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South America Soy Beverages Market - Growth, Trends, and Forecasts (2023 - 2028)

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  • 110 Pages
  • April 2023
  • Mordor Intelligence
  • ID: 5012081
The South American soy beverages market is projected to register a CAGR of 5.2% over the next five years.

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 primary milk alternative in the region. Also, the growth of dairy alternative milk kinds has played a significant role in the market’s growth. Perceived health benefits of consuming dairy-alternative products over conventional dairy products and increasing health concerns such as lactose intolerance among consumers have led to innovations in the market, and this factor is providing opportunities for manufacturers to introduce new products in the region. For instance, the types of vitamin B contained in soy milk are crucial for assisting the body in maintaining DNA and nerve cells. Also, they can aid in preventing certain types of anemia, which might lessen tiredness and exhaustion.

Furthermore, soy-based beverages are known to reduce the symptoms of menopause and maintain heart and brain health. The majority of customers are also seen switching from dairy to dairy-free items since they are always aware of the various benefits of dairy-free diets. Over the forecast period, the market is anticipated to be driven by the increased availability of dairy replacement products and rising consumer awareness of their advantages.

Moreover, private-label brands in the region have been playing a pivotal role in the development of soy products, facilitated by the evolving retail landscape. With this growing demand and the establishment of many medium enterprises in the region, the market is expected to grow further during the forecast period. However, the high cost of production associated with dairy alternatives is one of the restraining factors associated with the market.

South America Soy Beverages Market Trends

Increasing Veganism in the Region

Consumers shifting toward plant-based proteins, grown organically and without genetically modified ingredients, has been creating a huge demand for soy beverages in the region. One of the reasons more and more people are reducing their intake of animal products is that the range of alternatives on offer is significantly larger and more appealing than it has ever been before. Aside from innovation, another fundamental reason behind the growth of the vegan food and beverage market is rising consumer awareness of the health consequences of eating animal products, as well as the ethical and environmental impact of animal agriculture. Dairy alternatives offer the advantages of low-fat, low-calorie, and low-cholesterol content, appealing to health-conscious, vegan, and lactose-intolerant consumers.​ For instance, in September 2022, Mapa Veg announced that according to an online survey as of September 2022, the number of self-identified vegetarians, vegans, and supporters in Brazil was highest in the city of São Paulo, with more than 4.2 thousand respondents. This growing trend of veganism, coupled with the increasing awareness of the health benefits of soy beverages, is supporting the growth of the soy-based beverages market in the region.

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 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. Additionally, 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. For instance, after Carrefour, Brazil's top supermarket is Assaí Atacadista, which is part of the GPA group, also known as Grupo Pão de Açúcar. According to Associação Brasileira de Supermercados, Carrefour Comércio e Indústria Ltda. was the leading supermarket and food retail store in Brazil in 2021, with an annual gross revenue of approximately BRL 81.2 billion. Assaí Atacadista followed closely behind Carrefour, in the second position with BRL 45.49 billion. Carrefour's gross revenue in Brazil has been increasing at a robust pace over the past decade, boosted by the purchase of the wholesale Brazilian hypermarket chain Atacadão. Similarly, small supermarkets in the region are also keen on spreading their presence as the people in the region majorly use supermarkets for all their purchases. For instance, according to Associação Brasileira de Supermercados, in 2021, supermarkets Frios Vilhena was the leading small grocery store in Brazil, with an annual gross revenue of nearly BRL 137.2 million. With this growing consumers purchases from supermarkets, major soy beverage players in the region are actively associating with supermarkets to display their products.

South America Soy Beverages Industry Overview

The market studied is consolidated, owing to the presence of a 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. Product innovation is also one of the most adopted strategies by the players operating in the market, followed by mergers and acquisitions and expansions for increasing their visibility and portfolio of offerings.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Degree of Competition
5.1 Product Type
5.1.1 Soy Milk
5.1.2 Soy-based Drinkable Yogurt
5.2 Flavor
5.2.1 Plain Soy Beverages
5.2.2 Flavored Soy Beverages
5.3 Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Online Retail Stores
5.3.3 Convenience Stores
5.3.4 Other Distribution Channels
5.4 Geopgraphy
5.4.1 Brazil
5.4.2 Argentina
5.4.3 Rest of South America
6.1 Key Strategies Adopted
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The Hain Celestial Group
6.3.2 Danone SA
6.3.3 The Coca-Cola Company
6.3.4 Jussara SA
6.3.5 Lactalis
6.3.6 Campbell Soup Company
6.3.7 Kikkoman Corporation
6.3.8 Pacific Foods
6.3.9 Westsoy Soy Milk
6.3.10 Pureharvest

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • The Hain Celestial Group
  • Danone SA
  • The Coca-Cola Company
  • Jussara SA
  • Lactalis
  • Campbell Soup Company
  • Kikkoman Corporation
  • Pacific Foods
  • Westsoy Soy Milk
  • Pureharvest