The Asia-Pacific soy beverage market is projected to grow at a CAGR of 5.9% during the forecast period.
The shift away from traditional dairy products, such as cow milk, toward plant-based
alternatives revolve around health concerns, with an increasing number of consumers coming to believe that plant-based foods are healthier than animal-based foods.
Furthermore, there is a growing consumer base that is motivated by animal welfare concerns, leading them to choose plant-based beverages, as well as other plant-based foods over animal-based products.
The various health benefits of soy milk such as less cholesterol, heart disease reduction and the increasing number of health-conscious consumers are also factors driving the market.
Key Market Trends
Rising Popularity of Dairy Alternatives
Consumers are starting to prefer products that are low in calories, contain no artificial ingredients and protein-rich and thus driving the market for soy beverages. Plant-based beverages provide vegetable protein or mixed proteins, which cater to the rising demand for a healthy lifestyle. Consumers are increasingly looking for lactose-free dairy alternatives, derived from plant sources, and the choice of products multiplying on the shelves satisfies health and wellness-orientated consumers’ taste for novelty and variety. In Asia-Pacific, plant-based beverages make up a promising category, because of traditional acceptance of soy.
Supermarket/Hypermarket Holds Greatest Share in the Sales of Soy Beverages
The dairy alternative/plant-based diet is mainly seen among the urban population. Hence soy milk will be having a larger market in the urban areas, where supermarkets or hypermarkets are the major channels of distribution. Soymilks are mainly stored in refrigerated cases and are also available in aseptic packages. Supermarkets or hypermarkets have proper refrigeration facilities to store the products for a longer time without any change in the properties. Soymilk is available in different flavors other than its original flavor and various fortifications, supermarkets/hypermarkets provide them enough shelf space to exhibit the products. Since the supermarket's purchase in bulk they have increased bargaining power over the price and it can be converted as discounts to attract the customers.
Competitive Landscape
The Asia-Pacific soy beverage market is fragmented and the dominating players in the market are Danone, Eden Foods, Inc., Kikkoman Corporation, Vitasoy International Holdings Limited. The key players are adopting strategies such as new product launches, expansion, partnerships and mergers, and acquisition to meet the growing demand from consumers.
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The shift away from traditional dairy products, such as cow milk, toward plant-based
alternatives revolve around health concerns, with an increasing number of consumers coming to believe that plant-based foods are healthier than animal-based foods.
Furthermore, there is a growing consumer base that is motivated by animal welfare concerns, leading them to choose plant-based beverages, as well as other plant-based foods over animal-based products.
The various health benefits of soy milk such as less cholesterol, heart disease reduction and the increasing number of health-conscious consumers are also factors driving the market.
Key Market Trends
Rising Popularity of Dairy Alternatives
Consumers are starting to prefer products that are low in calories, contain no artificial ingredients and protein-rich and thus driving the market for soy beverages. Plant-based beverages provide vegetable protein or mixed proteins, which cater to the rising demand for a healthy lifestyle. Consumers are increasingly looking for lactose-free dairy alternatives, derived from plant sources, and the choice of products multiplying on the shelves satisfies health and wellness-orientated consumers’ taste for novelty and variety. In Asia-Pacific, plant-based beverages make up a promising category, because of traditional acceptance of soy.
Supermarket/Hypermarket Holds Greatest Share in the Sales of Soy Beverages
The dairy alternative/plant-based diet is mainly seen among the urban population. Hence soy milk will be having a larger market in the urban areas, where supermarkets or hypermarkets are the major channels of distribution. Soymilks are mainly stored in refrigerated cases and are also available in aseptic packages. Supermarkets or hypermarkets have proper refrigeration facilities to store the products for a longer time without any change in the properties. Soymilk is available in different flavors other than its original flavor and various fortifications, supermarkets/hypermarkets provide them enough shelf space to exhibit the products. Since the supermarket's purchase in bulk they have increased bargaining power over the price and it can be converted as discounts to attract the customers.
Competitive Landscape
The Asia-Pacific soy beverage market is fragmented and the dominating players in the market are Danone, Eden Foods, Inc., Kikkoman Corporation, Vitasoy International Holdings Limited. The key players are adopting strategies such as new product launches, expansion, partnerships and mergers, and acquisition to meet the growing demand from consumers.
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Table of Contents
1 INTRODUCTION
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned
A selection of companies mentioned in this report includes:
- Kikkoman Corporation
- Vitasoy International Holdings Limited
- The Sanitarium Health and Wellbeing Company
- Australia's Own
- Pureharvest
- Danone
- Eden Foods, Inc.
- Campbell Soup Company
Methodology
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