As per their “India Soy Beverages Market” report, the market was valued at ~USD 63 Million in 2023, growing at a CAGR of about 8% during the forecast period from 2024-2032 to reach USD Million by 2032.

Currently, there is a huge change in the Indian beverage industry, and now people are shifting to soy-based products instead of milk-based products. Due to rising health consciousness, more and more people are developing lactose intolerance, and the increasing popularity of plant-based diets brings a great opportunity for the Indian soy beverage market. Implementations of soy-based drinks in consumers’ habits can hence be viewed as changes towards improved and environmentally conscious diets. This paper discusses the extent to which soy beverages are being adopted and used by consumers and manufacturers in the Indian food market as well as the potential that soy beverages have in the market in the future.

Adoption of Soy Beverages in India

Changing Consumer Preferences

The latest trend among Indian consumers is changing their preference toward plant-based diets because of increasing health awareness. Several people acknowledged using soy owing to this increased awareness about its high protein quality, low cholesterol content, and non-lactose characteristics. There are also cultural factors that have influenced people’s desire to transition to soy products; due to urbanization and the adoption of Western diets, which advocate for less intake of animal products.

Health and Nutritional Benefits

Soybeans contain quality proteins in the form of amino acids, which makes dieting easier, especially for vegetarians and vegans. Consequently, the isoflavones present in soy milk provide some benefits, such as protection against heart disease and osteoporosis. The Indian government’s awareness campaigns focusing on healthy eating habits have also worked in favor of the soy market.

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Entry of Major Players and Brands

More food processing industries from the domestic as well as the global markets are entering into the plant-based beverage market of India. There is also an increase in the number of companies offering soy beverage products in the Asian market, which include Life Health Foods, Hershey India Private Limited, and The VDC - Vegan Drink Company, which recently intensified their production.

For instance, in March 2023, Life Health Foods (India), a pioneer in the plant-based beverage segment, launched a new vegan drink So Good Oat Unsweetened beverage – a dairy-free, plant-based milk. Fortified with essential vitamins, So Good Oat Unsweetened has no added sugar, zero cholesterol, and is free from preservatives. The So Good plant-based beverage range includes Almond, Cashew, Coconut, Soy, and Oat – all available in both 1L and 200ml formats.

Implementation Strategies for Market Expansion

Product Diversification

Many soy-based beverage producers in India are not only preparing different types of soy beverages but are also coming up with different tastes. Among the flavored soy milk products are vanilla, chocolate, and almond types of soy milk. Also, soy-based yogurt and high-protein nucleated drinks have joined the market that targets health-conscious consumers.

Strengthening Distribution Channels

To increase market access, there is a widely spread usage of online and offline channels of distribution among the companies. Supermarkets, counter shops, convenience stores/ supermarkets, and online-based stores are now the key channels. To a further extent and due to the continued emergence of quick commerce platforms, urban consumers have been able to easily access soy beverages.

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As per the ICRA Limited report, in January 2024, The aggregate revenues of the domestic quick-service restaurant (QSR) industry witnessed a healthy growth of 54% in FY2022 and 33% in FY2023, supported by strong pent-up demand post-Covid as well as wide adoption of user-friendly delivery applications and tech-enabled delivery channels. Consequently, the average daily sales (ADS) improved to ~Rs. 95,000 (USD 1088.42) in FY2023 from ~Rs. 88,000 (USD 1008.22) during FY2022.

Marketing and Consumer Awareness Campaigns

Promotion has also been constantly used to increase the consumers’ awareness of the advantages of taking soy beverages. Marketing through the internet and social media platforms, endorsements by celebrities, and collaborations with influential personalities having a good health status have gone a long way in enhancing product awareness. Such social media campaigns as the promotion of consuming meals from plant sources as healthy meals to eat more have contributed to the increase in the rate of vegetarianism.

Technological Advancements in Processing

The technological factors in India’s soy beverage industry relate to the formulation and processing technology. Better extraction techniques, better taste, and superior shelf life make commercialized soy drinks more desirable to consumers. Such innovations in packaging as tetra packs and other perishable packing materials such as containers have also contributed to market expansion.

Future of Soy Beverages in India

Expansion of Plant-Based Alternatives

There is a trend in the continent toward plant-based milk products such as soy milk, almond milk, and oat milk among others, and this is expected to occur in India. The population will concentrate its demands on enriched soy beverages containing vitamins, minerals, and probiotics, and companies will include these products in their offers.

Government and Policy Support

Organized investment by the government on the consumption of non-harmful food products along with the adoption of viable nutritional policies will further aid in the development of soy beverages. Another long-term advantage of implementing policies for plant-based agriculture and investment in the research of substitute protein sources for animal feedstocks could also come in the favor of the industry.

Conclusion

The consumption of soy beverages is not only trendy but socially responsible to embrace in India based on health standards. Hoping for an optimistic future in India, there is increased product diversification, innovation in technology, as well as constant support from government bodies. In this regard, due to the shift in consumer preferences, this industry is expected to experience drastic changes over the years and soy-based drinks have already become a popular substitute for dairy products. According to the UnivDatos, growing lactose intolerance, rising health consciousness, increasing disposable income and Western dietary influences, expansion of organized retail and e-commerce, and increasing demand for functional beverages are driving the India Soy Beverages market.

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