing manufacturers to introduce new flavors dairy alternatives in the market.
Global Soy Milk Market, Regional Analysis:
The strong market growth and improved margin opportunities have caught the attention of the food companies, start up, and investors. It has also provided a ripe space for capital investment opportunities because of the consistent success for the risk of the dairy alternatives. Europe is the third largest consumer of dairy alternatives and expected to contribute more than XX% share of the global soy milk market. The market growth in the region has driven by modern trade development, changing consumer habits and dynamic product development. A shift in preferences towards packaged, branded dairy alternative products are driving the growth of the global market. European manufacturers are focusing on new product developments with new launches like fresh soy drinks and hemp drinks etc. In addition, a number of vegan advocacy organizations in Europe are requesting the government to encourage dairy farmers for transition to dairy alternatives productions. The collective group, which includes Animal Aid, PETA, The Vegan Society, and others has sent a letter to the UK government to take permission for dairy farmers to make the switch into alternative market.
Global Soy Milk Market, Competitive Analysis:
Top brands and start-ups in the dairy industry are covering a large consumer base with the product lines and flavors to fulfil different tastes and needs. Innovation, including new product development is a key component of market growth. Key players are continuously seeking to understand their consumers and develop products that address their desire for organic and alternatives to conventional dairy packaged foods. An improvements in protein formulation options with greater formulation expertise offers product developers the opportunity to capitalize the consumer appetite for Soy proteins in a variety of dairy alternative products.
The objective of the report is to present a comprehensive analysis of the Global Soy Milk Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Soy Milk Market dynamics, structure by analyzing the market segments and projects the Global Soy Milk Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Soy Milk Market make the report investor’s guide.
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Global Soy Milk Market, By Product Type
Global Soy Milk Market, By Application
• Cheese and Snacks
Global Soy Milk Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Soy Milk Market
• Eden Foods
• Organic Valley
• WhiteWave Foods
• American Soy Products
• Vitasoy International Holdings
• Pacific Natural Foods
• Panos Brands
• Hain Celestial Group, Inc.
• Kikkoman Corporation
• The Hershey Company
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