- Soy milk acts as a great substitute for cow milk as it contains an equal amount of protein and is low in calories. Demand for low-calorie products is high due to growing obesity rate. Hence, soy milk is preferred by a lot of consumers who are weight conscious or trying to lose weight. This product also lowers the bad cholesterol level and is highly preferred by heart patients. The product is also popular among lactose intolerant and anemic population as it is naturally lactose-free and rich in iron. Its high isoflavone content is known to prevent hormone-related cancers.

- Numerous other benefits of the product are expected to increase the overall consumption of soy milk and drive the market. However, this product can face stiff competition from its substitutes in the market, such as almond and coconut milk.

- Introduction of various flavors like vanilla, chocolate, and strawberry among others by the manufacturers to mask the after taste of soy milk is propelling the product demand among kids as well. Key manufacturers are investing in research and development to curb the after taste by introducing more flavors and selling the product in attractive packages via many distribution channels. Celebrity endorsements are also positively impacting the consumer preference for the product.

- COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the unpreceended stress on supply chains owing to forced lockdowns across the globe has resulted in decreasing sales of soy milk, although demand continues to be high.

- The outbreak of global pendamic has increased consumer inclination towrads health oriented food and beverage products which in turn is expcetd to propel the growth of the market studied during the forecast period.

- However, the pendamic has increased the peneteration of online portals such as amazon, Walmart, among others. Thus, an increasing number of soy milk manufacturers are trying to expand their product offering through online portals while adopting omni channel distribution to increase their consumer base.

Key Market Trends

Increasing Prevalence of Lactose Intolerance

According to MedlinePlus Genetics, approximately 65 percent of the human population has a reduced ability to digest lactose after infancy. Lactose intolerance in adulthood is most prevalent in people of East Asian descent, with 70 percent of people affected in these communities. Allergies and intolerances are major reasons behind on-going demand for dairy-free beverages, especially considering the food allergy initiative's statistic that cow's milk allergy is the leading food allergy in infants and children.

Additionally, rising number of product launches across the globe in the lactose-free dairy products category and its acceptance among the consumers represents a substantial opportunity for dairy alternatives manufacturers. The market is gaining popularity across Asian countries such as India, Thailand, Indonesia and others where people are spending on premium products that have essential macronutrients and amino acids, good quality fatty acid profile and vital minerals, along with vitamins, complex carbohydrates, and many phytochemicals. This in turn has provided lucrative opportunties to the manufacturers to expand their footprints in such potential and promising markets. For instance in 2020, Thai company Tofusan, launched its first premium organic UHT soymilk in orgincal flavor and low-sugar varieties.

Asia Pacific Emerges as The Fastest Growing Market

Asia Pacific is the fastest growing market as many countries like China, India, Japan, South Korea, and Hong Kong are the major consumers of the product. Abundant production of soybean in these countries is also driving the consumption in this region. Also, in response to the increasing demand for vegan products in the Asian countries, several strategic investments have been undertaken pushing the revenue generation in the region. For example, in 2019, Invigorate Foods announced its plan to invest INR 600 million (60 crore) in the next three years in plant, equipment, and other capital goods required for manufacturing soya milk products in India. The company launched "Genki-Ya Tofu", a product prepared with fresh soya milk extracts.

Competitive Landscape

The market studied is highly competitive, with a strong presence of regional small-and medium-scale players and key global players. Key providers in this market include Eden Food; The Hershey Company; Campbell Soup Company; Vitasoy International Holdings; and Kikkoman Pearl Soy Milk. Expansions and new product launches are the most-preferred strategies in the global soy milk market. As a part of strategic expansion, key players are adopting omnichannel distribution strategy, where they tie up with various online retailers, i.e. third parties, like Amazon.

This, in turn, broadens their geographical presence and customer base. Key players are focusing on social media platform and online distribution channels for their online marketing and branding of products to attract more customers. Changing taste preferences of consumers are pushing manufacturers to introduce new flavors in the market. This is fueling the growth of flavored soy milk, thereby increasing overall consumption.

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