India Soy Milk Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 65.86 Million |
| Market Size (2029) | USD 98.80 Million |
| CAGR (2024 - 2029) | 8.45 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Soy Milk Market Analysis
The India Soy Beverages Market size is estimated at USD 65.86 million in 2024, and is expected to reach USD 98.80 million by 2029, growing at a CAGR of 8.45% during the forecast period (2024-2029).
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so and, the unprecedented stress on supply chains owing to forced lockdowns across the globe has resulted in decreasing sales of soy milk, although demand continues to be high. Increasing awareness about the health benefits associated with the consumption of soy milk is expected to drive the demand over the forecast period. The increasing popularity of non-dairy foods and beverages is also anticipated to boost product demand.
The market is primarily driven by the increasing number of consumers seeking non-dairy beverage alternatives have led to substantial growth in the demand for soy milk beverages market. In addition, new food production technology and new varieties of soybeans result in new flavors creating competition with cow's milk and dairy products.
Furthermore, the various health benefits of soy milk such as less cholesterol, heart disease reduction and the increasing number of health-conscious consumers are also few of the factors driving the market.
India Soy Milk Market Trends
This section covers the major market trends shaping the India Soy Beverages Market according to our research experts:
Rising Production Volume of Soybeans across India
Soybean has experienced rapid development in terms of area and production expansion within a limited period in recent years, coupled with rapid selectivity in the development of the crop. In addition, increased production sustained by area increases has been facilitated by incentives provided by government policy in the form of subsidized inputs, price support for output, marketing infrastructure for the operation of effective price support policy, and the relative profitability of soybean as compared to its competing crops, which has contributed in further boosting the growth of the market.
Supermarkets/Hypermarkets To Drive The Sale For Soy Beverages
India has seen an increased penetration of organized retail stores such as supermarkets and hypermarkets. The advantage of a hypermarket or a supermarket over other stores is that these markets provide everything a consumer needs at one stop. Supermarkets/Hypermarkets account for the greatest share, with 47% of soy beverages sales. Soymilks are mainly stored in refrigerated cases and are also available in aseptic packages. Supermarkets/hypermarkets have proper refrigeration facilities to store the products for a longer time without any change in the properties. Furthermore, these supermarket/hypermarket chains search for new ways to increase sales through their channels. Discount offers, lending a new attractive look to the products, and making brochures are some of the techniques being adopted to increase sales.
India Soy Milk Industry Overview
The India Soy Beverages Market is consolidated, owing to the presence of a fewer number of regional and domestic players from different countries. Emphasis is given to the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include The Hershey Company, Life Health Foods India Private Limited, and Chetran Foods Private Limited, Pacific Foods Of Oregon LLC, NESTLÉ, Soyaam Food, Midas Soy Nutritions, pearl soymilk, Neon India, and Sanitarium, among others.
India Soy Milk Market Leaders
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Pacific Foods Of Oregon, Llc.
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NESTLÉ
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pearl soymilk
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Danone
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Sanitarium
*Disclaimer: Major Players sorted in no particular order
India Soy Milk Market News
In 2021, Life Health Foods (India) Pvt. Ltd., a pioneer in the health beverage segment, launched its new brand So Good protein+, dairy-free plant-based milk. The new delicious So Good Protein+ Soy beverage delivers what the brand promises - a healthy and nutritious drink.
In 2021, Hershey India, a subsidiary of the leading global chocolate giant The Hershey Company, announced that it has developed Soft Plus, a plant protein drink made from soy that was created to meet the nutritional requirements of underprivileged children.
In 2021, Hershey India partnered with Swiggy and Dunzo to launch the online 'Hershey Happiness Store, This online store has a wide range of products like Hershey's soy milk, Almond Milk, Etc.
India Soy Milk Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions & Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Product Type
- 5.1.1 Soy Milk
- 5.1.2 Soy-Based Drinkable Yogurt
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5.2 Flavor
- 5.2.1 Plain Soy Beverages
- 5.2.2 Flavored Soy Beverages
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5.3 By Distribution Channel
- 5.3.1 Supermarkets/Hypermarkets
- 5.3.2 Pharmacies/Drug Stores
- 5.3.3 Convenience Stores
- 5.3.4 Online Retail Stores
- 5.3.5 Other Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 The Hershey Company
- 6.3.2 Life Health Foods India Private Limited
- 6.3.3 Chetran Foods Private Limited
- 6.3.4 Pacific Foods Of Oregon, Llc.
- 6.3.5 Saniterium
- 6.3.6 Nestle
- 6.3.7 Neon India
- 6.3.8 Invigorate Foods Pvt. Ltd.
- 6.3.9 Soyaam Food
- 6.3.10 Midas Soy Nutritions
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
India Soy Milk Industry Segmentation
Soy beverage is a plant-based drink produced by soaking and grinding soybeans, boiling the mixture, and filtering out remaining particulates. It is a stable emulsion of oil, water, and protein The Indian soy beverages market is segmented by product type and distribution channel. By product type, the market is segmented into soy milk, soy-based drinkable yogurt; by flavor into flavored and plain/unflavored; and by distribution channel into supermarkets/hypermarkets, pharmacies, retail stores, convenience stores, and other channels. The report offers market size and forecast in value terms in USD million for all the above segments.
| Product Type | Soy Milk |
| Soy-Based Drinkable Yogurt | |
| Flavor | Plain Soy Beverages |
| Flavored Soy Beverages | |
| By Distribution Channel | Supermarkets/Hypermarkets |
| Pharmacies/Drug Stores | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Channels |
India Soy Milk Market Research FAQs
How big is the India Soy Beverages Market?
The India Soy Beverages Market size is expected to reach USD 65.86 million in 2024 and grow at a CAGR of 8.45% to reach USD 98.80 million by 2029.
What is the current India Soy Beverages Market size?
In 2024, the India Soy Beverages Market size is expected to reach USD 65.86 million.
Who are the key players in India Soy Beverages Market?
Pacific Foods Of Oregon, Llc. , NESTLÉ, pearl soymilk, Danone and Sanitarium are the major companies operating in the India Soy Beverages Market.
What years does this India Soy Beverages Market cover, and what was the market size in 2023?
In 2023, the India Soy Beverages Market size was estimated at USD 60.73 million. The report covers the India Soy Beverages Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Soy Beverages Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Soy Milk in India Industry Report
Statistics for the 2024 Soy Milk in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Soy Milk in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
