The global soy milk and cream market was valued at almost $2 billion in 2015 and is expected to surpass $4 billion by 2020, says Technavio.
Technavio has announced the release of its latest market research report on soy milk and cream to its food portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global soy milk and cream market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Eden Foods, Organic Valley, Pure Harvest, and WhiteWave Foods.
In terms of geographical analysis, APAC will be the largest revenue contributing region in the global market, reaching revenues of close to $2 billion by 2020. China, India, and Indonesia will emerge as the key revenue-generators in the region.
“Guilt-free indulgence in soy desserts is on the rise in the global market. The demand for soy desserts stems from the increasing popularity of veganism and the consumption of cruelty-free, plant-based food. The increased sales of chocolate-based soy desserts such as Belsoy Dessert Dark Choco are because they are 100% plant-based, naturally lactose-free, and free from natural colors and preservatives. The growth of the global soy desserts market primarily depends on the availability of premium varieties in unique flavors and innovative packaging that enables on-the-go consumption,” says Manjunath Reddy, a lead analyst at Technavio for food.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing soy production
Globally, the production of soybeans is on the rise. In 2015, the total global soy production was more than 313 million tons. The production is estimated to reach about 324 million tons in 2016, an increase of more than 3% compared to 2015. The US was the largest producer of soy in 2015, with a production of almost 107 million tons.
Growing vegan population
Veganism is becoming increasingly popular as a style of living and philosophy. The vegan diet strongly favors animal rights, with vegans boycotting the consumption and use of eggs, dairy products, honey, leather, fur, silk, wool, cosmetics, and soaps derived from animal products. People are adopting vegan diets as a result of ethical concern towards animal welfare. Furthermore, people perceive vegan diets to be relatively healthier and prefer consuming dairy alternatives such as soy milk, almond milk, and rice milk and their products. Vegan diet followers and healthy diet adopters are one of the major end-users of soy milk and cream.
Focus on low-fat and fiber-rich diet
The increase in the number of health-conscious consumers is propelling the demand for soy milk and cream in the global market. The increased consumption of soy milk and cream and related products is driven fundamentally by the nutritional and functional benefits of these products. Furthermore, consumers are much more conscious about their snacking habits and beverages and are adopting a healthy diet. Soy milk when fortified with calcium and minerals fuels metabolism and is considered as a complement to weight-loss plans and a convenient way to satisfy hunger while getting the vitamins and nutrients required by the human body.
Some of the other prominent vendors identified in this report are American Soy Products, Dean Foods, Hain Celestial, Pacific Natural Foods, Panos Brands, Sanitarium, Stremicks Heritage Foods, SunOpta, and Vitasoy International Holdings.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Soy Milk and Cream Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Soy Food Market 2016-2020
- Global Soy Desserts Market 2016-2020
- Global Soy and Milk Protein Ingredients Market 2015-2019
- Soy Food Market in the US 2015-2019
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