Table of Contents
Overview
New York, NY – July 24, 2025 – The Global Soy Milk Market is experiencing strong growth, driven by increasing consumer demand for plant-based dairy alternatives. In 2024, the market was valued at USD 7.6 billion and is projected to reach USD 16.1 billion by 2034, growing at a steady CAGR of 7.8%.
The soy protein concentrate (SPC) market reached approximately 563,000 tonnes, with North America contributing over 204,000 tonnes to the total supply. By 2027, global volumes are projected to rise to 664,000 tonnes, reflecting an 18% increase from 2021. This growth supports expanding applications of soy milk concentrates, which are widely utilized in food processing for their nutritional value and functional protein properties.
Government initiatives have played a significant role in fostering the development of plant-based protein sectors. In India, the Food Safety and Standards Authority of India (FSSAI) has adapted labelling regulations to accommodate plant-based milk products, allowing the use of terms like “non-dairy milk” while restricting the use of conventional dairy descriptors. In Brazil, where soy remains a dominant agricultural commodity, over 131 million tonnes of soy were produced in 2020, positioning the country as a leading supplier of soy concentrates globally.
In the United States, the Department of Agriculture’s Agricultural Research Service (USDA-ARS) introduced a new soybean germplasm variant USDAN5001, engineered to deliver a 2–3% higher protein content, thereby enhancing the suitability of soybeans for SPC production and strengthening market competitiveness. Similarly, Canada’s implementation of “Class 7” milk pricing in 2017 has supported domestic production of milk protein concentrates, indirectly reinforcing the trend toward high-protein alternatives.
Growing consumer inclination toward plant-based diets is reinforcing market momentum. Ipsos reports that soy milk accounts for 45% of India’s non-dairy milk market, illustrating its leading position among health-conscious and ethically driven consumers. However, affordability remains a challenge. Soy milk in India is priced between ₹80 to ₹120 per liter, compared to ₹50 to ₹60 for conventional dairy milk—posing a barrier for price-sensitive consumers in lower-income demographics.
Despite this, the Indian plant-based food sector is witnessing strong growth. The market reached an estimated value of ₹300 crore (~US$36 million) in 2024, expanding at a compound annual growth rate of 18% over the past three years. This trajectory reflects rising consumer awareness, supportive government policies, and increasing investment in plant-based processing infrastructure.
Key Takeaways
- Soy Milk Market size is expected to be worth around USD 16.1 billion by 2034, from USD 7.6 billion in 2024, growing at a CAGR of 7.8%.
- Flavored held a dominant market position, capturing more than a 67.9% share of the global soy milk market.
- Conventional held a dominant market position, capturing more than 79.1% share of the global soy milk market.
- Ice Creams held a dominant market position, capturing more than a 33.7% share in the global soy milk market.
- Supermarkets and Hypermarkets held a dominant market position, capturing more than a 47.3% share of the global soy milk market.
- North America emerged as the dominant region in the global soy milk market, capturing approximately 39.5% of the total market share, with a market value reaching USD 3.0 billion.
How Growth is Impacting the Economy
The Soy Milk Market’s growth significantly impacts the economy by creating jobs in production, packaging, and distribution, particularly in North America. Rising demand for plant-based products spurs investment in agricultural supply chains, benefiting soybean farmers and processing facilities. Retail sectors, especially supermarkets, see increased revenue from diverse soy milk offerings.
Innovation in flavored and fortified products drives R&D spending, fostering technological advancements. The shift toward sustainable, dairy-free alternatives reduces environmental costs, aligning with eco-conscious policies. However, competition from other plant-based milks challenges market players to optimize costs and maintain affordability, ensuring economic accessibility for consumers.
➤ Curious about the content? Explore a sample copy of this report – https://market.us/report/global-soy-milk-market/request-sample/
Strategies for Businesses
Businesses can capitalize on the soy milk market by innovating flavors, targeting the 67.9% flavored segment with unique options like matcha or salted caramel. Expanding ready-to-drink formats and fortified products will attract health-conscious and on-the-go consumers. Strengthening supermarket partnerships through promotions and in-store tastings can boost visibility. Leveraging North America’s 39.5% market dominance, companies should prioritize clear labeling and organic certifications to build trust. Investing in sustainable sourcing and eco-friendly packaging will align with consumer values, while competitive pricing for conventional variants ensures broad market penetration.
