Soy Beverage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type, By Flavor, By Distribution Channel, By Region, Competition

Description

The global soy beverage market is witnessing robust growth owing to the increased consumer demand for dairy substitutes. Many factors contribute to the growing popularity of non-dairy milk, including lactose allergy, lactose intolerance, and the popular vegan or plant-based diet. Moreover, soy beverages are gaining popularity especially among health conscious consumers globally. Thus, vegan or plant-based diet are becoming popular since they are considered as a healthier substitute among consumers, which is expected to drive the demand for soy beverages across the globe during the forecast period.

Soy beverage is a non-dairy beverage made from soybeans that is preferred as a substitute for cow's milk. It's made from soybeans and many brands, enhance it with vitamins and minerals including vitamin D and calcium. Soy beverages are available in a variety of forms such as soya milk, soya yogurt, soya juice, and soya buttermilk. Soy milk has a wide range of culinary uses, a creamy texture, and a nutritious nutritional composition that includes vital omega-3 fatty acids and flavonoids, which have antioxidant, anti-inflammatory, and cardioprotective qualities. Soy yoghurt, often known as soya yoghurt, is a type of yoghurt prepared from soy milk.

According to the U.S. Department of Agriculture (USDA), a 1 cup serving of plain, unsweetened soy milk contains 100 calories, 4.9 grams fat, 7 gm carbohydrates, and many others. Moreover, according to Good Food Institute, as of 2020, plant-based milk accounted for 15% of total retail milk sales in the developed market of the United States. Packaged soy milk and almond milk are the most popular among plant-based dairy users with highest penetration in 2021 (56% and 54%, respectively), followed by plant-based cheese (31%) and oat milk (29%). Thus, with increasing popularity among consumers across the globe, the demand for soy beverages during the forecast period is expected to rise.

Market Overview
Forecast Period	2024-2028
Market Size 2022	USD 21.4 Billion
Market Size 2028	USD 32.63 Billion
CAGR 2023-2028	7.4%
Fastest Growing Segment	Soy Milk
Largest Market	North America

Growing Health Concerns Boosted Consumption of Soy Beverages

Soy beverages are becoming popular due to increased soy availability and scientific evidence proving several health benefits of the beans, such as lowering blood cholesterol and lowering the risk of certain cancers. Furthermore, owing to their nutritional composition, soy beverages are used as a replacement for less healthful drinks. Soybean-based products, in addition to being a complete source of protein, also contain fiber, B vitamins, and omega-3 fatty acids. All of the nutrients are crucial for infant growth, fetal growth in pregnant women, and a variety of other benefits for both children and adults. Soy beverages are being driven by increased health consciousness in both emerging and developed countries. Thus, health benefits associated with the consumption of soy beverage or other soy based products are expected to drive the market during the forecast period across the globe.

Demand for Lactose-Free Beverages is Driving the Expansion of Soy Beverage Sales

Lactose intolerant customers all over the world are increasingly demanding lactose-free food products, such as soy drinks, to meet their specific dietary needs. Patients suffering from this condition commonly have difficulty in digesting fresh milk, resulting in a reduction in dairy product consumption. This is due to the fact that most dairy farm cows produce milk with a high concentration of A1 protein, which may cause abdominal pain, diarrhea, stomach cramps, bloating, etc. in lactose intolerant people. As a result, more lactose-intolerant people around the world are supplementing their dairy diet with dairy-free alternatives such as soy drinks. Thus, the demand of soy beverages is expected to rise globally during the forecast period.

Expansion of Soy Beverage Product Range is Driving the Market Growth

Another factor which is expanding the market growth is the expansion of product range of soy beverage. Moreover, with the addition of flavors such as vanilla, chocolate, and strawberry by manufacturers to offset the nutty taste of soy milk is increasing demand among children. Leading players are spending in research and development to reduce the nutty flavor by introducing different tastes and offering the product in appealing packages through a variety of distribution channels. Therefore, companies are focusing on expanding the range of flavors and packaging them in appealing packages in order to promote consumption, hence driving overall product demand.

Market Segmentation:

The global soy beverage market is segmented based on product type, flavors and distribution channel. The market is divided into soy milk, soy yogurt, others based on product type. Based on flavors, the market is further bifurcated into flavored and unflavored. Based on distribution channels, the market is further divided into supermarket/hypermarket, convenience stores, departmental stores, online, and non-retail. On the basis of region, the market is divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Company Profiles

Danone S.A., Kikkoman Sales USA, INC., The Hain Celestial Group, Inc., The Hershey Co., Eden Foods, Inc., Pacific Foods of Oregon, LLC, Devansoy Inc., SunOpta, Inc., American Soy Products Inc, Vitasoy International Holdings Limited are among the major market players in the global platform that are driving the market growth of the global soy beverage market.

