The global soy beverages market is anticipated to grow at a CAGR of around 6% during the forecast period. The growth of the soy beverages market is attributed to its increasing appeal among a wide range of consumers, including flexitarians who are adopting more plant-based lifestyles. Additionally, the soy beverage market is continuously evolving as consumers across the globe are looking to get new and interesting flavors in their beverages. In addition to this, the soy beverage industry is also being impacted by consumers increasing adoption for healthier beverages with enhanced protein, energy, and various other nutrients.
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Moreover, consumer awareness regarding soy’s healthfulness and taste will increase the adoption of soy beverages. This in turn, tends to drive the market and hence enhance the soy beverages market shares. Additionally, soy food & beverages are already considered a significant part of cuisine in many South-East Asian countries. Hence, Asia-Pacific provides good growth to the soy beverage market across the region. China imports a considerable share of global soybean imports from other significant soy producing countries such as Brazil, the US, and Argentina. Hence, the soy beverages market has a potential growth opportunity in China.
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Additionally, owing to the changing population profiles and consumption trends in the Asia-Pacific region, the demand for fortified soy beverages has risen considerably. This is due to the fact that fortified soy beverages provide calcium along with vitamin D, iron, and vitamin B12 which aid in maintaining good health.
In addition to this, the rising demand for soy beverages is also driving the focus of producers to bring innovation in their products in order to capture large market shares. For instance, identity-preserved (IP) soybeans are being used increasingly by the processed soy milk and tofu industries situated across the region, in order to assure consistency, quality, and high standards of end products. Similarly, various soy manufacturing companies are also employing technology such as ‘taste modulation’ that are intended to improve the taste of soy milk. This is anticipated to significantly drive the soy beverages market across the region.
Global Soy Beverages Market- Segmentation
By Product Type
- Soy-Milk
- Soy-Yogurt
By Flavor
- Plain Soy Beverages
- Flavored Soy Beverages
By Distribution Channel
- Retail & Supermarket
- Online Platform
