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Market Overview
The global soy-based dairy alternatives market size was valued at USD 13.39 billion in 2024. The market is projected to grow from USD 15.13 billion in 2025 to USD 36.38 billion by 2032, exhibiting a CAGR of 13.35% during the forecast period.
Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled “Soy-Based Dairy Alternatives Market, 2025-2032.”
The analysis shows that the increasing consumer demand for plant-based products and significant product innovation in the dairy alternatives sector are supporting global market expansion. Key players such as Danone S.A. and The Campbell's Company are capitalizing on this trend, indicating strong growth potential for soy-based dairy alternatives worldwide.
Major Players Profiled in the Market Report:
Danone S.A. (France)
The Campbell's Company (U.S.)
Vitasoy International Holdings Limited (Hong Kong)
The Hershey Company (U.S.)
SunOpta (Canada)
Dean Foods Company (U.S.)
Eden Foods (U.S.)
Natura Foods (Canada)
Pulmuone Co., Ltd. (South Korea)
Hiland Dairy (U.S.)
Segments
High Consumer Preference for Non-Dairy Milk to Drive Segment Growth
Based on type, the market is distributed into non-dairy milk, butter, cheese, yogurt, ice cream, and others. The non-dairy milk segment holds the largest market share, as it is an ideal lactose-free option for consumers with dairy allergies and is often fortified to match the nutritional value of traditional milk.
Supermarkets/Hypermarkets to Dominate the Market Due to Their Convenience and Vast Product Range
By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment holds the largest market share owing to advantages such as a vast product range, competitive pricing, and the convenience of one-stop shopping.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Source: https://www.fortunebusinessinsights.com/soy-based-dairy-alternatives-market-113702
Drivers & Restraints
Surging Popularity of Vegan Diets to Propel Market Growth
The rapid growth in the popularity of plant-based and vegan diets is a critical driver for the market. Consumers are increasingly shifting toward veganism for health benefits, such as enhanced heart health, and for ethical concerns regarding animal welfare, which is boosting the soy-based dairy alternatives market growth.
However, challenges in achieving the desired sensory attributes, such as the beany flavor or chalky texture of some soy products, may hinder growth. Additionally, the rising prevalence of soy allergies, which can cause reactions in adults and children, may also inhibit market expansion.
Regional Insights
High Health Consciousness in Asia Pacific to Drive Regional Dominance
Asia Pacific dominated the market with a share of 74.61% in 2024 and is projected to experience significant growth. The region's growth is attributed to rising health consciousness, increasing awareness of veganism, and the wide availability and cost-effectiveness of soybeans. Government initiatives promoting plant-based diets further bolster regional growth.
Europe is a fast-growing region, driven by strong consumer demand for sustainable, clean-label products. North America is also a prominent market, where health advantages and concerns over dairy sensitivities are encouraging consumers to seek plant-based options.
Soy-Based Dairy Alternatives Market Future Growth:
The soy-based dairy alternatives market is poised for strong future growth, fueled by innovation in functional and specialized products. A notable trend is the functional fortification of products with added nutrients like Vitamin D, B12, and calcium to match or exceed the nutritional profile of traditional dairy, addressing consumer demand for health-enhancing foods. Furthermore, there is a significant opportunity in developing products specifically for children. As parents seek healthier, plant-based options with high fiber and low sugar, manufacturers are launching kids-friendly soy milk and yogurts, creating a new avenue for market expansion.
Competitive Landscape
Key Players Focus on Product Innovation to Accelerate Growth
The market features prominent players like Danone S.A., The Campbell's Company, and The Hershey Company. These leading companies are focused on accelerating growth by enhancing their product portfolios through the launch of new and innovative soy-based alternatives. By introducing novel products, these companies aim to attract a wider customer base and boost revenue generation, thereby driving the market’s momentum.
Key Industry Development
February 2025 – Jumbo, a Dutch supermarket chain, released its latest range of plant-sourced yogurts, composed of soy grown in the Netherlands. The product range was launched under the "De Nieuwe Melkboer" brand across the Netherlands.
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