Soy Milk Market Status and Outlook 2032

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Soy Milk Market Size to Cross 13.55 Bn by 2032
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Overview of Soy Milk Market

• The 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.

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• 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.

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• 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.
• Notable participants in the soy milk market
  include Alpro, Eden Foods, Vitasoy, Organic
  Valley, Earth's Own, Good Karma Foods, Oatly,
  SunOpta and Califia Farms

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