According to MarkNtel Advisors, the Global Soy Milk Market is valued at around USD10.5 billion in 2022 & is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28. The market is driven by the growing health consciousness among people & a rise in the population of vegans & lactose intolerants across the world. This, in turn, propelled the demand for alternatives to animal-based regular milk, further shifting towards nutrient-rich soy milk.
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Soy milk is grain milk obtained by soaking dry soy in water & grinding them together. This type of milk is gaining swift popularity among vegans & is known popularly as a stable emulsion of protein, oil, & water. It comes in an expansive variety ranging tastes like vanilla, strawberry, & chocolates, among others. These products are fortified with additional calcium & vitamins. When compared to regular cow milk, soy milk contains a higher nutrient content such as proteins, carbs, calcium & low calories, and zero lactose.
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Presence of Alternatives like Coconut & Almond Milks Stiffening the Competition – As soy milk is not the only alternative to regular milk, the presence of numerous plant-based alternatives like coconut & almond milk is hardening the competition for the Global Soya Milk Market & sweeping the consumer base. The sales of coconut & almond milk have increased significantly, especially in recent years, owing to their low cost, high nutritional values, good taste, and growing consumer awareness about the availability of such alternate products. Hence, with the presence of such competitive alternatives with similar qualities, the Soy Milk Industry is anticipated to face challenges, further hindering growth during the forecast period.
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