The global soy beverages market will derive growth from the increasing investments in soy extracts and its use as dairy alternatives. The rising demand for gluten-free products will have a huge impact on the growth of the market in the coming years. According to a report by Fortune Business Insights, titled “Soy Beverage Market Size, Share & Industry Analysis, By Type (Organic, Conventional), By Flavour (Flavoured, Unflavoured), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, Others)and Regional Forecast, 2023-2030,” the market will rise considerably driven by the rising demand for plant-based proteins across the world.
The recent coronavirus outbreak has brought major businesses to a standstill. Due to travel bans, companies in this sector are likely to take a huge hit in the coming years. Ultimately, the rapid spread of the disease has urged governments to take strict measures. The report includes the impact on Covid-19 pandemic on the global soy beverages market and discusses how major companies are coping with this.
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Soy beverages are used as dairy alternatives that are low in fat and contain low cholesterol. They are free from lactose which makes it a suitable option of lactose intolerant people. The increasing research activities associated with soy milk will have a huge impact on the growth of the overall market in the coming years. The presence of several large scale companies operating in several countries across the world will bode well for the growth of the market in the coming years. Soy extracts are considered as highly nutritious alternatives to several other food products due to properties such as high protein content as well as substantial amount of vitamin and minerals. The variations in product offerings by large scale companies operating across the world will emerge in favor of market growth.
Increasing Number of Product Launches will have a Huge Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product launches has made the highest impact on the growth of the market. In March 2020, Japan-based Aashi announced the launch of a plant based version. The company introduced the plant based version of its cultured milk ‘Calpis’. The company claims that it will be using soy milk as an alternative to dairy milk. Such initiatives will no longer be a rarity in the global market given the changing consumer habits and preference towards healthy dietary consumption. Increasing number of product innovations will have a huge impact on the growth of the overall market in the coming years.
North America is Likely to Emerge as the Leading Region; Increasing Consumption of RTD Beverages will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The rising demand for soy beverages, especially in the United States, will have a huge impact on the growth of the regional market. The consumption of lactose-free products and the increasing demand for plant-based proteins will have a huge impact on the growth of the regional market. The increasing research activities associated with soy beverages and the integration of soy extracts in other products will bode well for the growth of the regional market.
List of companies profiled in the report:
- Nestle S.A.
- Danone S.A.
- Tofusan Co. Ltd.
- WhiteWave Services Inc.
- The Hershey Co.
- The Hain Celestial Group
- Panos Brands
- Eden Foods Inc.
- American Soy Products Inc.
- Invigorate Foods
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