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The global soy beverage market is witnessing promising growth owing to the rising consumer demand for dairy alternatives. The increasing popularity of non-dairy milk can be attributed to many factors such as lactose allergy, lactose intolerance and the trending vegan or plant-based diet. The rising concerns over saturated fat levels, hormone content, and antibiotic use in dairy cattle is fuelling the demand for soy milk and other soy beverages as they are plant-based. Furthermore, soy beverages are gaining popularity due to its high protein profile as a result of rising consumer demand for plant proteins.
The increasing innovations and new product developments in soy beverage segment are responsible for the growth of the market. Emerging techniques applied by manufacturers such as fortification of soy beverages with certain nutrients to make them more comparable with the dairy milk and packaging innovations are expected to boost their demand in the market. For example, In August 2018, South Korea’s Seoul Dairy Cooperative launched Achimae soy milk, a nutritionally-rich soy milk drink fortified with chickpea protein, in a microwaveable aseptic carton pack.
Key Market Driver -
Rising Popularity of Plant-based Beverages
Key Market Restraint -
Availability of Other Plant-based Beverage Alternatives
In recent years, the trend of consuming plant-based food and beverages has significantly increased due to the growing animal welfare concerns. Vegan or plant-based diet is also followed by large consumer base as it is perceived to be healthier. The rising popularity of plant-based beverages is primarily driving the growth of the global soy beverage market. Soy beverages are largely consumed by the individuals dealing with health conditions such as lactose intolerance and lactose allergies as they are advised by medical experts to not consume dairy milk. The leading players are expanding their product portfolio by introducing new soy-based products. For instance, In March 2020, Nestle Australia launched plant-based version of Milo drink which replaces milk powder with soy powder and the same core ingredients as original Milo.
The availability of other plant-based non-dairy beverages is expected to act as a key restraint for the growth of the global soy beverage market. Plant-based beverages made with ingredients such as almonds, oats, cashew and others are gaining popularity among consumer owing to their taste notes. Oat-based functional beverages, for instance, are widely consumed due to its high nutritional value.
Nestle S.A., Danone S.A., Tofusan Co. Ltd., WhiteWave Services, Inc., The Hershey Co., The Hain Celestial Group, Panos Brands, Eden Foods, Inc., American Soy Products, Inc. and Invigorate Foods are the key players operating in the global soy beverage market.
The global soy beverage market is segmented by type, flavour, distribution channel and geography. Organic soy beverages are expected to witness robust growth owing to the increased popularity of organic products across the globe. In recent years, the trend of consuming organic food and beverages has gained importance due to the growing awareness of adverse health effects of synthetic fertilizers and pesticides used on crops. The manufacturers are catering to this demand by providing organic soy beverages to expand their portfolio. For instance, in January 2020, Thai company Tofusan launched its first organic UHT soymilk in aseptic carton packs.
Flavored soy beverages are expected to exhibit strong growth owing to the popularity of such beverages among millennials and other younger cohort. Various flavors such as vanilla, fruit flavours, chocolate flavors and others are popular among kids and young generation. Furthermore, addition of flavors successfully masks the original soy taste which is otherwise unaccepted by a wide range of consumers due to its off notes.
Supermarkets and hypermarkets are expected to witness robust growth owing to the bundling strategies, attractive discounts, dedicated distinguished aisle, geographical penetration amidst urbanization and wide variety of products within the single segment.
North America is expected to exhibit strong growth because of the rising trend of healthy drinking in the region. The growth of the market in the region is attributed to the increasing demand for ready-to-drink beverages as healthy snacking. Vegan, non-GMO, non-dairy beverages are gaining popularity due to the increasing awareness of their health benefits among consumers across the region. The major companies are launching new products to meet the growing demand for soy beverages in the region. For instance, in July 2019 Better Than Milk brand introduced a new line of non-GMO, vegan, lactose-free ready-to-drink beverages including soy beverage.
Europe is expected to witness substantial growth due to the rising popularity of vegan and flexitarian diets in the region. The growing importance of plant-based products among consumers is driving the demand for healthy, plant-based beverages. The increasing demand for functional beverages is also expected to boost the demand for soy beverages. The leading players are introducing new products to cater to the growing demand for soy beverages. For example, in February 2018, Coca-Cola European partners launched soy-based Adez smoothies in United Kingdom
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Asia Pacific is projected to witness promising demand owing to the growing health concerns about the dairy milk. Consumer demand for plant-based milk is increasing in the region as these are perceived to be healthier than dairy milk. The growth of tourism and hospitality is expected to increase the demand for plant-based soft drinks. The key players are investing for the base expansion in emerging markets of the region. For instance, in April 2019, Invigorate Foods invested USD 7 Billion in India to open soy milk manufacturing plant to meet the growing demand for soy beverages in the country.
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