Global Soy Milk Market finds significant growth opportunities in North America and Europe, and the market for soymilk can find a CAGR of 3.2% between 2017 and 2024 that can be referred to as the forecast period. Market Research Future (MRFR) in their analytical report on the same mentioned a growth potential that can take the market forward substantially in the coming years to surpass the estimated valuation. Several factors are playing in favor of the market like rising popularity of veganism, better awareness in developed and developing countries, lactose intolerance due to which people are opting for an alternative, and others.
However, the market for soy milk may find some drawbacks in the form of calcium deficiency. The product is not as good as the regular milk that is known as a holistic provider of nutrients. But growing manufacturing innovation can take the market for soy milk back on the growth track.
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The global market for soy milk has the potential of getting good traction from various companies who are providing ample chances to the market to grow. These companies are launching their own market strategies that are well-fitted with mergers, tie-ups, and other modes. MRFR profiled a few companies that can impact the market better than others. These companies are Organic Valley (US), Eden Foods, Inc. (US), American Soy Products (US), Pureharvest (Australia), SunOpta Inc. (Canada), Vitasoy International Holdings (China), Panos Brands (US), Pacific Natural Foods (US), Sanitarium (Australia), Hain Celestial Group, Inc. (US), Kikkoman Corporation (Japan), The Hershey Company (US), WhiteWave Foods (US), and Alpro (Belgium)
In September 2019, Maeil announced that their soymilk brand will get a huge upliftment in the form of a marketing strategy where they are getting celebrity endorsement to reach a wider consumer base. They have made a deal with Minhyun and are launching the product as Minhyun’s soy milk on social media to gain better market percolation.
MRFR’s take on the market study for soy milk can be taken into consideration for a better analytical approach in the future. The global market is banking more in the segmentation based on the product type, category, and distribution channel.
By product type, the market for soy milk can be interpreted in terms of plain and flavored. The flavored segment can make significant grounds in the coming years.
By category, the market report of the soy milk covers organic and conventional. Both these segments are finding high potential in the market.
By distribution channel, the report of the soy milk covers store-based and non-store-based. The store-based market segment can be further segmented into supermarkets & hypermarkets, convenience stores, and others.
Europe has the potential to score more than the other regions as the region is witnessing a strong surge in veganism. The regional market covered almost 35% of the global market in 2018 and it can depend on several side factors. Another major factor that is triggering the regional market is the growing number of people registering lactose intolerance. Market players are trying to cope up with the situation by producing more and more innovative products that would deliver better results.
This is ensuring better percolation for alternative products to consumers who are complaining against cow milk. The regional growth is also going to outpace the Asia Pacific (APAC) or the South American market as the latter ones lack ample exposure and the price in these countries is comparatively higher than the normal cow milk, which is hindering the expected growth rate. However, proper marketing strategy can work well in these regions as the population can be a major deciding factor. If explored well, it would take the market forward. In Europe, Germany is going to make the most of the opportunities. North America is also getting significant traction from the market as several countries are counting various possibilities to ensure they contribute significantly to the global market. But the Asia Pacific market is rising with the highest CAGR during the forecast period.
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