Soy Milk & Cream Market Overview
Soy Milk & Cream Market size is forecast to reach $13.8 billion by 2026, growing at a CAGR of 6.8% during the forecast period 2021-2026. With the same amount of protein content, yet significantly low on the calorie count, it is considered as one of the ideal substitutes for cow milk. Soy milk has low contents of phytic acid and is a good trypsin inhibitor, because of which it is easier for the body to absorb. The increasing awareness regarding health and wellness is making consumers turn to low calorie food, for instance bean curd, which is also made using cream derived from soy. Since the calorie count is low and is nutritionally balanced, soy milk helps to curb obesity effectively, which has become a growing concern over the recent past. This is set to further enhance the overall market development of the Soy Milk & Cream Market for the period 2021-2026.
The report: “Soy Milk & Cream Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Soy Milk & Cream Market.
By Product Type: Flavoured,
By Application: Desserts, Cheese & Snacks, and Beverages, Others,
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (Middle East, and Africa),
- Asia Pacific dominated the Soy Milk & Cream Market in 2020 owing to the enormous consumer base and presence of major production houses throughout the region. The Soy Milk & Cream market scope for different regions will be provided in the final report.
- Increasing consumption of non-dairy alternatives in conjunction with the awareness regarding health benefits and nutritive content of soy milk and cream are likely to aid the market growth of the Soy Milk & Cream Market report.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Soy Milk & Cream Market report.
- Consumers are more inclined towards substitutes like almond and coconut meal because of greater awareness which is poised to create the hurdles for the Soy Milk & Cream Market.
Soy Milk & Cream Market Revenue Share, By Geography, 2020(%)
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Soy Milk & Cream Market Segment Analysis – By Product Type
The unflavoured segment held the largest share in the Soy Milk & Cream Market in 2020 and is estimated to grow at a CAGR 7.3% during the forecast period 2021-2026. This is attributed to the fact that unflavoured soy milk does not constitute any fortifications in the form of artificial sweeteners, which makes it preferable for the consumers. Unflavoured milk often comes mounded with other important nutrients, especially calcium, which augments the consumption rate. However, the introduction of various flavors over the recent past, has bolstered the market for flavoured soy milk. Adults often prefer the flavoured version, especially chocolate and vanilla flavours, as they successfully mask out the nutty aftertaste left by soy milk. Unflavoured are estimated to register the higher CAGR over the period 2021-2026.
Soy Milk & Cream Market Segment Analysis – By Application
Beverages held the largest share in the Soy Milk & Cream Market in 2020 and is estimated to grow at a CAGR of 6.4% during the forecast period 2021-2026. This is owing to the increasing number of consumers preferring to use soy milk irrespective of its type, either for direct consumption, or soy cream and milk as an ingredient for mixing tea and coffee. Being high on protein content, it is often used for feeding infants. However, there has been a growing consumption of deserts, especially those which are nutritionally rich and low on calories. Such deserts often have soy cream and milk as their primary constitute. Deserts are estimated to register the higher CAGR over the period 2021-2026.
Soy Milk & Cream Market Segment Analysis – By Geography
Asia Pacific dominated the Soy Milk & Cream Market with a major share of 36.6% in 2020. This is attributed to the abundant production of soy bean in most of the Asian countries namely Japan, Hong Kong, India and China. Additionally, due to the rising concerns of the population regarding healthy alternatives, over time these countries became of the major consumers of soy milk and cream. All these factors are propelling the growth of the market in this region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the growing consumption of non-dairy alternatives, at almost every household. With progressive campaigns and publicity regarding health and wellness, in order to curb obesity, by American governments is another factor which is driving the growth of the market in this region.
Soy Milk & Cream Market Drivers
Increasing consumption of non-dairy alternatives
Across many economies, there has been a growing incidence in the consumption of non-dairy products, due to growing awareness surrounding health and wellness. Products sourced using soy milk and cream are equally nutritious and low in calories which makes it ideal choice for consumers. Additionally, with more number of people turning to vegan diet every year, the consumption of soy milk is evident to rise. Thus, increasing the growth of the Soy Milk & Cream Market during the forecast period 2021-2026.
Aids keeping health in check
The key driver here is the fact that equal amounts of soy milk when compared to that of cow milk, contains similar quantities of protein, making it an ideal ingredient for consumption. It is significantly low in calories which makes it easier to combat obesity, thereby minimizing risks of cardiac arrests. Products made using soy milk help keep cholesterol in check, as it is derived from soy it can be consumed by a wider segment of population, particularly anaemic population as well as those suffering from lactose intolerance. Thus, increasing the growth of the Soy Milk & Cream Market during the forecast period 2021-2026.
Soy Milk & Cream Market Challenges
Threat from substitutes like coconut and almond milk
Some of the factors that are set to impede the growth of the Soy Milk & Cream Market are the concern regarding the increasing availability of substitutes like almond and coconut milk. This is mainly due to the fact these products have more awareness among consumers. The key market players are hence trying to create publicity in the form of marketing campaigns to increase awareness regarding soy milk or else it will hinder the growth of the market during the forecast period 2021-2026.
Soy Milk & Cream Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Soy Milk & Cream Market. In 2020, the Soy Milk & Cream Market share is consolidated by the top ten players present in the market. The Soy Milk & Cream Market, top 10 companies are Eden Foods, Inc., Organic Valley, Pureharvest, SunOpta Inc., and Pacific Natural Foods among others.
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