Report Scope
| Market Value (2024) | USD 7.6 Billion |
| Forecast Revenue (2034) | USD 16.1 Billion |
| CAGR (2025-2034) | 7.8% |
| Segments Covered | By Type (Flavored, Unflavored), By Category (Conventional, Organic), By Application (Ice Creams, Desserts, Yoghurt, Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Health Food Stores, Online Retail, Others) |
| Competitive Landscape | Alpro, American Soy Products, Danone, Earth’s Own, Eden Foods Inc, Hain Celestial Group Inc, Nestle, Organic Valley, Pacific Natural Foods, Panos Brands, Pureharvest, Sanitarium, Sunopta Inc, Trader Joe’s, Vitasoy |
➤ Directly purchase a copy of the report – https://market.us/purchase-report/?report_id=151822
Key Market Segments
By Type
In 2024, Flavored soy milk led the global market, securing a 67.9% share. Its dominance stems from growing consumer demand for tasty, nutrient-rich plant-based drinks. Flavors like vanilla, chocolate, and strawberry have broadened appeal, attracting diverse groups, including children, teens, and casual buyers seeking palatable dairy alternatives.
Convenient packaging, such as single-serve cartons and ready-to-drink bottles, has driven adoption among urban professionals and on-the-go consumers. Fortification with nutrients like calcium, vitamin D, and B12 further enhances appeal, aligning with the rising demand for enriched plant-based beverages.
By Category
Conventional soy milk dominated in 2024, holding a 79.1% market share. Its success is due to affordability, widespread availability, and broad consumer acceptance in both developed and developing markets. Priced lower than organic variants, it appeals to cost-conscious buyers, especially in mass retail and food service sectors.
Found in supermarkets, convenience stores, and online platforms, conventional soy milk is a household staple for uses like cereals, coffee, smoothies, and cooking. Stable supply chains and scalable production keep prices competitive and ensure consistent availability.
By Application
In 2024, Ice Creams captured a 33.7% share of the global soy milk market by application. The segment’s growth is fueled by demand for plant-based frozen desserts among lactose-intolerant, vegan, and health-conscious consumers.
Soy milk’s creamy texture and high protein content make it an ideal base for non-dairy ice creams. Innovative flavors, from classic vanilla to unique options like salted caramel and matcha, cater to diverse tastes. Soy-based ice creams are widely available in food service outlets, dessert chains, and supermarket freezers, boosting mainstream accessibility.
By Distribution Channel
Supermarkets and Hypermarkets led in 2024, accounting for a 47.3% share of the global soy milk market. Their dominance is driven by extensive product variety, accessibility, and trusted retail environments. Shoppers can compare brands, flavors, and packaging sizes in one location, facilitating informed purchases. Urban and semi-urban locations amplify their reach, catering to health-conscious and time-pressed consumers. Promotions, in-store tastings, and prominent refrigerated displays encourage trial and repeat purchases, solidifying their market position.
Regional Analysis
North America led the global soy milk market in 2024, capturing a 39.5% share with a market value of USD 3.0 billion. High awareness of plant-based nutrition, widespread lactose intolerance, and demand for dairy alternatives in the U.S. and Canada drive this dominance.
Vegan and flexitarian diet trends, particularly among younger consumers, boost soy milk’s popularity as a protein-rich, cholesterol-free option. Supermarkets and natural food stores offer diverse flavored, fortified, and unsweetened variants. Clear allergen labeling, organic certifications, and innovative ready-to-drink packaging enhance consumer trust and convenience, reinforcing North America’s market leadership.
Recent Developments
1. Alpro
- Alpro, a leading plant-based brand under Danone, has expanded its soy milk range with new fortified variants, including high-protein and vitamin-enriched options. The company is focusing on sustainability, aiming for carbon-neutral production by 2025. Alpro also launched barista-friendly soy milk to cater to the growing café culture.
2. American Soy Products
- American Soy Products has introduced organic, non-GMO soy milk with clean-label ingredients, targeting health-conscious consumers. The company is investing in automated production to enhance efficiency and meet rising demand. They’ve also expanded distribution in North America and Asia.
3. Danone
- Danone is strengthening its plant-based portfolio by increasing soy milk production and launching new flavors. The company is leveraging its global supply chain to enter emerging markets. Danone also partnered with food service providers to promote soy milk in restaurants and cafes.
4. Earth’s Own
- Earth’s Own has introduced a zero-sugar soy milk variant to cater to diabetic and keto consumers. The brand emphasizes sustainable packaging, using 100% recyclable materials. They’ve also expanded into new retail chains across Canada and the U.S.
5. Eden Foods Inc
- Eden Foods Inc. has launched a traditionally brewed, organic soy milk with no additives, appealing to purists. The company focuses on regenerative farming for sourcing non-GMO soybeans. They’ve also enhanced e-commerce availability to reach direct-to-consumer markets.
Conclusion
The Soy Milk Market’s robust growth, led by flavored and conventional segments, reflects shifting consumer preferences toward sustainable, plant-based options. North America’s dominance and supermarket distribution highlight a strong market infrastructure. Businesses can thrive by innovating and aligning with health and eco-conscious trends. As demand for dairy alternatives rises, the market’s economic contributions, job creation, agricultural investment, and retail growth will continue to expand, positioning soy milk as a key player in the global food industry, with sustained growth potential.
Discuss Your Needs With Our Analyst
Please share your requirements with more details so our analyst can check if they can solve your problem(s)