Report Scope:

In this report, the Global Soy Beverage market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Soy Beverage Market, By Product Type:

Soy Milk
Soy Yogurt
Others

Soy Beverage Market, By Flavor:

Flavored
Unflavored

Soy Beverage Market, By Distribution Channel:

Supermarket/Hypermarket
Convenience Stores
Departmental Store
Online
Non-Retail

Soy Beverage Market, By Region:

North America
- United States
- Canada
- Mexico

Europe
- Germany
- France
- United Kingdom
- Italy
- Spain

Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia

South America
- Brazil
- Argentina
- Colombia

Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey

Competitive Landscape:

Company Profiles: Detailed analysis of the major companies present in the Global Soy Beverage Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information:

Detailed analysis and profiling of additional market players (up to five).

Product Code: 15187

1. Introduction

1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments

4. Voice of Customer Analysis

4.1. Brand Awareness
4.2. Factors Influencing Purchase Decision
4.3. Customer Satisfaction
4.4. Challenges Faced

5. Global Soy Beverage Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Product Type Market Share Analysis (Soy Milk, Soy Yogurt, Others)
- 5.2.2. By Flavor Market Share Analysis (Flavored, Unflavored)
- 5.2.3. By Distribution Channel Market Share Analysis (Supermarket/Hypermarket, Convenience Stores, Departmental Stores, Online, Non-Retail)
- 5.2.4. By Regional Market Share Analysis
  - 5.2.4.1. North America Market Analysis
  - 5.2.4.2. Europe Market Analysis
  - 5.2.4.3. Asia -Pacific Market Analysis
  - 5.2.4.4. South America Market Analysis
  - 5.2.4.5. Middle East & Africa Market Analysis
- 5.2.5. By Top 5 Companies Market Share Analysis, Others (2022)
5.3. Global Soy Beverage Market Mapping & Opportunity Assessment
- 5.3.1. By Product Type Market Mapping & Opportunity Assessment
- 5.3.2. By Flavor Market Mapping & Opportunity Assessment
- 5.3.3. By Distribution Channel Market Mapping & Opportunity Assessment
- 5.3.4. By Regional Market Mapping & Opportunity Assessment

6. North America Soy Beverage Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Product Type Market Share Analysis
- 6.2.2. By Flavor Market Share Analysis
- 6.2.3. By Distribution Channel Market Share Analysis
- 6.2.4. By Country Market Share Analysis
  - 6.2.4.1. United States Soy Beverage Market Outlook
    - 6.2.4.1.1. Market Size & Forecast
    - 6.2.4.1.1.1. By Value
    - 6.2.4.1.2. Market Share & Forecast
    - 6.2.4.1.2.1. By Product Type Market Share Analysis
    - 6.2.4.1.2.2. By Flavor Market Share Analysis
    - 6.2.4.1.2.3. By Distribution Channel Market Share Analysis
  - 6.2.4.2. Canada Soy Beverage Market Outlook
    - 6.2.4.2.1. Market Size & Forecast
    - 6.2.4.2.1.1. By Value
    - 6.2.4.2.2. Market Share & Forecast
    - 6.2.4.2.2.1. By Product Type Market Share Analysis
    - 6.2.4.2.2.2. By Flavor Market Share Analysis
    - 6.2.4.2.2.3. By Distribution Channel Market Share Analysis
  - 6.2.4.3. Mexico Soy Beverage Market Outlook
    - 6.2.4.3.1. Market Size & Forecast
    - 6.2.4.3.1.1. By Value
    - 6.2.4.3.2. Market Share & Forecast
    - 6.2.4.3.2.1. By Product Type Market Share Analysis
    - 6.2.4.3.2.2. By Flavor Market Share Analysis
    - 6.2.4.3.2.3. By Distribution Channel Market Share Analysis

