South America Soy Beverages Market Size (2024 - 2029)

The South American soy beverages market is experiencing growth driven by the increasing demand for dairy alternatives, particularly soy milk, due to the rising vegan population and lactose intolerance. This shift is supported by the perceived health benefits of dairy-alternative products, which have led to innovations and new product introductions. The market's expansion is further facilitated by the growing availability of dairy replacement products and heightened consumer awareness of their benefits. Private-label brands and the evolving retail landscape are also contributing to market development. However, the high cost of production for dairy alternatives poses a challenge to market growth.

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Market Size of South America Soy Beverages Industry

South America Soy Beverages Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.20 %
Market Concentration High

Major Players

South America Soy Beverages Market Major Players

*Disclaimer: Major Players sorted in no particular order

South America Soy Beverages Market Analysis

The South American soy beverages market is projected to register a CAGR of 5.2% over the next five years.

The growing vegan population and an increasing number of people with lactose intolerance are the key factors driving the demand for soy milk as a primary milk alternative in the region. Also, the growth of dairy alternative milk kinds has played a significant role in the market's growth. Perceived health benefits of consuming dairy-alternative products over conventional dairy products and increasing health concerns such as lactose intolerance among consumers have led to innovations in the market, and this factor is providing opportunities for manufacturers to introduce new products in the region. For instance, the types of vitamin B contained in soy milk are crucial for assisting the body in maintaining DNA and nerve cells. Also, they can aid in preventing certain types of anemia, which might lessen tiredness and exhaustion.

Furthermore, soy-based beverages are known to reduce the symptoms of menopause and maintain heart and brain health. The majority of customers are also seen switching from dairy to dairy-free items since they are always aware of the various benefits of dairy-free diets. Over the forecast period, the market is anticipated to be driven by the increased availability of dairy replacement products and rising consumer awareness of their advantages.

Moreover, private-label brands in the region have been playing a pivotal role in the development of soy products, facilitated by the evolving retail landscape. With this growing demand and the establishment of many medium enterprises in the region, the market is expected to grow further during the forecast period. However, the high cost of production associated with dairy alternatives is one of the restraining factors associated with the market.

South America 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. 

South America's Soy Beverages Market is segmented by Type (Soy Milk and Soy-based Drinkable Yogurt), Flavor (Plain Soy Beverages and Flavored Soy Beverages), Distribution Channel (Supermarkets/Hypermarkets, Online Retail Stores, Convenience Stores, and Other Distribution Channels), and Geography (Brazil, Argentina, and Rest of South America). 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 Soy Beverages
Flavored Soy Beverages
Distribution Channel
Supermarkets/Hypermarkets
Online Retail Stores
Convenience Stores
Other Distribution Channels
Geopgraphy
Brazil
Argentina
Rest of South America
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South America Soy Beverages Market Size Summary

The South American soy beverages market is experiencing significant growth, driven by an increasing vegan population and a rising number of individuals with lactose intolerance. These factors have positioned soy milk as a preferred dairy alternative, supported by the perceived health benefits over conventional dairy products. The market is witnessing innovations that cater to health-conscious consumers, with soy beverages offering benefits such as DNA and nerve cell maintenance, anemia prevention, and reduced menopause symptoms. The shift towards dairy-free diets is further fueled by the growing availability of dairy replacement products and heightened consumer awareness of their advantages. Private-label brands are also contributing to market expansion, leveraging the evolving retail landscape to introduce and promote soy-based products.

The market's growth is supported by the expanding consumer base in supermarkets and hypermarkets, which are preferred shopping destinations due to their wide product offerings and promotional discounts. Major players in the market, including Hain Celestial Group and Danone SA, are focusing on strategic mergers, acquisitions, and product innovations to enhance their market presence and customer reach. The competitive landscape is characterized by the dominance of private-label brands, which pose substantial competition to established players. Recent developments, such as Lactalis's acquisition of joint venture assets in Brazil and Danone's introduction of new plant-based milk alternatives, highlight the dynamic nature of the market. These strategic moves aim to expand geographical reach, increase product offerings, and cater to the growing demand for soy beverages in the region.

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South America Soy Beverages Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products and Services

      5. 1.3.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Product Type

      1. 2.1.1 Soy Milk

      2. 2.1.2 Soy-based Drinkable Yogurt

    2. 2.2 Flavor

      1. 2.2.1 Plain Soy Beverages

      2. 2.2.2 Flavored Soy Beverages

    3. 2.3 Distribution Channel

      1. 2.3.1 Supermarkets/Hypermarkets

      2. 2.3.2 Online Retail Stores

      3. 2.3.3 Convenience Stores

      4. 2.3.4 Other Distribution Channels

    4. 2.4 Geopgraphy

      1. 2.4.1 Brazil

      2. 2.4.2 Argentina

      3. 2.4.3 Rest of South America

South America Soy Beverages Market Size FAQs

The South America Soy Beverages Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)

The Hain Celestial Group, Danone S.A, The Coca-Cola Company, Jussara SA and Lactalis are the major companies operating in the South America Soy Beverages Market.

South America Soy Beverages Market Report Snapshots

South America Soy Beverages Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)