Soy Beverages Market by Type and Geography - Forecast and Analysis 2022-2026

The soy beverages market share is expected to increase by USD 3.82 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.52%.

This soy beverages market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers soy beverages market segmentation by type (soy milk and soy-based drinkable yogurt) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The soy beverages market report also offers information on several market vendors, including American Soy Products Inc., Devansoy Inc., Eden Foods Inc., Jaffe Bros Inc, Kikkoman Sales USA Inc., Life Health Foods, Nestle SA, PACIFIC FOODS OF OREGON LLC, PureHarvest, Sanitarium Health Food Co., Sofina SA, SolhFagito, Takeda Pharmaceutical Co. Ltd., The Hain Celestial Group Inc., The Hershey Co., TOFUSAN Co. Ltd., Urban Platter, Vitasoy International Holdings Ltd., and SunOpta Inc. among others.

What will the Soy Beverages Market Size be During the Forecast Period?

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Soy Beverages Market: Key Drivers, Trends, and Challenges

The growing demand for soy beverages from lactose-intolerant and vegan consumers is notably driving the soy beverages market growth, although factors such as the availability of substitute functional beverages may impede market the growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the soy beverages industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.

Key Soy Beverages Market Driver

The growing demand for soy beverages from lactose-intolerant and vegan consumers is one of the major drivers impacting the soy beverages market growth. Consumers with lactose intolerance cannot digest lactose (a type of sugar found in milk and dairy products). Some symptoms of lactose intolerance are bloating, cramps, diarrhea, and nausea. The number of individuals with lactose intolerance is increasing in European countries, such as Italy, Germany, Spain, Turkey, Poland, France, and the UK. Thus, the demand for lactose-free products and products that have a low lactose content is increasing at a fast pace. Soy beverages, including soy milk, are a viable alternative to cow's milk. With an increase in the number of lactose-intolerant people, the demand for soy beverages will increase at a rapid rate during the forecast period globally. The sales of plant-based milk, including soy milk, in the US, increased by 20% in 2020. The Millennial population living in such countries is opting for soy beverages due to ethical issues over animal cruelty. These factors will propel the demand for soy beverages and augment the growth of the global soy beverages market during the forecast period.

Key Soy Beverages Market Trend

New product launches is one of the major trends influencing the soy beverages market growth. The global soy beverages market is highly competitive. Vendors worldwide are increasingly focusing and spending on R&D and launching organic, flavored, and unflavored soy beverages to cater to the growing demand for such healthy and functional beverages from consumers. The global soy beverages market has witnessed an increase in the number of new launches of soy milk and soy-based drinkable yogurt products. Vendors in the market adopt strategies such as new product launches to tackle the competition in the market. They invest in developing innovative soy beverages to increase their foothold in the market. Moreover, the intense competition in the market is expected to compel the established vendors to increase their market presence. Such activities will drive the growth of the global soy beverages market during the forecast period.

Key Soy Beverages Market Challenge

The availability of substitute functional beverages is one of the major challenges impeding the soy beverages market growth. There is a wide range of substitutes for soy beverages that are available in the market. Numerous prominent brands offer alternative functional beverages, dairy products, and other plant-based alternatives, such as rice, oats, potato, coconut, hemp, and cashew milk. In recent years, there has been a growing demand for functional beverages that contain nutrients, such as protein, calcium, vitamin D, vitamin A, vitamin B12, potassium, phosphorus, riboflavin, and niacin. This can be attributed to increasing consumer awareness of the benefits of functional beverages. Alternatives to soy milk made from ingredients such as rice, oats, hemp, and cashew, are consumed by people who are allergic to soy. To cater to the growing consumer demand for functional beverages, food and beverage manufacturing companies are frequently launching new products. The availability of such alternatives can pose a threat to the growth of the global soy beverages market during the forecast period.

This soy beverages market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global soy beverages market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the soy beverages market during the forecast period.

Who are the Major Soy Beverages Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• American Soy Products Inc.
• Devansoy Inc.
• Eden Foods Inc.
• Jaffe Bros Inc
• Kikkoman Sales USA Inc.
• Life Health Foods
• Nestle SA
• PACIFIC FOODS OF OREGON LLC
• PureHarvest
• Sanitarium Health Food Co.
• Sofina SA
• SolhFagito
• Takeda Pharmaceutical Co. Ltd.
• The Hain Celestial Group Inc.
• The Hershey Co.
• TOFUSAN Co. Ltd.
• Urban Platter
• Vitasoy International Holdings Ltd.
• SunOpta Inc.

This statistical study of the soy beverages market encompasses successful business strategies deployed by the key vendors. The soy beverages market is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, service, packaging, brand /image, distribution, and promotion to compete in the market.

Product Insights and News

• urbanplatter.in - The company offers soy beverages such as pasteurized soy milk.
• urbanplatter.in - The company offers baking and flavoring, flours and starches, oil and vinegar, and snacks

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The soy beverages market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Soy Beverages Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the soy beverages market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the packaged foods and meats market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions of the Soy Beverages Market?

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36% of the market’s growth will originate from North America during the forecast period. The US is the key market for the soy beverages market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The increase in the consumption of soy beverages, including soy milk and soy-based drinkable yogurt will facilitate the soy beverages market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the business operations of vendors in the regional soy beverages market were negatively impacted due to the outbreak of COVID-19. However, in H2 2021, the availability of vaccines and increased vaccination coverage of the population, along with the decline in the number of COVID-19 cases, led to the lifting of the nationwide lockdowns. Therefore, the demand for soy beverages returned to normal as retail outlets such as grocery stores, convenience stores, hypermarkets, and supermarkets reopened in the region. Following the outbreak of COVID-19, consumers in the region have been taking their health more seriously. The inclination for healthier food and beverage options has grown due to increased consumer awareness and the adoption of healthier lifestyles. The consumption of fortified, organic functional beverages, such as soy beverages, has increased in recent years in the region. Owing to these factors, the regional soy beverages market is expected to grow during the forecast period.

What are the Revenue-generating Type Segments in the Soy Beverages Market?

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The soy beverages market share growth in the soy milk segment will be significant during the forecast period. Since health and convenience are accorded priority by consumers while purchasing milk products, vendors in the global soy beverages market have diversified their soy milk product offerings with a wide range of flavored  and unsweetened soy milk products that are tailored to cater to the specific needs of different consumer categories. A wide variety of soy milk products like yogurt smoothies, dairy alternatives, dairy milk, dairy cattle are available in the global soy beverages market, owing to the increasing number of new product launches by prominent vendors in the market as well as increasing consumer demand for these products. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the soy beverages market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Soy Beverages Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive soy beverages market growth during the next five years
• Precise estimation of the soy beverages market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the soy beverages industry across North America, Europe, APAC, South America, the Middle East, and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of soy beverages market vendors

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