7. Europe Soy Beverage Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Product Type Market Share Analysis
- 7.2.2. By Flavor Market Share Analysis
- 7.2.3. By Distribution Channel Market Share Analysis
- 7.2.4. By Country Market Share Analysis
  - 7.2.4.1. Germany Soy Beverage Market Outlook
    - 7.2.4.1.1. Market Size & Forecast
    - 7.2.4.1.1.1. By Value
    - 7.2.4.1.2. Market Share & Forecast
    - 7.2.4.1.2.1. By Product Type Market Share Analysis
    - 7.2.4.1.2.2. By Flavor Market Share Analysis
    - 7.2.4.1.2.3. By Distribution Channel Market Share Analysis
  - 7.2.4.2. France Soy Beverage Market Outlook
    - 7.2.4.2.1. Market Size & Forecast
    - 7.2.4.2.1.1. By Value
    - 7.2.4.2.2. Market Share & Forecast
    - 7.2.4.2.2.1. By Product Type Market Share Analysis
    - 7.2.4.2.2.2. By Flavor Market Share Analysis
    - 7.2.4.2.2.3. By Distribution Channel Market Share Analysis
  - 7.2.4.3. United Kingdom Soy Beverage Market Outlook
    - 7.2.4.3.1. Market Size & Forecast
    - 7.2.4.3.1.1. By Value
    - 7.2.4.3.2. Market Share & Forecast
    - 7.2.4.3.2.1. By Product Type Market Share Analysis
    - 7.2.4.3.2.2. By Flavor Market Share Analysis
    - 7.2.4.3.2.3. By Distribution Channel Market Share Analysis
  - 7.2.4.4. Italy Soy Beverage Market Outlook
    - 7.2.4.4.1. Market Size & Forecast
    - 7.2.4.4.1.1. By Value
    - 7.2.4.4.2. Market Share & Forecast
    - 7.2.4.4.2.1. By Product Type Market Share Analysis
    - 7.2.4.4.2.2. By Flavor Market Share Analysis
    - 7.2.4.4.2.3. By Distribution Channel Market Share Analysis
  - 7.2.4.5. Spain Soy Beverage Market Outlook
    - 7.2.4.5.1. Market Size & Forecast
    - 7.2.4.5.1.1. By Value
    - 7.2.4.5.2. Market Share & Forecast
    - 7.2.4.5.2.1. By Product Type Market Share Analysis
    - 7.2.4.5.2.2. By Flavor Market Share Analysis
    - 7.2.4.5.2.3. By Distribution Channel Market Share Analysis

8. Asia-Pacific Soy Beverage Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Product Type Market Share Analysis
- 8.2.2. By Flavor Market Share Analysis
- 8.2.3. By Distribution Channel Market Share Analysis
- 8.2.4. By Country Market Share Analysis
  - 8.2.4.1. China Soy Beverage Market Outlook
    - 8.2.4.1.1. Market Size & Forecast
    - 8.2.4.1.1.1. By Value
    - 8.2.4.1.2. Market Share & Forecast
    - 8.2.4.1.2.1. By Product Type Market Share Analysis
    - 8.2.4.1.2.2. By Flavor Market Share Analysis
    - 8.2.4.1.2.3. By Distribution Channel Market Share Analysis
  - 8.2.4.2. India Soy Beverage Market Outlook
    - 8.2.4.2.1. Market Size & Forecast
    - 8.2.4.2.1.1. By Value
    - 8.2.4.2.2. Market Share & Forecast
    - 8.2.4.2.2.1. By Product Type Market Share Analysis
    - 8.2.4.2.2.2. By Flavor Market Share Analysis
    - 8.2.4.2.2.3. By Distribution Channel Market Share Analysis
  - 8.2.4.3. Japan Soy Beverage Market Outlook
    - 8.2.4.3.1. Market Size & Forecast
    - 8.2.4.3.1.1. By Value
    - 8.2.4.3.2. Market Share & Forecast
    - 8.2.4.3.2.1. By Product Type Market Share Analysis
    - 8.2.4.3.2.2. By Flavor Market Share Analysis
    - 8.2.4.3.2.3. By Distribution Channel Market Share Analysis
  - 8.2.4.4. South Korea Soy Beverage Market Outlook
    - 8.2.4.4.1. Market Size & Forecast
    - 8.2.4.4.1.1. By Value
    - 8.2.4.4.2. Market Share & Forecast
    - 8.2.4.4.2.1. By Product Type Market Share Analysis
    - 8.2.4.4.2.2. By Flavor Market Share Analysis
    - 8.2.4.4.2.3. By Distribution Channel Market Share Analysis
  - 8.2.4.5. Australia Soy Beverage Market Outlook
    - 8.2.4.5.1. Market Size & Forecast
    - 8.2.4.5.1.1. By Value
    - 8.2.4.5.2. Market Share & Forecast
    - 8.2.4.5.2.1. By Product Type Market Share Analysis
    - 8.2.4.5.2.2. By Flavor Market Share Analysis
    - 8.2.4.5.2.3. By Distribution Channel Market Share Analysis

