The global soy milk products market was valued at USD 33.9 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. Soy milk is a plant-based dairy alternative that is made by grinding soybeans and filtering the resultant liquid. It is a rich source of vitamins and minerals and contains no cholesterol, lactose, or animal proteins. Furthermore, it is a healthy alternative to dairy milk, which has been gaining traction in recent years due to health-conscious consumers’ preference for plant-based products.

The increasing demand for vegan and lactose-free products is driving the market growth. The health benefits of soy milk, such as its high protein content and low fat content, is further augmenting the growth of the market. Furthermore, the growing number of health-conscious consumers opting for soy milk as an alternative to dairy milk is also driving the market. Additionally, the growing demand for dairy-free and vegan beverages, such as soy milk-based cappuccinos, lattes, and smoothies, is significantly contributing to the growth of the market.

Moreover, the increasing demand for fortified soy milk products is driving the market growth. Fortified soy milk products, such as soy protein powders, are rising in popularity due to the health benefits they provide. Furthermore, manufacturers are introducing innovative products to meet the changing consumer needs. For instance, in August 2021, Oatly launched its first line of soy-based beverages, which are fortified with vitamins, minerals, and omega-3 fatty acids.

In addition, manufacturers are focusing on product innovation to stay ahead in the competition. For instance, in July 2021, New Barn introduced a line of organic, plant-based, and low-sugar almond milks and soy milks with probiotics. The product line includes unsweetened and lightly sweetened almond milks, non-dairy creamers, and organic soy milks with added probiotics. The launch of these products is expected to provide a boost to the market growth in the near future.

Furthermore, the rising disposable incomes and changing consumer lifestyles are expected to drive the demand for soy milk products. The growing number of health food stores, supermarkets, and convenience stores is also providing a boost to the growth of the market. Moreover, the increasing availability of these products online is further expected to fuel the market growth.

The organic soy milk segment is anticipated to witness the highest growth rate over the forecast period. The increasing demand for organic soy milk products is driven by factors such as the rising awareness about the health benefits and nutritional value associated with organic soy milk, and the growing popularity of vegan diets. According to an article published by Food Industry Executive, in October 2019, 80% of surveyed consumers said they were willing to pay more for organic soy milk products.

The flavored segment is expected to be the second largest segment in terms of revenue share by 2022. The increasing consumer preference for flavored soy milk products is driven by factors such as increasing consumer interest in the health benefits of consuming flavored soy milk products, the emergence of various flavors of soy milk products, and the increasing demand for organic and non-GMO ingredients. Furthermore, the presence of natural flavors, such as chocolate, vanilla, and others, is expected to drive the demand for flavored soy milk products over the forecast period.

The supermarkets and hypermarkets segment dominated the global soy milk products market in 2022, accounting for a market share of 47.6%. The growth of this segment is mainly attributed to the increasing availability of soy milk products in supermarkets and hypermarkets across the globe. Moreover, supermarkets and hypermarkets provide customers with a wide range of soy milk products, along with the convenience of one-stop shopping.

The online segment is expected to witness the fastest growth over the forecast period, with a CAGR of 11.6%. The increasing penetration of internet and mobile technologies, coupled with the growing focus of e-commerce players on providing a wide range of soy milk products, is driving the growth of this segment. For instance, in 2021, Amazon launched a range of organic, vegan, and non-dairy soy milk products. This range of products includes almond milk, coconut milk, and oat milk.

The organic segment accounted for a significant share of the market in 2020 and is expected to remain the dominant segment in the forecast period. The increasing demand for organic food products among health-conscious consumers is driving the market. Moreover, the presence of prominent organic food manufacturers such as WhiteWave Foods, Silk, and Califia Farms, among others, is expected to fuel the segment growth.

The conventional segment is expected to hold the second-largest market share over the forecast period. The increasing demand for conventional soy milk products in the emerging economies due to their cost-effectiveness is expected to drive the segment growth. Moreover, several companies in the conventional segment are actively introducing new products with innovative flavors and packaging to attract more customers.

Asia Pacific held the largest share in the global soy milk products market in 2021. Factors such as increasing health consciousness, rising health concerns among people, and expansion of retail outlets are the major driving factors for the Asia Pacific market. Additionally, the presence of several manufacturers in the region is also contributing to the growth of the market. For instance, in April 2021, Vitasoy International Holdings Limited launched a new series of plant-based beverages in the Chinese market under its flagship brand, Vitasoy.

The market in North America is expected to witness steady growth in the coming years. The growing demand for vegan and lactose-free products, as well as the high disposable income of the population, are major factors propelling the growth of the market in the region. Additionally, the increasing number of product launches in the region, such as the launch of Silk Ultra Soymilk by WhiteWave Foods, is expected to boost the market growth in the region.

In this part of the soy milk products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your soy milk products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a soy milk products business comes from sales of soymilk products, such as soy milk, soy yogurt, and soy cheese. Additionally, revenue can be generated from sales of other plant-based products such as tofu, tempeh, and other soy-based food and drinks.

Projecting Expenses
In this section, all the regular expenses related to keeping the soy milk products business running will be described. The list of operating expenses includes the cost of raw materials, packaging materials, staff wages, marketing and promotional expenses, utilities, and other related costs. Additionally, taxes, insurance policies, and other legal and professional fees should also be included in the expense forecast.

Some of the key companies operating in the soy milk market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, WhiteWave Foods launched a new organic soy milk, which is enriched with omega-3 fatty acids.

– In August 2022, Silk, a brand of The White Wave Foods Company, launched a new plant-based protein beverage made with soy and pea proteins.

– In October 2022, Pacific Foods launched a new line of organic soy and almond milk.

Some of the prominent players in the soy milk market include:

– WhiteWave Foods
– Pacific Foods
– Danone
– Dean Foods
– Hain Celestial
– Sunshine Mills
– Blue Diamond Growers
– SOYJOY
– Silk
– Oatly

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global soy milk products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Plain Soy Milk
– Flavored Soy Milk
– Sweetened Soy Milk
– Organic Soy Milk
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is driving the growth of the global soy milk products market?
[A]: The global soy milk products market is driven mainly by the growing demand for plant-based dairy alternatives. Consumers are increasingly shifting towards plant-based diets in order to reduce their carbon footprint, improve their health and nutrition, and reduce animal cruelty. The increasing awareness about the health benefits of soy milk has also boosted the demand for soy milk products. Moreover, the rising demand for convenience foods, such as ready-to-drink soy milk products, is also driving the growth of the global soy milk products market.

[Q]: What are the key trends in the global soy milk products market?
[A]: The key trends in the global soy milk products market include the rising demand for organic and clean-label products, the growing popularity of plant-based milk alternatives, the increasing trend of product innovation, and the increasing demand for fortified soy milk products.

[Q]: What are the major challenges facing the global soy milk products market?
[A]: The major challenges facing the global soy milk products market include the high cost of the raw materials, the lack of availability of organic soy milk products, and the limited availability of fortified soy milk products.

[Q]: Who are the major players in the global soy milk products market?
[A]: Some of the major players in the global soy milk products market are WhiteWave Foods Co., Dean Foods Company, The Hain Celestial Group, Inc., Organic Valley, Eden Foods, Inc., Silk, Inc., and Pacific Foods of Oregon.

[Q]: What are the growth opportunities for the global soy milk products market?
[A]: The growth opportunities for the global soy milk products market include the increasing demand for fortified soy milk products, the rising demand for organic soy milk products, the increasing trend of product innovation, and the introduction of new flavors into the market.