Changing consumer’s preference for soy milk powder
Soy milk powder has gained sizable momentum across the globe as a perfect alternative to cow’s milk powder over the years. Due to being the excellent source of high-quality vegetable proteins, the products has gained its market share among end users across the regions. Soy milk powder produced by soybean seed and sprouted soybean milk is anticipated to witness a rise in the demand mainly in the emerging economies owing to increasing consumer spending on the health benefit products. The global production of soy is expected to proliferate and to reach more than 500 Mn tonnes by 2050 end. As a result, the production of soy milk powder will increase that will create a lucrative incremental opportunity for the key companies of the soy milk powder to gain a significant market share globally. The global soy milk powder market is a comprising of several local and key processing companies who has a regional and global reach.
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Global soy milk powder market is projected to witness higher single-digit growth over forecast period
The global soy milk powder market is estimated to witness higher single-digit growth rate in the developed, as well as emerging economies over, foretell period from 2018-2028, according to recent research analysis of the company. The global production of soybean is mainly dominated by three countries US, Brazil, and Argentina which accounts for around 80% of the overall global production in 2017 and is expected to show the same trend in the near future. The market for soy milk powder is expected to dominate by legacy markets such as North America and Europe with moderate CAGR’s by the end of 2028. The global soy milk powder market is anticipated to witness a lucrative incremental opportunity in the APEJ region owing to the increasing rate of consumption of soy milk powder products and production facilities in the APEJ countries.
Increasing production of soy milk powder will create enormous opportunity by 2028 end
Over the historical period, the global size and growth of the food industry across the globe have transformed. The global market for soy milk powder is estimated to witness robust growth in terms of volume and its equated value due to several growth factors which are expected to change the scenario of the global soy milk powder market. Some of the market indicators behind the growth of the soy milk powder market include growing production of soybean and soy milk powder in the potential markets, changing consumer’s preference, growing globalization, rising demand for lactose-free milk products, the increasing number of health-conscious population, increasing per capita spending for soy milk powder products. The rising demand of soy milk powder has open a plethora of the opportunities for the processors of the soy milk powder products to attract a large number of consumer base across the globe which is expected to drive the global soy milk powder market over the forecast period.
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Increasing penetration of Non-GMO Soy Milk Powder
The soy milk powder market can be segmented on product type, packaging type, end users, and sales channel. On the basis of product type, soy milk powder market can be categorized into GMO and Non-GMO types. On the basis of packaging type, the soy milk powder market can be segmented into sachet, cans, and cartons. On the basis of end users, the soy milk powder market can be segmented into infant, kids, and adults. On the basis of sales channel, the global market for soy milk powder can be classified into company online channel, third party online channel, modern trade, specialty stores, convenience stores, and traditional grocery stores. Geographically, the global market for soy milk powder can be segmented into seven regions, namely North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and Middle East & Africa.
Key players to expand their business and sales footprint in emerging economies
The global soy milk powder market is expected to witness a rise in the number of new local entrants across the globe. Key players engaged in the manufacturing of soy milk powder is strategically planning to expand their business and sales footprint in the emerging economies. Some of the key market participants in the global soy milk powder market are NOW Foods; Unisoy Foods; Weiwei Group Co Ltd; Enfamil (Mead Johnson); Wakodo (Asahi Group Foods, Ltd.); and other prominent players in soy milk powder market.
The research report presents a comprehensive assessment of the soy milk powder market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to soy milk powder market segments such as geographies, product type, packaging type, end users, and sales channel.
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