9. Middle East & Africa Soy Beverage Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Product Type Market Share Analysis
- 9.2.2. By Flavor Market Share Analysis
- 9.2.3. By Distribution Channel Market Share Analysis
- 9.2.4. By Country Market Share Analysis
  - 9.2.4.1. Saudi Arabia Soy Beverage Market Outlook
    - 9.2.4.1.1. Market Size & Forecast
    - 9.2.4.1.1.1. By Value
    - 9.2.4.1.2. Market Share & Forecast
    - 9.2.4.1.2.1. By Product Type Market Share Analysis
    - 9.2.4.1.2.2. By Flavor Market Share Analysis
    - 9.2.4.1.2.3. By Distribution Channel Market Share Analysis
  - 9.2.4.2. UAE Soy Beverage Market Outlook
    - 9.2.4.2.1. Market Size & Forecast
    - 9.2.4.2.1.1. By Value
    - 9.2.4.2.2. Market Share & Forecast
    - 9.2.4.2.2.1. By Product Type Market Share Analysis
    - 9.2.4.2.2.2. By Flavor Market Share Analysis
    - 9.2.4.2.2.3. By Distribution Channel Market Share Analysis
  - 9.2.4.3. South Africa Soy Beverage Market Outlook
    - 9.2.4.3.1. Market Size & Forecast
    - 9.2.4.3.1.1. By Value
    - 9.2.4.3.2. Market Share & Forecast
    - 9.2.4.3.2.1. By Product Type Market Share Analysis
    - 9.2.4.3.2.2. By Flavor Market Share Analysis
    - 9.2.4.3.2.3. By Distribution Channel Market Share Analysis
  - 9.2.4.4. Turkey Soy Beverage Market Outlook
    - 9.2.4.4.1. Market Size & Forecast
    - 9.2.4.4.1.1. By Value
    - 9.2.4.4.2. Market Share & Forecast
    - 9.2.4.4.2.1. By Product Type Market Share Analysis
    - 9.2.4.4.2.2. By Flavor Market Share Analysis
    - 9.2.4.4.2.3. By Distribution Channel Market Share Analysis

10. South America Soy Beverage Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Product Type Market Share Analysis
- 10.2.2. By Flavor Market Share Analysis
- 10.2.3. By Distribution Channel Market Share Analysis
- 10.2.4. By Country Market Share Analysis
  - 10.2.4.1. Brazil Soy Beverage Market Outlook
    - 10.2.4.1.1. Market Size & Forecast
    - 10.2.4.1.1.1. By Value
    - 10.2.4.1.2. Market Share & Forecast
    - 10.2.4.1.2.1. By Product Type Market Share Analysis
    - 10.2.4.1.2.2. By Flavor Market Share Analysis
    - 10.2.4.1.2.3. By Distribution Channel Market Share Analysis
  - 10.2.4.2. Colombia Soy Beverage Market Outlook
    - 10.2.4.2.1. Market Size & Forecast
    - 10.2.4.2.1.1. By Value
    - 10.2.4.2.2. Market Share & Forecast
    - 10.2.4.2.2.1. By Product Type Market Share Analysis
    - 10.2.4.2.2.2. By Flavor Market Share Analysis
    - 10.2.4.2.2.3. By Distribution Channel Market Share Analysis
  - 10.2.4.3. Argentina Soy Beverage Market Outlook
    - 10.2.4.3.1. Market Size & Forecast
    - 10.2.4.3.1.1. By Value
    - 10.2.4.3.2. Market Share & Forecast
    - 10.2.4.3.2.1. By Product Type Market Share Analysis
    - 10.2.4.3.2.2. By Flavor Market Share Analysis
    - 10.2.4.3.2.3. By Distribution Channel Market Share Analysis

11. Market Dynamics

11.1. Drivers
- 11.1.1. Growing Health Concerns Boosted Consumption of Soy Beverages
- 11.1.2. Demand for Lactose-Free Beverages
- 11.1.3. Expansion of Soy Beverage Product Range
11.2. Challenges
- 11.2.1. Concerns Regarding Effects of Soy and Soy Derivatives
- 11.2.2. Availability of Substitutes

