India Soy Milk Market Size by Value More Than Doubles at CAGR of 7.74% to Touch USD 74 Million by 2030
Published | 16 April 2024
India Soy Milk Market is flourishing due to the rising health awareness, growing vegan and lactose-intolerant population, rapid urbanization and changing lifestyles, and rising disposable income.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Soy Milk Market size by value at USD 34.28 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Soy Milk Market size to expand at a CAGR of 7.74% reaching a value of USD 73.88 million by 2030. The Soy Milk Market in India is propelled by the rising demand from consumers seeking non-dairy alternatives. Technological advancements in food production and the introduction of new soybean varieties have led to the creation of diverse flavors, enhancing competition with traditional dairy products.
By volume, BlueWeave estimated the India Soy Milk Market size at 46.1 million liters in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Soy Milk Market size by volume is projected to grow at a CAGR of 8.09% reaching the volume of 49.3 million liters by 2030. The India Soy Milk Market is driven by the health benefits associated with soy milk, including reduced cholesterol and the potential to lower the risk of heart disease, which resonates with health-conscious consumers. Also, the growing awareness of soy-based products among consumers is expected to drive the market over the forecast period.
Opportunities - Increasing focus on sustainability
An increasing emphasis on sustainability is driving the surge in consumption of plant-based milk worldwide. Derived from sources like almonds, soy, and oats, plant-based milk offers a dairy-free, protein-rich alternative aligned with the preferences of vegans, lactose intolerant individuals, and flexitarians. It addresses concerns regarding animal welfare, resource efficiency, and climate change, appealing to a growing population increasingly conscious of health and environmental impacts. This shift in consumer behavior, fueled by awareness of the benefits of plant-based diets and the environmental toll of traditional dairy farming, underscores the rising demand for sustainable food options. As a result, plant-based milk products are gaining traction, supported by their lower greenhouse gas emissions and reduced land and water requirements compared to conventional dairy production methods.
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Impact of Escalating Geopolitical Tensions on India Soy Milk Market
Geopolitical tensions can have a multifaceted impact on the India Soy Milk Market. Increased uncertainty may disrupt the supply chain, leading to shortages of soybeans or soy milk production materials. Trade restrictions or tariffs imposed due to geopolitical conflicts can elevate costs, affecting pricing for consumers. Moreover, if tensions persist, foreign investments and collaborations vital for market expansion may dwindle, hindering growth prospects. Consumer confidence may also wane amid geopolitical instabilities, impacting purchasing decisions. Overall, escalating tensions can destabilize the India Soy Milk Market, causing disruptions in supply, pricing, and growth trajectories.
India Soy Milk Market
Segmental Coverage
India Soy Milk Market – By Distribution Channel
Based on distribution channel, the India Soy Milk Market is divided into Supermarkets/Hypermarkets, Pharmacies, Retail Stores, and Convenience Stores segments. The supermarkets/hypermarkets segment holds the highest share in the India Soy Milk Market by distribution channel. India's retail landscape has witnessed a surge in organized stores like supermarkets and hypermarkets, offering a comprehensive shopping experience. Soymilks are typically found in refrigerated sections or aseptic packaging, benefiting from the superior storage conditions in these outlets. Supermarkets and hypermarkets continually innovate to bolster sales, employing strategies like discounts, product presentation enhancements, and promotional materials.
India Soy Milk Market – By Region
Geographically, the India Soy Milk Market is divided into North India, South India, East India, and West India regions. Madhya Pradesh, Maharashtra, and Rajasthan lead soybean production, hosting most processing units. Approximately 85% of the country's soybeans undergo processing for value-added products, with Rajasthan alone accounting for 20%. While Rajasthan boasts over 60 processing units, most focus on oil, de-oiled cake, and lecithin, with only a few dedicated to value-added goods production. However, rising consumer awareness about the benefits of soybean is driving an increased demand for soy milk and other soy-derived products.
Competitive Landscape
The India Soy Milk Market is fragmented, with numerous players serving the market. The key players dominating the India Soy Milk Market include Pacific Foods Of Oregon LLC, NESTLÉ, pearl soymilk, Danone, Sanitarium, Urban Platter Soya Milk Powder, and Midas Soy. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Soy Milk Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Soy Milk Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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