Australia Soy Milk Market Report and Forecast 2024-2032

Australia Soy Milk Market Outlook

Australia soy milk market size is estimated to be valued at USD 221.04 million in 2023. It is projected to grow at a CAGR of 6.55% between 2024 and 2032, reaching USD 389.01 million in 2032.

Key Takeaways

• As per the USDA's report, Australia's soybean production reached 42,000 tons in the 2022/23 period.

• According to the Australia Bureau of Statistics, the purchase of dairy and meat alternatives from Australian supermarkets and other food retailers rose by an additional 14% in 2020-21, continuing the 14% increase observed between 2018-19 and 2019-20.

• As reported by the Australia Bureau of Statistics, individuals consumed an average of 17 grams per person per day from dairy milk alternatives such as soy or almond milk.

Unflavoured soy milk contributes significantly to the Australia soy milk market growth due to its versatility as a base for a variety of recipes. It can be utilised in sweet and savoury dishes without changing the original flavour profile

Unflavoured soy milk provides flexibility in cooking, appeals to health-conscious consumers with its natural simplicity, and enables personalisation with sweeteners. It retains a healthy nutritional profile, accommodates dietary preferences, and appeals to those with traditional tastes.

Flavoured soy milk offers a variety of flavours to satisfy different palates, particularly appealing to children and selective eaters. Convenient for on-the-go consumption, it elevates recipes, disguises the natural soy taste, and helps brands stand out in the market with distinctive flavours.

In November 2023, Vitasoy Australia reached its peak annual output, targeting 70 million litres of soy, almond, oat, rice, and coconut milk production, complemented by a new line of soy and oat-based yoghurts.

Market Segmentation

Australia Soy Milk Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

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

The Australia soy milk market key players are Royal Nut Company, Australian Health and Nutrition Association Ltd., Vitasoy Australia Products Pty Ltd., Noumi Trading Pty Ltd., Pure Harvest, and Woolworths Group among others.

Key Highlights of the Report