Market Size of China Soy Beverages Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 1.70 Billion |
Market Size (2029) | USD 2.19 Billion |
CAGR (2024 - 2029) | 5.07 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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China Soy Beverages Market Analysis
The China Soy Beverages Market size is estimated at USD 1.7 billion in 2024, and is expected to reach USD 2.19 billion by 2029, growing at a CAGR of 5.07% during the forecast period (2024-2029).
- The increased availability of soy beverages and the scientifically proven health benefits associated with soy consumption, such as reducing blood cholesterol and lowering the risk of certain cancers, can be attributed to the higher consumption of soy-based products. These products are becoming increasingly popular among people interested in adopting plant-based diets and are a thriving segment of the food and beverage industry.
- Soy-based products are considered to be rich in nutritional content, including carbohydrates, protein, and omega-3 fatty acids, and contain no cholesterol, making them an attractive option for health-conscious consumers. This trend is particularly prominent in China, where soy-based products are gradually becoming a significant part of the diet.
- In this market, international brands have a strong consumer base, with companies like The Hershey Company introducing new flavors like "Coffee Mocha" to its portfolio of "Sofit" beverages, which are soy milk drinks. These products cater to a larger audience while providing health benefits to the consumers. The Hershey Company's soy beverage products are available at various online and offline stores in China.
- Moreover, private-label brands in the region have also contributed to the growth of soy products, driven by the changing retail environment. The market is expected to expand further in the projected period due to rising demand and the establishment of numerous medium-sized businesses in the area.
- However, one of the market restraints is the high production cost of dairy substitutes/alternatives. Nonetheless, the growing trend of adopting plant-based diets and the increasing awareness of the health benefits associated with soy consumption is likely to continue driving the growth of soy-based products in the food and beverage industry.
China Soy Beverages Industry Segmentation
Soy beverages are products made from soy milk, a plant-based non-dairy milk that is a popular alternative to cow's milk.
The market is segmented by product type, flavor, and distribution channel. On the basis of product type, the market is segmented into soy milk and soy-based drinkable yogurt. On the basis of flavor, the market is segmented into flavored and plain/unflavored. On the basis of distribution channels, the market is segmented into supermarkets/hypermarkets, convenience stores/grocery stores, specialty stores, online retail stores, and other distribution channels.
The report offers market size and forecasts for the market in value (USD million) for all the above segments.
Product Type | |
Soy Milk | |
Soy-Based Drinkable Yogurt |
Flavor | |
Plain/Unflavored Soy Beverages | |
Flavored Soy Beverages |
Distribution Channel | |
Supermarkets/Hypermarkets | |
Convenience/Grocery Stores | |
Specialty Stores | |
Online Retail Stores | |
Other Distribution Channels |
China Soy Beverages Market Size Summary
The China soy beverages market is experiencing significant growth, driven by the increasing popularity of plant-based diets and the health benefits associated with soy consumption. Soy beverages are gaining traction among health-conscious consumers due to their rich nutritional content, including carbohydrates, protein, and omega-3 fatty acids, and their cholesterol-free nature. This trend is particularly evident in China, where soy-based products are becoming a substantial part of the diet. The market is characterized by a strong presence of international brands, such as The Hershey Company, which offers a variety of soy milk drinks, and the rise of private-label brands, contributing to the market's expansion. Despite challenges like high production costs for dairy alternatives, the growing demand for plant-based products and increased awareness of soy's health benefits are expected to drive market growth.
The demand for soy beverages in China is further fueled by the rising interest in vegan lifestyles, lactose intolerance, and the need for dairy-free substitutes. The prevalence of health disorders and the popularity of traditional and alternative medicines that utilize plant ingredients create favorable opportunities for soy beverages. The market is also benefiting from the millennial population's interest in fitness and health, with soy beverages being a popular choice among athletes and fitness enthusiasts. As consumer preferences shift towards functional foods that offer health benefits, the soy beverage market is poised for continued growth. Major players in the market are focusing on product innovation and strategic expansions to enhance their market presence, leading to increased competition and a diverse range of offerings.
China Soy Beverages Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Soy Milk
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2.1.2 Soy-Based Drinkable Yogurt
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2.2 Flavor
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2.2.1 Plain/Unflavored Soy Beverages
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2.2.2 Flavored Soy Beverages
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2.3 Distribution Channel
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2.3.1 Supermarkets/Hypermarkets
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2.3.2 Convenience/Grocery Stores
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2.3.3 Specialty Stores
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2.3.4 Online Retail Stores
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2.3.5 Other Distribution Channels
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China Soy Beverages Market Size FAQs
How big is the China Soy Beverages Market?
The China Soy Beverages Market size is expected to reach USD 1.70 billion in 2024 and grow at a CAGR of 5.07% to reach USD 2.19 billion by 2029.
What is the current China Soy Beverages Market size?
In 2024, the China Soy Beverages Market size is expected to reach USD 1.70 billion.