Soy Milk Market Size - By Type (Flavored, Unflavored), By Application (Ice Creams, Desserts, Yoghurt), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Health Food Stores, Online Retail) & Global Forecast, 2023 - 2032

Soy Milk Market Size - By Type (Flavored, Unflavored), By Application (Ice Creams, Desserts, Yoghurt), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Health Food Stores, Online Retail) & Global Forecast, 2023 - 2032

Soy Milk Market size is projected to witness 8.3% CAGR from 2023 to 2032 driven by the growing adoption of vegan and vegetarian diets coupled with the rising demand for non-dairy milk substitutes.

Owing to its versatility in various culinary applications and rich nutritional profile, soy milk has emerged as a favored choice for health-conscious individuals. Lately, several market participants are focusing on the development of nutritional goods to cater to health-conscious consumers while matching the current wellness trends and the increasing acceptance of plant-based protein products. To cite an instance, in February 2023, Milo invested more than 150 million baht in soymilk to penetrate the ready-to-drink milk space of Thailand. Such initiatives are expected to promote the overall industry growth.

The soy milk industry is segmented in terms of type, application, distribution channel, and region.

With respect to type, the flavored soy milk market is poised to gain significant traction between 2023 and 2032 attributed to the increasing consumer inclination towards diverse taste profiles and healthier beverage options. The expansion of the consumer base particularly through health-conscious and vegan demographics has led to the introduction of innovative flavors, including chocolate, vanilla, and various fruit variants. Additionally, the influx of strategic marketing initiatives for promoting the nutritional benefits and unique taste experiences of flavored soy milk will contribute to the segment growth.

The dessert application segment in the soy milk market is estimated to record robust growth through 2032. This can be attributed to the robust ability of soy milk to impart creamy texture and neutral taste to various desserts, including puddings, ice creams, and pastries. Moreover, the increasing prevalence of lactose intolerance and the rising adoption of vegan lifestyles is propelling the incorporation of soy milk into dessert recipes, further fostering segment growth.

Regionally, the Asia Pacific soy milk market held sizable revenue share in 2022 and is expected to witness robust growth through 2032. The rising adoption of vegan diets and the expanding population of lactose-intolerant individuals is providing lucrative growth opportunities to the market players in the region for expansion. To cite an instance, Noomoo, a Singapore-based plant-based brand, was launched in January 2023, with the objective of bridging existing gaps in Asia-Pacific's plant-based dairy alternative market through variety, flexibility, and adaptability.