Soy Milk Market - By Type, By Tupe, By Distribution Channel, Application - Global Forecast, 2025 - 2034

Soy Milk Market Size

The global soymilk market was valued at USD 6.9 billion in 2024 and is expected to reach USD 15.1 billion by 2034, growing at a CAGR of 8.2% from 2025 to 2034. Growth patterns indicate considerable expansion potential in the market, largely attributed to a few key issues. As diet choices shift to a ‘healthier’ paradigm, soy emerges as a leading source of milk because of its protein, vitamins, and minerals. It is also an ideal option for consumers with lactose intolerance because it is lactose-free, and its lower calories make it attractive to more weight-sensitive people.
 

Moreover, the growing concern for the environment pushes more people towards sustainable, plant-based options. This provides a further boost to soy milk’s popularity. The soy milk market is also positively impacted by the trend of increasing flavored and fortified soy milk which meets the preferences of different age brackets and dietary guidelines. In answer to these changes, retailers are increasingly broadening their inventory and branding their products which is leading to more market opportunities. Even though almond and oat milk pose a challenge to soy milk, soy milk is more affordable and has richer protein content, giving it a competitive advantage Hence, this makes the soy milk one of the most attractive areas for investment and expansion.
 

According to International Journal of Food and Sciences, soy milk is particularly effective in preventing, maintaining, and curing malnutrition since it is the least expensive source of protein and other nutrients. Additionally, studies have shown that soy milk supplements improve children's overall development. Giving soy milk to malnourished children led to weight gain; this decreased the number of children in various stages of malnutrition and increased the number of children with normal weights. The amount of malnutrition per kilogram of body weight was directly proportional to its severity, thus creating a demand for soy milk worldwide.
 

Soy Milk Market Trends

The market dynamics of soy milk are being both shaped and reshaped by various circumstances including the marketing strategies of food processors at the macro level, and various technological advances, firmer health attitudes, dairy avoiding trends at the micro level.
 

Demand for dairy alternatives: Demand for soy milk is increasing as a substitute to dairy due to increased levels of health as well as environmental awareness globally and domestically. This shift is leading to a change in consumer preferences towards plant-based diets. In addition, the efforts put forth in the food supplementation and processing industry are resulting improvement of soy milk in texture and nutrition as well as fortification with calcium and vitamin D. Such innovation enhances competitiveness of soy milk over cow milk and other semi liquid food products.
 

According to report released by Statista, the Asia-Pacific region is the largest market for plant-based milk alternatives. The region achieved a revenue that is more than double that of North America. In total, over nine billion U.S. dollars in revenue were generated with plant-based milk in the APAC region. The overwhelming majority of consumers in large markets such as India and China have tried plant-based milk products. In India, the share of plant-based milk consumers was close to three quarters, thus contributing to expansion of soy milk market.
 

According to National Institutes of Health, lactose intolerance presents with abdominal bloating and pain, loose stools, nausea, flatulence, and borborygmi. Many people start avoiding milk as soon as a diagnosis is made, or even the suggestion of lactose intolerance is put forward. This leads to consuming specially prepared products with digestive aids, adding to the health care burden and this is creating an opportunity for rapid expansion of soy milk market.
 

Availability of various flavors: Soy milk has increased in popularity due to the introduction of organic, flavored, and non-GMO formulations. In addition, the new low-calorie, sugar-free, and flavored soy milk variations illustrate the changing tastes of the consumers who are increasingly more concerned with health. These innovations stem from the diet changes that focus on more plant-based foods, as well as these individuals looking for more nutritious options. Suppliers are broadening their assortment to include more advanced attributes, actively leading the move towards a healthier lifestyle by offering soy beverages that satisfy strategic wellness objectives.
 

Soy Milk Market Analysis

The soymilk market by type is segmented into flavored and unflavored. The unflavored soymilk accounted for 69.4% of the market share in 2024 due its taste and popularity.
 

• The global market for soy milk for flavored and unflavored type have distinct functions when it comes to growing the market. Flavor soy milk receives taste appeal broadening its audience to children and other individuals new to vegetarian diets. Parents and guardians help expand the market by buying soy milk containing vanilla and chocolate and even fruit blends. Because of the inclusion of flavors, many people who ordinarily refuse to consume unflavored soy milk become a part of the market. Additionally, there is a growith for the low-sugar and naturally sweetened flavored soy milks due to low-serving health conscious buyers.
   