12. Impact of COVID-19 on Global Soy Beverage

13. Market Trends & Developments

13.1. Increasing Popularity of Non-Dairy Foods And Beverages
13.2. Rising Awareness of Health Benefits Associated with Consumption of Soy Milk
13.3. Demand for Low-Calorie Products Is High Due To Growing Obesity
13.4. Increase in the Prevalence Of Lactose Intolerance
13.5. Growing in the Animal Welfare Concerns

14. Porter's Five Forces Model

14.1. Competitive Rivalry
14.2. Bargaining Power of Buyers
14.3. Bargaining Power of Suppliers
14.4. Threat of New Entrants
14.5. Threat of Substitutes

15. SWOT Analysis

15.1. Strengths
15.2. Weaknesses
15.3. Opportunities
15.4. Threats

16. Competitive Landscape

16.1. Company Profiles
- 16.1.1. Danone S.A.
  - 16.1.1.1. Company Details
  - 16.1.1.2. Product & Services
  - 16.1.1.3. Financials (As Per Availability)
  - 16.1.1.4. Key Market Focus & Geographical Presence
  - 16.1.1.5. Recent Developments
  - 16.1.1.6. Key Management Personnel
- 16.1.2. Kikkoman Sales USA, INC.
  - 16.1.2.1. Company Details
  - 16.1.2.2. Product & Services
  - 16.1.2.3. Financials (As Per Availability)
  - 16.1.2.4. Key Market Focus & Geographical Presence
  - 16.1.2.5. Recent Developments
  - 16.1.2.6. Key Management Personnel
- 16.1.3. The Hain Celestial Group, Inc.
  - 16.1.3.1. Company Details
  - 16.1.3.2. Product & Services
  - 16.1.3.3. Financials (As Per Availability)
  - 16.1.3.4. Key Market Focus & Geographical Presence
  - 16.1.3.5. Recent Developments
  - 16.1.3.6. Key Management Personnel
- 16.1.4. The Hershey Co.
  - 16.1.4.1. Company Details
  - 16.1.4.2. Product & Services
  - 16.1.4.3. Financials (As Per Availability)
  - 16.1.4.4. Key Market Focus & Geographical Presence
  - 16.1.4.5. Recent Developments
  - 16.1.4.6. Key Management Personnel
- 16.1.5. Eden Foods, Inc.
  - 16.1.5.1. Company Details
  - 16.1.5.2. Product & Services
  - 16.1.5.3. Financials (As Per Availability)
  - 16.1.5.4. Key Market Focus & Geographical Presence
  - 16.1.5.5. Recent Developments
  - 16.1.5.6. Key Management Personnel
- 16.1.6. Pacific Foods of Oregon, LLC
  - 16.1.6.1. Company Details
  - 16.1.6.2. Product & Services
  - 16.1.6.3. Financials (As Per Availability)
  - 16.1.6.4. Key Market Focus & Geographical Presence
  - 16.1.6.5. Recent Developments
  - 16.1.6.6. Key Management Personnel
- 16.1.7. Devansoy Inc.,
  - 16.1.7.1. Company Details
  - 16.1.7.2. Product & Services
  - 16.1.7.3. Financials (As Per Availability)
  - 16.1.7.4. Key Market Focus & Geographical Presence
  - 16.1.7.5. Recent Developments
  - 16.1.7.6. Key Management Personnel
- 16.1.8. SunOpta, Inc.
  - 16.1.8.1. Company Details
  - 16.1.8.2. Product & Services
  - 16.1.8.3. Financials (As Per Availability)
  - 16.1.8.4. Key Market Focus & Geographical Presence
  - 16.1.8.5. Recent Developments
  - 16.1.8.6. Key Management Personnel
- 16.1.9. American Soy Products Inc
  - 16.1.9.1. Company Details
  - 16.1.9.2. Product & Services
  - 16.1.9.3. Financials (As Per Availability)
  - 16.1.9.4. Key Market Focus & Geographical Presence
  - 16.1.9.5. Recent Developments
  - 16.1.9.6. Key Management Personnel
- 16.1.10. Vitasoy International Holdings Limited
  - 16.1.10.1. Company Details
  - 16.1.10.2. Product & Services
  - 16.1.10.3. Financials (As Per Availability)
  - 16.1.10.4. Key Market Focus & Geographical Presence
  - 16.1.10.5. Recent Developments
  - 16.1.10.6. Key Management Personnel

17. Strategic Recommendations/Action Plan

17.1. Key Focus Areas
17.2. Target Product Type
17.3. Target Distribution Channel

18. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)