Soy Milk Consistent with its Evolutionary Path

Worldwide sales of non-dairy milk alternatives more than doubled between 2009 and 2015 to USD21bn, according to Euromonitor. Soy milk is the most consumed milk alternative worldwide. It contains high amounts of essential ingredients such as carbohydrates, proteins, and calcium as compared to regular cow milk. Soy milk ensures healthy living by helping in reducing weight and preserving the skin from allergies. It is cheaper than alternative non-dairy products and it can be a complete substitute for dairy milk. It is also widely used in functional beverages, infant formula, and bakery products. Population growth, healthy lifestyles, and rising disposable income are also some of the major factors spurring growth of soy milk. The global soy milk market is segmented on the basis of form (plain unsweetened form and plain sweetened form), flavor (chocolate and vanilla), distribution channel (online stores, supermarket/hypermarket, retail stores, and others), application (food products such as cheese, desserts, and snacks and beverages such as cold-pressed milks and others), and region. Geographically, the market can be divided into North America, Latin America, Asia Pacific, Europe and Middle East and Africa. Among all the regions, Asia Pacific dominates the soy milk market, followed by Europe, according to Transparency Market Research. Among the Asian countries, Hong Kong has the highest consumption of soy drinks. Other countries having a significant consumption are Australia, Spain and Canada. Increasing demand for soy milk in lactose-intolerant consumers has strengthened the growth of the global soy milk market, and hence is projected to significantly expand the revenue contribution of the market between 2017 and 2025. In the US, soya milk sales have started to decline as consumers rapidly seek more variety in plant-based drinks (almond, coconuts, etc.), and the segment is extremely competitive, according to Euromonitor. Some analysts point out potential supply chain issues could also occur, with almonds being one example, given the amount of water used in the production process. In 2015, the total global soy production was about 313 million tons. The production was estimated to reach about 324 million tons in 2016, an increase of about 3.33 percent compared to 2015, according to a recent report by Technavio. The US was the largest producer of soy in 2015, with a production of about 107 million tons. Arushi Thakur, an industry expert for food research at Technavio, says, "Despite the challenge from other plant-based dairy alternatives, the outlook for the global soy milk and cream market is positive due to the increasing consumption from countries in APAC. The market is growing at a CAGR of around 15 percent, due to new product launches in India, Malaysia, and Indonesia." The manufacturers of soy milk are successfully selling their products due to the increasing demand of soy milk in the market, according to MicroMarketMonitor. They also work on diversifying their products and introducing new soy-based food and beverages to the market in order to meet the consumers' growing demand. They also prefer to open their own retail outlets to sell their products and increase their earnings. Manufacturers are also investing in packaging. Good packaging doesn't only increase the shelf life of their products but it augments the chance of visibility by attracting the attention of consumers.