North America Soy Beverages Market

The North America soy beverage market size is expected to grow at a robust CAGR during the forecast period, 2021-2028. The growth of market is attributed to increasing awareness towards organic based product, and scientific proven facts benefits associated with soy which also includes low blood cholesterol.

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The growing demand for beverages, associate with health & hygiene availability in multiple distribution channels and are socially acceptance of soy is anticipated to surge the market in the coming years. North America has witnessed extensive rise in the demand of processed foods, such as ready-to-cook, canned foods, and bottled beverages.

Soy based products are generally alternative of dairy based products for vegans or the lactose-intolerant people its consistency and tastes similar to the traditional one, but it comprises a big source of cholesterol-free milk, nutrient rich, rich in carbohydrates, omega-3, and proteins and also a great source of vitamins A, D, B, and magnesium.

 Market Trends, Drivers, Restraints, and Opportunities

• Increasing disposable income, continuous change in lifestyle and eating habits is estimated to surge the market during the forecast period.
• Growing awareness of health benefits associated with soy based products is expected to drive the market in the coming years.
• Rising adoption of organic based products mostly soy amongst the population, which reduces the risk of cancer and maintain cholesterol level is anticipated to spur the market in the coming years.
• Increasing innovations and constant product developments within the soy segments is estimated to propel the market during the projected period.
• Allergies associated with the dairy products and increasing number of vegan population is anticipated to boost the market in the coming years.
• Increasing number of soy alternative such as plant based beverage act as one of the major factor hindering the market expansion during the forecast period.

Scope of the market

The report on the North America soy beverages market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The soy milk segment is expected to hold a key share of the market

Based on the types, the market is segregated into soy milk and soy-based drinkable yogurt. The soy milk segment is expected to hold a key share of the market in the coming years owing to the factors associated with soy based products such as nutrient rich, cholesterol free, reduces risk of cancer also many consumers prefers due to weigh conscious or some who are trying to lose weight. However soy based drinkable yogurt segment is estimated to grow at a rapid pace due to low in fat content and hence preferred over regular beverages.

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The flavored segment is expected to exhibit high CAGR

On the basis of flavors, the market is categorized into plain soy beverages and flavored soy beverages. The flavored segment is expected to exhibit high CAGR in the coming years due to rising popularity among the millennial and young generations, variation in flavors such as vanilla, chocolate, fruits are popular among kids, with the successful combination of flavor with the original soy taste is widely accepted by the population.

The supermarket/hypermarket segment is anticipated to account for major share of the market

Based on the distribution channels, the market is fragmented into retail stores, pharmacies/drug stores, supermarket/hypermarket, convenience stores, and others. The supermarket/hypermarket segment is anticipated to account for major share of the market during the projected period owing to dedicated aisles, attractive shelf positioning, discounts, bundling strategies, and growing number of super and hypermarket in urban area offering wide variety of products within a segment.

The United States is estimated dominate the market

In the term of geographies, the market is fragmented into United States, Canada, Mexico, and Rest of North America. The United States segment is estimated dominate the market during the forecast period owing to the lack of physical movement/workout, unusual eating pattern, and high consumption of junk food resulting in growth of obesity population and reduces the body weight.

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Segments

North America soy beverages market has been segregated on the basis of

Types

• Soy Milk
• Soy-based Drinkable Yogurt

Flavors

• Plain Soy Beverages
• Flavored Soy Beverages

Distribution Channels

• Retail Stores
• Pharmacies/Drug Stores
• Supermarket/Hypermarket
• Convenience Stores
• Others

Geographies

• United States
• Canada
• Mexico
• Rest of North America

Key Players

• DANONE
• Hershey’s
• Hain Celetial
• Trader Joe’s
• Kikkoman Pearl Soy Milk

Competitive Landscape

Key players competing in North America dairy alternative market include SunOpta Inc.; Blue Diamond Growers; Earth’s Own Food Company; Dean Food Company; Groupe Danone.

Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance

In February 2021, Groupe DANONE announced that they have entered into a purchase agreement with Earth Island the maker of follow your heart brand the pioneers in plant based food to acquire 100% of the share.

In July 2021, Groupe DANONE plans to offer a new plant based milk alternative with improved taste and texture.