As per Technavio’s market research analysis, the global soy milk and cream market is predicted to grow at a CAGR of around 15% during the forecast period. Soy has various health benefits associated with it and the growing awareness about its well-being among consumers is helping the market for several soy products grow. Soy contains all nine essential amino acids in the ideal ratio for human health and wellness. Soy protein isolates have less cholesterol than animal proteins. Soy also contains phytosterols, which help prevent cholesterol absorption and helps in reducing the risk of heart failure. It also helps increase bone density and is a good source of vitamins such as B6 and B12. Soy is also the main source of minerals such as zinc and iron and contains isoflavones that reduce the risk of breast cancer in women. Moreover, soy products such as soy milk and cream act as a perfect substitute for a high-fat diet and dairy milk. The growing health consciousness among people about soy will increase the sales of soy milk and cream during the forecast period.
APAC is the largest revenue-generating region in the soy milk and cream market and is anticipated to occupy around 44% of the overall market revenue during the forecast period. Much of the region’s growth is driven by the rising number of health-conscious individuals, growing vegan population, and increasing disposable income among consumers. The market is also witnessing a huge demand for lactose-free products such as non-dairy milk and cream from developing countries such as China, India, and Indonesia. The high demand for lactose-free products along with the number of people with lactose indolence is the major cause for the significant need for soy milk and cream in APAC.
Competitive landscape and key vendors
The market is highly fragmented because of the presence of numerous small and large vendors that compete on the basis of factors such as price, quality, innovation, reputation, and distribution. Intense competition prevails in this market owing to rapidly changing consumer demands and preferences. As the market is dominated by existing players, the entry of new players in the market will be low during the predicted period.
Leading vendors in the market are -
Other prominent vendors in the soy milk and cream market include American Soy Products, Dean Foods, Hain Celestial, Pacific Natural Foods, Panos Brands, Sanitarium, Stremicks Heritage Foods, SunOpta, and Vitasoy International Holdings.
Segmentation by product and analysis of the soy milk and cream market
Soy milk is the largest product segment in the soy milk and cream market and will continue its dominance by occupying around 85% of the total market share during the forecast period. The primary reason for this segment’s growth is the several health benefits associated with soy milk. Soy milk contains only vegetable proteins and helps in reducing cholesterol. It does not contain hormones or lactose and is rich in isoflavones. Also, it enhances the lipid profile, promotes weight loss as it is lower in sugar content, reduces the risk of prostate cancer, and aids in preventing osteoporosis. Consumers are now significantly opting for soy milk owing to its functional properties such as no fat, no cholesterol, and rich in proteins, which will, in turn, boost the growth of this market segment over the next four years.
Segmentation by distribution channel and analysis of the soy milk and cream market
Hypermarkets and supermarkets
During 2015, the supermarkets and hypermarkets segment dominated the soy milk and cream market and accounted for around 55% of the total market share. The dominance of this retail format is due to the high level of manufacturers’ dependence on its shelf space. In-store promotions by retailers and price comparisons are some of the primary reasons why consumers prefer hypermarkets and supermarkets for their shopping. Moreover, the growth of organized retail will also significantly contribute to the growth of this segment in the coming years.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global soy milk and cream market?
What are the key market trends impacting the growth of the global soy milk and cream market?
What are the challenges to market growth?
Who are the key vendors in the global soy milk and cream market?
What are the market opportunities and threats faced by the vendors in the global soy milk and cream market?
Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA.
What are the key outcomes of the five forces analysis of the global soy milk and cream market?
Technavio also offers customization on reports based on specific client requirement.