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Africa Soy Beverages Market Size (2024 - 2029)

The African soy beverages market is experiencing growth due to the increased availability of soy and its recognized health benefits, such as lowering blood cholesterol and reducing cancer risks. The market size is further influenced by the consumption of soy beverages as an alternative to other healthy drinks, driven by their nutritional value. Additionally, the rise in lactose intolerance and supportive government initiatives have contributed to the expansion of local production, enhancing the market's overall development.

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Market Size of Africa Soy Beverages Industry

Africa Soy Beverages Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.20 %
Market Concentration Low

Major Players

Africa Soy Beverages Market Major Players

*Disclaimer: Major Players sorted in no particular order

African Soy Beverages Market Analysis

The African soy beverages market is projected to register a CAGR of 6.2% during the forecast period (2020-2025).

  • The market for soy beverages witnessed a surge within the region, because of the increased availability of soy and the scientific facts that prove its many health benefits, including lowering blood cholesterol and reducing the risk of certain cancers. Additionally, soy beverages are consumed as a replacement of other healthy drinks, because of their nutritional content.
  • The growing prevalence of lactose intolerance in the region, along with supportive government initiatives, has resulted in the growth of the local production.

African Soy Beverages Industry Segmentation

The African soy beverages market is segmented by type, into soy milk and drinkable yogurt. The market is segmented by flavor, into plain and flavored. By distribution channel, the market is segmented into supermarkets/hypermarkets, pharmacies/drug stores, online retail stores, convenience stores, and other distribution channels. The market is also segmented by geography. 

By Type
Soy Milk
Drinkable Yogurt
By Flavor
Flavored
Unflavored
By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialist Stores
Online Retailing
Other Distribution Channels
Geography
South Africa
Nigeria
Kenya
Rest of Africa
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Africa Soy Beverages Market Size Summary

The African soy beverages market is experiencing notable growth, driven by the increasing availability of soy and its recognized health benefits, such as lowering cholesterol and reducing cancer risks. The market is benefiting from a rising prevalence of lactose intolerance in the region, prompting a shift towards plant-based dairy alternatives that are naturally lactose-free and offer similar nutritional profiles to animal milk. This shift is supported by government initiatives and the growing acceptance of lactose-free products among consumers, presenting significant opportunities for soy beverage manufacturers. The market, still in its nascent stages, is expected to expand further due to changing dietary preferences, heightened health awareness, and ongoing innovations in plant-based milk products.

The market landscape is characterized by the presence of major global players like Danone and Hain Celestial, who are actively engaging in product development to meet the increasing demand for plant-based beverages. Additionally, regional players are gaining traction, contributing to the market's growth. Soy beverages are emerging as a cost-effective and versatile protein source, particularly in areas where traditional protein sources are scarce or expensive. Community-scale soybean processing units, known as SoyCows, are creating new economic and nutritional opportunities, further supporting market expansion. The combination of these factors is fostering a dynamic and evolving market environment for soy beverages in Africa.

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Africa Soy Beverages Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Soy Milk

      2. 2.1.2 Drinkable Yogurt

    2. 2.2 By Flavor

      1. 2.2.1 Flavored

      2. 2.2.2 Unflavored

    3. 2.3 By Distribution Channel

      1. 2.3.1 Supermarkets/Hypermarkets

      2. 2.3.2 Convenience Stores

      3. 2.3.3 Specialist Stores

      4. 2.3.4 Online Retailing

      5. 2.3.5 Other Distribution Channels

    4. 2.4 Geography

      1. 2.4.1 South Africa

      2. 2.4.2 Nigeria

      3. 2.4.3 Kenya

      4. 2.4.4 Rest of Africa

Africa Soy Beverages Market Size FAQs

The Africa Soy Beverages Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)

Danone, CLOVER S.A. (PTY) LTD, Lactalis SA (Pty) Ltd and Good Hope International Beverages SA (Pty) Ltd are the major companies operating in the Africa Soy Beverages Market.

African Soy Beverages Market Report Snapshots

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