According to the report by Expert Market Research (EMR), the Australia Soy Milk Market Size reached a value of USD 221.04 million in 2023. Aided by the increasing demand for plant-based beverages and the growing awareness of the health benefits associated with soy milk, the market is projected to further grow at a CAGR of 6.55% between 2024 and 2032 to reach a value of USD 389.01 million by 2032.
Soy milk, derived from soybeans, is a popular plant-based beverage that serves as an alternative to dairy milk. It is rich in proteins, vitamins, and minerals, making it a nutritious option for consumers. The growth of the soy milk market in Australia is driven by factors such as the rising demand for dairy alternatives, the increasing prevalence of lactose intolerance, and the growing trend of veganism and plant-based diets.
The rising demand for dairy alternatives is a significant driver of the Australia soy milk market growth. As consumers become more health-conscious and environmentally aware, the preference for plant-based beverages has surged. Soy milk, with its nutritional benefits and lower environmental impact compared to dairy milk, has become a popular choice among consumers. The increasing availability of various soy milk products, including flavoured and fortified options, is further boosting the demand for soy milk.
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The increasing prevalence of lactose intolerance is another key factor propelling the market growth. Lactose intolerance, the inability to digest lactose found in dairy products, affects a significant portion of the population. Soy milk, being naturally lactose-free, provides an excellent alternative for individuals with lactose intolerance. The rising awareness about lactose intolerance and the health benefits of soy milk are driving its adoption among consumers, consequently driving up the Australia soy milk market share.
The growing trend of veganism and plant-based diets is also contributing to market growth. As more consumers adopt vegan and vegetarian lifestyles, the demand for plant-based beverages, including soy milk, has increased. Soy milk serves as a versatile ingredient in various recipes and is used in cooking, baking, and as a direct beverage. The increasing popularity of plant-based diets and the emphasis on ethical and sustainable food choices are driving the growth of the soy milk market in Australia.
As per the Australia soy milk market analysis, soy milk is distributed through various channels, including supermarkets and hypermarkets, specialty stores, convenience stores, and online. Supermarkets and hypermarkets account for the largest share of the market, owing to their widespread presence and the convenience they offer to consumers. Specialty stores, including health food stores and gourmet shops, are gaining popularity, driven by the demand for high-quality and unique soy milk products. The online segment is growing rapidly, driven by the increasing preference for online shopping and the convenience it offers. The availability of a wide range of products and the ease of comparison and purchase are significant factors driving the growth of the online segment.
The Australia soy milk market is segmented into various regions, including New South Wales, Victoria, Queensland, Western Australia, and others. New South Wales holds the largest share of the market, driven by its large population and the high demand for plant-based beverages in both urban and suburban areas. Victoria also contributes significantly to the market, driven by similar factors, including a growing population and the increasing demand for soy milk. Queensland and Western Australia are experiencing robust growth, driven by the expanding vegan and vegetarian population and the rising awareness about the health benefits of soy milk, leading to Australia soy milk market expansion.
Australia Soy Milk Market Segmentation
The market can be divided based on the type, application, distribution channel, and region
Market Breakup by Type
- Flavoured
- Unflavoured
Market Breakup by Application
- Beverages
- Cheese
- Snacks
- Desserts
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Channel
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Australian Capital Territory
- Western Australia
- Others
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Competitive Landscape of Australia Soy Milk Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Australia soy milk market. Some of the major players explored in the report by Expert Market Research are as follows:
- Royal Nut Company
- Australian Health and Nutrition Association Ltd
- Vitasoy Australia Products Pty Ltd
- Noumi Trading Pty Ltd
- Pure Harvest
- Woolworths Group
- Others
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