The North America soy beverage market is expected to grow, at an estimated CAGR of 5.89% during the forecast period 20182023.
Market Dynamics
Soy beverages are consumed because of the increased availability of soy, and the scientific facts that prove the many health benefits of the beans; including lowering blood cholesterol and reducing the risk of certain cancers. Additionally, soy beverages are consumed as a replacement for lesserhealthy drinks because of its nutrition content.
Soybeanbased foods, apart from being a complete source of protein, also contain other important nutrients, such as fiber, B vitamins and Omega3 fatty acids. All these nutrients play an important role in the growth of infants, fetal growth in pregnant women, and provide various other benefits for children and adults alike. The rising health consciousness in the developing and developed regions is driving the soy beverages market. It is a healthy alternative to meat and other animal products and hence, is a good protein source for the vegetarians. However, recent studies on the harmful effects of soy and its derivatives are hindering the growth of the North America soy beverage market. Homemade protein rich foods are being opted over processed soy products. In the US, soy milks manufacturers are experiencing some supply chain issues and also consumers are looking for variety in soybased beverage products.
Market Segmentation
The North America soy beverages market can be segmented into soy milk and yogurt smoothies. They are highly recommended for the lactose intolerant or dairy allergic population. The protein content in soy milk is equivalent to that of cow milk but, unlike cow milk, soy milk has little amounts of saturated fats and no cholesterol. The soy yogurt smoothie is generally lowfat and hence is preferred over regular smoothies.
Regional Analysis
In 2014, the US soy milk market started losing shares to almond milk and other plantbased dairy alternatives such as coconut milks etc., however the segment started growing after introduction of new flavors, which were also given strong promotions and discounts. The market in the region is anticipated to be affected after soy milk health claim removal step announced by FDA.
MAJOR PLAYERS: DANONE, ORGANIC VALLEY, KIKKOMAN PEARL SOY MILK, HAIN CELESTIAL, EDEN FOODS, ZENSOY, TRADER JOE'S, JAFFE BROS. NATURAL FOODS, DEVANSOY, STREMICKS HERITAGE FOODS and HAIN CELESTIAL.
Key developments
April 2017: Danone has completed the acquisition of WhiteWave, which will add and expand the plantbased category along with its soy milk brand Silk.
MAJOR PLAYERS: DANONE WHITEWAVE, EDEN FOODS, STREMICKS HERITAGE FOODS, and HAIN CELESTIAL, amongst others.
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