South America Soy Beverages Market - Growth, Trends and Forecasts (2020-2025)

The South American soy beverages market (henceforth, referred to as the market studied) is projected to register a CAGR of 5.2% during the forecast period.

• The growing vegan population and an increasing number of people with lactose intolerance are the key factors driving the demand for soy milk as a major milk alternative. Private label brands have played a pivotal role in the development of soy products, facilitated by the globally evolving retail landscape.
• Moreover, there has been an increasing demand for plant protein nutrients among consumers. The growing awareness about health benefits has led to the rising growth of the market studied.

Key Market Trends

Growing Prevalence of Plant Protein

Consumers shifting toward plant-based proteins, grown organically and without genetically modified ingredients, has created new opportunities on grocery store shelves for soy-beverage manufacturers. Geographically, Brazil contributes the largest share in the regional plant protein market. Furthermore, high rate of production and the popularity of wheat and soybean in the region aid the popularity of soy-based dairy alternatives.

Supermarkets/Hypermarkets Remained the Largest Point of Sale

Supermarkets/hypermarkets have large consumer bases across the region. A common perception among consumers that fresh products will be a available in these supermarkets/hypermarket leads their way to these stores. As a result of which, supermarkets/ hypermarkets account for major sales of soy beverages across the region. Consumers prefer purchasing grocery products through supermarkets more, as it offers several products and brands to choose from, which saves time, energy, and money, owing to several promotional discounts.

Competitive Landscape

The market studied is consolidated, owing to the presence of few dominating players in the country, including the Hain Celestial Group and Danone SA. However, the predominance of private-label brands portrays substantial competition to these players. Key players are focusing on acquisitions and mergers, in order to expand their geographical reach and increase their customer base.

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