The global soy milk and cream market size is set to showcase compounding growth owing to the rising demand for vegan products among consumers globally, observes Fortune Business Insights™ in an upcoming report, titled, “Soy Milk and Cream Market Size, Share and Industry Analysis, By Type (Milk, Cream), By Application (Dairy, Bakery, Confectionery, Infant Formula) and Regional Forecast, 2020-2027.” Soy milk is gaining popularity as a substitute for cow milk and cream as it contains the same amount of protein but is low in calorie. This is expected to increase the demand for soy milk and cream.
The COVID-19 pandemic has negatively affected the food and beverages sector. Prolonged shutdown of hotels and restaurants, which are responsible for huge consumption in the food and beverages space, has taken a toll on the profit margins. Major players in the industry are seeking alternative channels in order to survive the current crisis.
At Fortune Business Insights™, we are providing actionable insights by closely studying multiple, which are based on our expertise and experience in the field of market aspects of the current market scenario. We are offering firsthand information on various market trends through our comprehensive market reports research.
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Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included Study of core competencies of the key players and their market share to anticipate the degree of competition. Bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers and Restraints-
Rising Demand for Vegan Products among Consumers Globally to Drive Growth
Substantial increase in the growth of veganism across the world is expected to favor the global soy milk and cream market. Growing signs of people adopting vegan lifestyle are evident all around the world. For instance, according to the Vegan Society in partnership with Vegan Life magazine, the number of consumers opting for veganism has by 350% compared to 10 years ago. On the other hand, in 2017, veganism was registered as the top searched word in Canada, showing increasing awareness of the healthy lifestyle in the region.
As veganism promotes the consumption of plant-based milk options over conventional animal-based milk, the demand for soy milk and cream is expected to propel. This will ultimately drive growth of the global soy milk and cream market. However, low market penetration of soy milk and cream products compared to dairy-based products is expected to restrain the growth.
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Growing Trend of Veganism in U.S. to Help North America Grow Potentially
North America is set to exhibit potential growth in the soy milk and cream market in the forecast timeframe. Growing trend of adopting veganism in the region is increasing the usage for plant-based milk alternatives. For instance, as per the research from GlobalData, the number of people adopting for veganism has increased by 600% in just three years. This is expected to drive the demand for soy milk and cream.
The market in Asia Pacific is expected to experience considerable growth. High production rate of soybean in countries including China, India, and Japan is driving the consumption of soy-based products. This is expected to further drive the growth of the soy milk and cream market in the region.
Players Launching their Products in Key Markets to Gain Market Share
The global market for soy milk and cream comprises various multinational and local players that are consistently expanding the industry across regions. The players are focusing on launching their products in the key markets in order to successfully expand their share. For instance, in January 2018, Hershey’s India launched Sofit, its recently acquired Soy-milk beverage, in the U.S. This will help the company expand its portfolio on a global scale.
- In September 2019, Fuji Plant Protein Labs (FPPL), a manufacturer of plant-based ingredients, announced to launch Ko-Cream. The product is non-dairy, non-GMO, and soy-based using the company’s patented Ultra Soy Separation (USS) process.
- In April 2019, Invigorate Foods, a Japanese soy milk manufacturing company, invested INR 60 crore in India in order to establish its production base of soy milk
A List of Key Manufacturers Operating In the Global Soy Milk and Cream Market Report:
- Eden Foods
- Pure Harvest
- Vitasoy International Holdings
- WhiteWave Foods Company
- Dean Foods
- Hain Celestial
- Pacific Foods of Oregon, LLC
- Stremicks Heritage Foods
- SunOpta Inc.
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