Soy Beverage Market Set to Exceed USD 38.1 Billion by 2034
In the burgeoning world of plant-based products, soy beverages are making a significant impact. Companies such as Alpro (a subsidiary of Danone S.A.) are leading the charge, aiming to make all their packaging recyclable and strive for carbon neutrality by 2025.
Soy beverages offer a multitude of benefits, particularly for those with lactose intolerance. They provide a lactose-free alternative, and their heart-healthy properties, rich in isoflavones and low in saturated fat, may help reduce cholesterol levels.
The global soy beverage market is projected to reach an impressive USD 38.1 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.4% from 2025 to 2034. In 2024, the market was valued at USD 20.5 billion, with Asia-Pacific accounting for 41.9% of the global share, valued at USD 8.5 billion.
Soy milk dominates product type sales, accounting for 82.3% share, and liquid form leads the market, capturing 71.4% share. Flavored variants hold 68.9% of the market, with supermarkets and hypermarkets commanding 48.6% of the soy beverage market sales.
Notable players in the market include Pacific Foods of Oregon, LLC, which has expanded its manufacturing facility to increase production capacity for its plant-based beverages. Companies like Vitasoy International Holdings Ltd. have also focused on recovery and strategic shifts, emphasizing health and sustainability.
Innovation in the soy beverage market is not limited to drinkable products. Companies such as Cargill, Procter & Gamble, and Unilever have invested in increasing the production of soy-based cleaning products in recent years.
Soy beverages are not just a staple for vegans, providing protein, vitamins, and minerals, but they are also widely used in cooking and baking due to their smooth texture and neutral or flavored profiles. The Earth's Own Food Company Inc. has even expanded its product lines beyond soy, achieving B Corp certification in the process.
In conclusion, the soy beverage market is thriving, driven by a focus on health, sustainability, and innovation. As companies continue to invest in research and development, we can expect to see even more exciting developments in this growing sector.
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