Soy milk is a type of grain milk which is prepared by soaking dried soya beans which is grinded in water. Soy milk is a stable emulsion of water, oil and protein. Soy milk is available in various flavors in the market which is also fortified with extra calcium and vitamins. Soy milk contains high amount of essential ingredients such as carbohydrates, proteins, and calcium as compared to regular cow milk. Soy milks does not contain lactose, and is highly preferred by consumers which are lactose intolerant and individuals that avoid dairy products, including vegan consumers. Manufacturers are offering innovative soy milk-based products which are fortified with vitamins such as vitamin B12 and B3, minerals and iron for increasing their product quality. Soy milks are the most consumed milk alternative worldwide which are boosting the sales growth over the recent years. Soy milk is mostly consumed by individuals which are lactose intolerant, allergic to soy and soy-based products or milk products. Soy milks are rich in protein and is calcium fortified drinks.
Global Soy Milk: Market Segmentation
The global soy milk market is segmented on the basis of form, flavor, distribution channel, application and region. The soy milk market is segmented on the basis of form such as plain unsweetened form and plain sweetened form. The soy milk market is segmented on the basis of flavor such as chocolate and vanilla. The soy milk market is segmented on the basis of distribution channel such as online stores, supermarket/hypermarket, retail stores, and others. The global soy milk market is segmented on the basis of application in which soy milk is used in application in food products such as cheese, desserts, and snacks and beverages such as cold-pressed milks and others. Hence, the global soy milk market is expected to significantly increase the revenue contribution over the forecast period.
Global Soy Milk Market: Regional Outlook
Geographically, the global soy milk industry can be divided by major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East & Africa. Globally, among all regions, Asia Pacific has developed as the dominant region in global soy milk market followed by Europe. Increasing demand for soy milk in lactose-intolerant consumers, has strengthened the growth of global soy milk market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
Global Soy Milk Market: Growth Drivers
The global soy milk market driving factors are increasing demand for lactose-free food products due to the ease of digest which is likely to contribute significantly to the revenue growth of global soy milk market till 2025. Growing levels of lactose intolerance is one of the major driving factor of the market. Rising consumer awareness regarding usage of lactose-free dairy products in day-to-day life which helps in maintaining the galactose level in the body, is one of the major driving factor for the market. Manufacturers are offering a variety of soy milk-based dairy products to the consumers in order to remain in the competition. Growing population of lactose intolerance consumers is also a major factor which is driving the global soy milk market. Hence, the global soy milk market is expected to observe robust growth over the forecast period.
Global Soy Milk Market: Key Players
Some of the key players identified across the value chain of the global soy milk market include Vitasoy Australia, Alpro, Provamel, DREAM, Furama, NOW Foods, Palsgaard, Pacific Foods of Oregon, Inc., The Hain Celestial Group, Inc., Lam Soon Group are among others. The companies are expected to expand their business by enhancing their product portfolio in global soy milk market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global soy milk market till 2025.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.