• On the other hand, unflavored soy milk remains a staple among the nutrition focused consumers and those who are using it for cooking. It is favored mainly by people looking out for a neutral and versatile soy milk substitute. Additionally, the emergence of unflavored, fortified soy milk containing additional calcium, vitamins or protein increases its importance in the market among health and diet focused consumers. These attributes help improve the image of the product. Both forms of soy milk propel market expansion by addressing the different needs of users and encouraging product diversification.
   

The soy milk market is segmented into ice creams, desserts, yoghurt, others based on application. The Ice creams segment captured more than 49.5% of the market share in 2024 and expected to grow at a 7.9% CAGR up to 2034 to reach a wider consumer base.
 

• In the soy milk sector, its use in ice creams, desserts, yogurts, smoothies, and drinks is helping in both market expansion and product diversification.
   
• Demand for soy milk ice cream and desserts is growing as consumers prefer plant-based, dairy-free options. In order to compete with other alternatives, innovation is needed in texture, creaminess, and flavor. Still, plant-based desserts are more costly than traditional dairy desserts, which makes them more accessible.
   
• Soy-based yoghurts stand another fast-developing segment catered by the increasing protein-seeking, lactose- intolerant, health-aware population. The incorporation of probiotics in soy yogurts has made soy-based yogurt even more attractive and in greater demand.
   
• In the soy-based beverages and smoothies, taste innovation coupled with protein and vitamin fortification drives growth in this segment. Nevertheless, across all these aspects, affordability, innovative or wide range of flavors, and growing health consciousness are the main drivers for expansion in this market
   

The soy milk market by distribution channel is segmented into supermarkets and hypermarkets, convenience stores, health food stores and online retail. The supermarkets and hypermarkets accounted for 40.4% of the market share in 2024 due to convenience and ease of availability.
 

• The market is divided into segments based on distribution channels as each of these channels have their own market share owing to their different growth drivers and challenges. With the rise of supermarkets and hypermarkets, Soy milk brands are able to sell their products irrespective of geographical location due to the wide-ranging convenience, as supermarket chains and hypermarkets stock a broad assortment of Soy Milk brands, including proprietary label brands that are usually sold at cheaper rates. This channel grows because of the foot traffic, promotions, and advertising but tends to be countered by competition from dairy substitutes.
   
• Convenience stores target impulse and emergency purchases, but these stores are often hampered by a lack of space which makes stocking soy milk quite difficult therefore single serving formats or well-known brands are usually sold. Moreover, these stores are in urban centers which motivates impulse buying on a larger scale. Health food stores target customers who are looking for organic, non-GMO soy milk and other specialty soy products. These health-focused retailers enhance their growth by offering super premium clean label soymilk products. The fulfillment of niche market needs and brand positioning increase the prices in this segment, thus inhibiting access to many consumers. Without a doubt, this segment is growing the fastest due to increasing demand for home delivery as well as easier price and ingredient comparison. Thick margin players such as online platforms and health food retailers grab the opportunity to differentiate aggressively with fortified beverages or flavored soy milk boosting value added milk to their product lines whereas convenience stores and supermarkets sell these products as affordable staples.
   

The soy milk market is dominated by North America, accounting for 33.9% of total revenue in 2024.
 

• The soy milk industry has varying patterns across essential areas such as North America, Europe, and the Asia-Pacific region. The market in North America is fueled by the increasing need for health foods and the growing plant milk segment because of lactose sensitivity and vegetarian diets. The expansion of the market is also supported by government deregulation fostering sustainable agriculture and plant based foods, although competition from almond and oat milk is heating up. In Europe, the market expansion is fueled by strong consumer interest towards sustainability and clean-label consumer packaged good products, while the European Union policies encourage the organic and non-GMO soy milk segments.
   
• In addition, government efforts that promote the domestic production of soybeans and a shift to a plant-based diet also increase the demand for soy milk. However, issues related to the supply chain and instability in soybean prices might pose an obstacle for quite some time. Moreover, there is a more pronounced acceptance of traditional soy milk, however, the trend is to venture into other flavors and different nutritional fortifications. On the other hand, supply chain issues and volatility in soybean prices may remain a hindrance for some time. Furthermore, while traditional soy milk is accepted, there is a growing trend to expand into other flavors and various nutritional enhancements Southeast Asia is an emerging market and is growing at a fast pace due to the rise in disposable income and increasing adoption of vegetarian diets. There is tremendous diversity and nuance in legislation, consumer and economic behavior across the different regions of the world which influences the soy milk industry, meaning businesses will need to have targeted marketing and product development strategies.
   
