• Good nutritional benefits (rich in protein, fiber and amino acids and a good source of plant-based protein)

• Dietary Requirements & Preferences (good alternative for people who are lactose intolerant, allergic to dairy. approx 65-70-% of global pop (particularly east asia, north america & central asia) is lactose intolerant, therefore increasing demand for dairy alternatives)

• Environmental sustainability (soy requires less land and water as compared to animal agriculture)

Why Soy yogurt?

• Health benefits (probiotic benefits that aid in digestion, gut health -> importance of gut health is getting more prioritized)

• Changes in consumer trends & preferences (more consumers are adopting veganism, flexitarian lifestyles due to health, environmental and ethical concerns. Soy yogurt offers an alternative still with its added nutritional benefits) -> particularly strong amongst those aged 18 to 49

• Government initiatives (also promote the growth of the soy yogurt market by implementing policies encouraging sustainable food production)

  
  

Other plant-based markets:

• Currently Soy is the biggest in the plant-based market, others include oat, almond, coconut

• Almond-based yogurts seeing notable success in US while oat-based alternatives are gaining popularity in Europe

Biggest producers of soy yogurt in the market now:

Unites States:

• Silk (owned by Danone): Leading plant-based brand that offers a variety of soy-based products (including yogurt). Also produces other plant-based beverages & creamers.

• Kite Hill

• Stonyfield Farm Inc.

Europe:

• Alpro (owned by Danone): European brand that is a global leader in plant-based products. Dominates the European soy yogurt market.

Hong Kong:

• Vitasoy: Biggest driver of plant-based products in the Asian market with broad portfolio of soy-based products (including yogurt)

• The global plant-based yogurt market is projected to grow at a compound annual growth rate (CAGR) of 13.9% from 2024 to 2030. (Grand View Research)

• The Soy Yogurt Market is projected to grow at a compound annual growth rate (CAGR) of 15.5% from 2024 to 2030. (Virtue Market Research)

• In 2023, soy yogurt held a 36.06% revenue (highest out of the other plant-based yogurts). Worth noting that oat yogurt is also expected to see increased demand and growth from 2024 to 2030 driven by its sustainability, allergen-friendly nature and creamy texture that closely mimics dairy yogurt.

  
  

  
  

• Expected CAGR of 13.8% from 2024 to 2030

• Growth driven by lactose intolerance, dairy allergies & health benefits of plant-based diets. As well as increased popularity in veganism and flexitarianism and increased environmental concern and animal welfare.

US:

• Expected CAGR of 13.9% from 2024 to 2030

• Growth driven by increased retail presence due to shift from health food stores to mainstream supermarkets and convenience stores and more major dairy and specialised plant-based companies competing, driving innovation & expanding consumer choice.

Europe:

• European market accounted for revenue share of over 37.26% in 2023

• Long standing dairy tradition aids transition to plant-based alternatives.

• Many European countries have a high percentage of lactose intolerant individuals further boosting the market.

• With a robust regulatory framework in Europe, plant-based innovations are well supported.

Asia Pacific:

• Expected CAGR of 14.8% from 2024 to 2030

• Growth driven by urbanization, income rise, increasing health awareness and high percentage of lactose intolerant individuals.

• Government initiatives in SG & China that promote healthier diets and sustainability also contribute to market growth.

1. While plant-based products offer health and sustainability benefits, they often come at a higher price compared to traditional animal-based counterparts. For many consumers, this price difference can be a barrier to regular purchases. With the Consumer Price Index (CPI) up 6.5% over the last 12 months, plant-based brands need to find ways to offer competitive pricing without compromising quality.

2. Consumer demand for transparency is growing, with the percentage of shoppers valuing clear product information rising from 69% in 2018 to 76% in 2023. Plant-based brands must be transparent to maintain consumer trust.

3. Supply chain and scalability issues are critical for the plant-based sector. As demand grows, brands face challenges in sourcing high-quality ingredients sustainably, managing logistical hurdles, and expanding manufacturing, which can lead to higher costs and slower growth.

https://nielseniq.com/global/en/insights/analysis/2024/plant-based-trends-2024/

• Soybeans are a rich and inexpensive source of proteins (36%–38%), and contain less fat (18%–19%) and are low in carbohydrates (28%–30%).

• Beany flavor and presence of oligosaccharides are two major issues with processing of soymilk. -> Fermentation of soymilk with Bifidobacterium spp. can help overcome the beany flavor in soymilk and the presence of oligosaccharides. The beany flavor of soymilk is attributed to the volatile compounds, n-pentanal and n-hexanal, that are naturally found in soymilk. The oligosaccharides, mainly stachyose and raffinose, when consumed via soymilk may be responsible for the release of CO₂ and methane, which in turn may lead to flatulence during metabolism of oligosaccharides by gut microbes.

Fermentation:

• Soy yogurt can made by fermenting soymilk with L. bulgaricus alone. In some cases, cow's milk or skim milk powder (up to 3%) is added to the soy milk to improve flavour and give a firmer, smoother texture.

• Bifidobacteria can help to break down complex sugars -stachyose and raffinose in soymilk which stimulates the growth of starter bacteria needed for yogurt fermentation.

• Heating the soymilk with added glucose and lactose at 60°C for 15–60 min improves the growth of bacteria like L. paracasei ssp. paracasei and L. helveticus.

• Adding sucrose also boosts the growth of L. acidophilus when used together with Streptococcus thermophilus. Additionally, B. bifidum helps stimulate the growth of both S. thermophilus and L. delbrueckii ssp. bulgaricus in soymilk during the yogurt making process.