Soya Milk Sales Undergoing Renaissance in South-East Asia – Organic Monitor
Novel product launches have become a feature of the Asian market, with functional beverages receiving most investment. Manufacturers are fortifying soya milk with vitamins, minerals, omega acids and plant extracts.
19/10/07 Soya milk sales are undergoing a renaissance in South-East Asia. The market is growing at a fast rate as manufacturers launch new products for distinct customer segments. New research from Organic Monitor shows that revenues have increased by 53% since 2003 with product innovations a major driver of market growth.
Novel product launches have become a feature of the Asian market, with functional beverages receiving most investment. Manufacturers are fortifying soya milk with vitamins, minerals, omega acids and plant extracts. These products are marketed on their health benefits to consumers, with many receiving endorsements from health organisations. Other new product launches include soya milk blends with fruit & vegetable juices as well as other cereals like corn and rice.
A new report finds the Thai market as the fastest growing in the region. Comprising about 70% of regional revenues, the market is showing high growth as Thai companies expand distribution to rural areas and invest in marketing campaigns. Although having a small consumer market, Singapore has the largest per capita consumption rate of soya milk. Chilled soya milk is highly popular, competing directly with dairy milk on retailer shelves. In other countries, soya milk continues to be consumed as a soft drink.
Healthy market growth rates are envisaged to continue in the coming years. Consumer demand is widening as soya milk & non-dairy drinks become increasingly popular as health beverages and dairy alternatives. Organic Monitor expects the Thai market to continue to comprise the bulk of revenues, however other countries like Malaysia and Indonesia are expected to show strong market growth rates.
A major finding is that soya milk exports are increasing significantly from the South-East Asia region. Some of the world’s largest soya milk manufacturers are located in the region. Companies like Yeo Hiap Seng are building on their success in their home markets by targeting export markets. Soya milk is exported to almost every continent from South-East Asia. American and Australian companies are making inroads however, by introducing premium soya & non-dairy drinks, especially organic varieties.