• According to instances from MDPI, the plant-based diet is increasingly preferred by the general population in Western countries and has also attracted the interest of the scientific community and the food industry. The interest in switching to plant-based alternatives is frequently derived from ethical aspects and advantages associated with health, and recently also from a greater sensitivity towards environmental aspects. According to studies done by National Institute of Health, with the increase in the demand for plant-based foods, the consumption of alternatives to cow milk also raised, with a increase of over 10% from 2000 to 2024 (globally), with the major trend observed for the Asia-Pacific region. At the same time, research has also moved to bridge the gap between consumer needs (milk allergy, lactose intolerance, or vegan diet) and commercial options.
   

Soy Milk Market Share

The soy milk industry is booming across the Asia Pacific and North American region. Top 5 companies in the market include Wildwood Organic, Danone, Nestle, Pearl Soymilk, Pacific Foods. Wildwood Organic, Danone, Nestle, Pearl Soymilk, and Pacific Foods have proven themselves to be crucial participants in the soy milk industry that, continuously influences the advancement and growth of the market. Their involvements have advanced the expansion of the market. Wildwood Organic focuses on offering organic, non-GMO soy milk. This has put the company's premium line on an advantageous position due to the increasing number of consumers who are health and environmentally conscious. health focused and environmentally conscious consumers who prefer clean label products. Through its plant based brand Alpro, Danone is also a significant player in this market. Alpro uses Danone’s global marketing to endorse soy milk as part of the larger plant based portfolio. Equally, Alpro has put more focus on pioneering fortified and flavored soy milk to fulfill the growing functional and nutritious consumer needs.
 

Nestle, a player in the global market, tries to boost the demand for plant based substitures by producing greater quantities of soy milk. His focus on sustainably sourced durable goods has ensured his competitiveness, not only globally but also regionally. On the other hand, Pearl Soymilk, which is now popular in advanced Asian markets, also offers a bredth of taste range to cater to both traditional and modern customers. The product’s multi-cultural appeal and variety of its product complex enables it capture and maintain a strong market share in the Asia Pacific region where soy milk has been one of the dietary staples for ages.
 

Soy Milk Market Companies

Some of the eminent market participants operating in the soy milk industry include:

• Alpro
• Danone
• Earth's Own
• Eden Foods
• Nestle
• Organic Valley
• Pacific Foods (Campbell Soup Company)
• Pearl Soymilk
• Trader Joe's
• Vitasoy
• Wildwood Organic
   
• In February 2023 The Kraft Heinz Company (KHC) announced a new partnership with award-winning singer Sheeran Ed Sheeran that will develop “the ultimate” sauce during their collaboration under the newly formed Tingly Ted’s brand.
   
• In 2021 Coca Cola Company along with Molson Coors introduced Topo Chico Hard Seltzer which is now available in the whole country and has recently added a new brand extension Topo Chico Hard Seltzer Ranch Water.
   

Soy Milk Industry News:

• In 2021, Hershey India, a subsidiary of the leading global chocolate giant The Hershey Company, announced that it has developed Soft Plus, a plant protein drink made from soy that was created to meet the nutritional requirements of underprivileged children.
   
• In 2021, Hershey India partnered with Swiggy and Dunzo to launch the online 'Hershey Happiness Store, This online store has a wide range of products like Hershey's soy milk, almond milk.
   
• In 2021, Life Health Foods (India) Pvt. Ltd., a pioneer in the health beverage segment, launched its new brand So Good protein+, dairy-free plant-based milk. The new delicious So Good Protein+ Soy beverage delivers what the brand promises - a healthy and nutritious drink.
   
• In March 2022, ITC launched the new Aashirvaard Svasti' Easy Digest Milk' for sale in the Indian market. It is said by the firm that this product is lactose free and mainly meant for people who do not tolerate lactose.
   
• Danone S.A. expanded its Canadian dairy-free portfolio by launching Nextmilk under the Silk Canada brandname this year (2022). According to them, Silk Nextmilk contains high-quality vitamin B12 & riboflavin plus enough calcium, D-vitamin, A-vitamin, and zinc fiber too.
   

The soy milk market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Billion from 2021 – 2034 for the following segments:

Click here to Buy Section of this Report

Market, By Type

• Flavored
• Unflavored

Market, By Application

• Ice Creams
• Desserts
• Yoghurt
• Others

Market, By Distribution Channel

• Supermarkets and Hypermarkets
• Convenience stores
• Health food stores
• Online retail

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada 
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands 
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE