Report Overview

India Soy Milk Market – Industry Trends & Forecast Report, 2030

The India Soy Milk Market size by value was estimated at USD 34.28 million in 2023. During the forecast period between 2024 and 2030, the India Soy Milk Market size is projected to grow at a CAGR of 7.74% reaching a value of USD 73.88 million by 2030. A prominent driver of the market is 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. The 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 increasing awareness of soy-based products among consumers is expected to drive steady market growth during the forecast period.

By volume, the India Soy Milk Market size was estimated at 46.1 million liters in 2023. During the forecast period between 2024 and 2030, the India Soy Milk Market size is projected to grow at a CAGR of 8.09% reaching the volume of 49.3 million liters by 2030. The 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 increasing awareness of soy-based products among consumers is expected to drive steady market growth during the forecast period.

Soy Milk – Overview

Soybeans are recognized as an economical and highly nutritious food source, gaining popularity worldwide for their health benefits and medicinal properties. Soy milk is made from soaked whole soybeans or soy flour, ground with water to achieve desired consistency. Protein content ranges from 1–4%. The traditional water-to-beans ratio is 10:1. After grinding, the mixture undergoes centrifugal filtration, formulation, sterilization, cooling, and filling to produce the final product. Soy milk and related products are increasingly sought after due to their exceptional nutritional value and health-promoting attributes. Also, soy milk stands out for its high protein content, low levels of fat and carbohydrates, and absence of cholesterol. It is particularly beneficial for various demographic groups, including infants, children, seniors, and pregnant or lactating women, owing to its easily digestible vegetable protein. Beyond its nutritional richness, soy milk is especially advantageous for individuals with diabetes or lactose intolerance. In essence, soybeans offer a versatile and healthy food option.

India Soy Milk Market

Growth Drivers

Growing Awareness about Benefits of Soy Food and Beverages

Soybean-based foods, known as soy foods, are gaining attention for their potential health benefits. These functional foods offer properties, such as antioxidant, anti-obesity, anti-diabetes, and cancer prevention. High soy consumption correlates with reduced risks of chronic diseases like cardiovascular diseases and cancer, particularly among Asian populations with regular soy intake. Soy protein aids in lowering cholesterol, while soybean hydrolysates decrease blood cholesterol and glucose levels. Additionally, soy foods may mitigate osteoporosis and menopausal symptoms, addressing significant health concerns, especially for women. Isoflavone aglycones, absorbed more efficiently than glycosides, offer added health benefits, facilitated by fermentation processes.

Significant Size of Lactose-intolerant Population and Increasing Popularity of Veganism

The increasing prevalence of lactose intolerance among half of India's adult population has spurred the demand for alternatives like soy milk. Lactose intolerant individuals experience discomfort after consuming dairy, prompting a shift towards soy-based options. India Soy Milk Market is dominated by both international and domestic brands. Soy milk caters to the growing health-conscious and financially empowered Indian market. Its lactose-free nature makes it an attractive option, aligning with the rising demand for functional foods. Soy products stand to gain prominence in India's vegetarian-centric market.

Challenges

Price Sensitivity of Consumers

The price sensitivity of consumers poses a significant challenge to the growth of the India Soy Milk Market. Despite its health benefits and suitability for lactose-intolerant individuals, soy milk often faces competition from cheaper dairy alternatives. This pricing disparity limits the market's expansion, as cost-conscious consumers may opt for more affordable options. To overcome this restraint, strategies such as competitive pricing, targeted marketing, and emphasizing the long-term health benefits of soy milk may be necessary to broaden its appeal and stimulate market growth.

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 amidst geopolitical instability, 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 Flavor

By flavor, the India Soy Milk Market is bifurcated into Flavored and Plain/Unflavored segments.  The flavored segment holds a higher share in the India Soy Milk Market and is expected to maintain its dominance by flavor during the forecast period. Flavored soy milk offers a variety of tastes and aromas, catering to individual tastes, enhancing consumption experience, and widening its market reach compared to plain variants, thereby securing a higher market share. For instance, Soy milk infused with peanut is an effective means to combat malnutrition, given its abundant nutritional profile encompassing protein, calcium, fiber, and more. Formulated from soybeans and peanuts, this blend offers a cost-effective, protein-rich meal solution, particularly beneficial for poor communities. Moreover, it serves as a viable alternative to dairy milk for individuals with lactose intolerance. While raw soybeans and peanut milk may lack palatability, the introduction of flavored variants has significantly enhanced consumer acceptance and interest in soy-peanut milk as a wholesome dietary option.

India Soy Milk Market – By Product Type

On the basis of product type, the India Soy Milk Market is split into Soy Milk and Soy-based Drinkable Yogurt segments.

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 of soybean product benefits is driving increased demand for such items.

Competitive Landscape

Major players operating in India Soy Milk Market include Pacific Foods Of Oregon, LLC, NESTLÉ, pearl soymilk, Danone, Sanitarium, Urban Platter Soya Milk Powder, and Midas Soy. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In March 2024 - The Plant Based Food Industry Association (PBFIA) organized The India Plant-based Foods Show 2024 at Bharat Mandapam, Pragati Maidan, New Delhi. The event was endorsed by prominent organizations like APEDA and ICC. It showcased support from both international and national entities, including startups and established companies such as THRYVE and Patanjali Foods.

Scope of the Report

By Flavor

• Flavored

• Plain/Unflavored

By Product Type

• Soy Milk

• Soy-based Drinkable Yogurt

By Distribution Channel

• Supermarkets/Hypermarkets

• Pharmacies

• Retail Stores

• Convenience Stores

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Soy Milk Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Health Awareness
         2. Increasing Vegan and Lactose-Intolerant Population
         3. Urbanization and Changing Lifestyles
         4. Rising Disposable Income
      2. Restraints
         1. Price Sensitivity of Consumers
         2. Competition from other Plant-Based Miks
         3. Limited Cold Chain Infrastructure
      3. Opportunities
         1. Increasing focus on Sustainability
         2. Product Development
      4. Challenges
         1. Creating Brand Awareness
         2. Overcoming Negative Perceptions
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Soy Milk Market, Pricing Analysis
5. India Soy Milk Market: Marketing Strategies
6. India Soy Milk Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Flavor
         1. Flavored
         2. Plain/Unflavored
      2. By Product Type
         1. Soy Milk
         2. Soy-based Drinkable Yogurt
      3. By Distribution Channel
         1. Supermarkets/Hypermarkets
         2. Pharmacy
         3. Retail Stores
         4. Convenience Stores
         5. Others
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
7. North India Soy Milk Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Flavor
      2. By Product Type
      3. By Distribution Channel
8. South India Soy Milk Market
   1. Market Size & Forecast, 2019–2030
   2. By Value (USD Million)
   3. Market Share & Forecast
      1. By Flavor
      2. By Product Type
      3. By Distribution Channel
9. East India Soy Milk Market
   1. Market Size & Forecast, 2019–2030
   2. By Value (USD Million)
   3. Market Share & Forecast
      1. By Flavor
      2. By Product Type
      3. By Distribution Channel
10. West India Soy Milk Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Flavor
       2. By Product Type
       3. By Distribution Channel
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Soy Milk Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
12. India Soy Milk Market: Import & Export
13. India Soy Milk Market: Consumer Behavior Analysis
14. Impact of Escalating Geopolitical Tensions on India Soy Milk Market
15. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Pacific Foods Of Oregon, Llc.
    2. NESTLÉ
    3. pearl soymilk
    4. Danone
    5. Sanitarium
    6. Urban Platter Soya Milk Powder
    7. Midas Soy
    8. Other Prominent Players
16. Key Strategic Recommendations
17. Research Methodology
    1.       Qualitative Research
       1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
       1.   Secondary Research
       2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Region
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       India Soy Milk Segmentation

Figure 2       India Soy Milk Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Soy Milk Market Size, By Value (USD Million), 2019–2030

Figure 5       India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Figure 6       India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Figure 7       India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Figure 8       India Soy Milk Market Share, By Region, By Value, 2019–2030

Figure 9       North India Soy Milk Market Size, By Value (USD Million), 2019–2030

Figure 10     North India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Figure 11     North India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Figure 12     North India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Figure 13     South India Soy Milk Market Size, By Value (USD Million), 2019–2030

Figure 14     South India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Figure 15     South India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Figure 16     South India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Figure 17     East India Soy Milk Market Size, By Value (USD Million), 2019–2030

Figure 18     East India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Figure 19     East India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Figure 20     East India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Figure 21     South India Soy Milk Market Size, By Value (USD Million), 2019–2030

Figure 22     South India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Figure 23     South India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Figure 24     South India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Figure 25     West India Soy Milk Market Size, By Value (USD Million), 2019–2030

Figure 26     West India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Figure 27     West India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Figure 28     West India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

List of Tables

Table 1        India Soy Milk Segmentation

Table 2        India Soy Milk Market Value Chain Analysis

Table 3        Company Market Size Analysis, 2023

Table 4        India Soy Milk Market Size, By Value (USD Million), 2019–2030

Table 5        India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Table 6        India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Table 7        India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Table 8        India Soy Milk Market Share, By Region, By Value, 2019–2030

Table 9        North India Soy Milk Market Size, By Value (USD Million), 2019–2030

Table 10      North India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Table 11      North India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Table 12      North India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Table 13      South India Soy Milk Market Size, By Value (USD Million), 2019–2030

Table 14      South India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Table 15      South India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Table 16      South India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Table 17      East India Soy Milk Market Size, By Value (USD Million), 2019–2030

Table 18      East India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Table 19      East India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Table 20      East India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Table 21      South India Soy Milk Market Size, By Value (USD Million), 2019–2030

Table 22      South India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Table 23      South India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Table 24      South India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Table 25      West India Soy Milk Market Size, By Value (USD Million), 2019–2030

Table 26      West India Soy Milk Market Share, By Flavor, By Value, 2019–2030

Table 27      West India Soy Milk Market Share, By Product Type, By Value, 2019–2030

Table 28      West India Soy Milk Market Share, By Distribution Channel, By Value, 2019–2030

Table 29      Pacific Foods Of Oregon, Llc.  Company Overview

Table 30      Pacific Foods Of Oregon, Llc. Financial Overview

Table 31      NESTLÉ Company Overview

Table 32      NESTLÉ Financial Overview

Table 33      pearl soymilk Company Over view

Table 34      pearl soymilk Financial Overview

Table 35      Danone Company Overview

Table 36      Danone Financial Overview

Table 37      Sanitarium Company Overview

Table 38      Sanitarium Financial Overview

Table 39      Urban Platter Soya Milk Powder Company Overview

Table 40      Urban Platter Soya Milk Powder Financial Overview

Table 41      Midas Soy Company Overview

Table 42      Midas Soy Financial Overview