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(Health-NewsWire.Net, November 13, 2021 ) Brazil Soy Beverage Market size was valued at $487million in 2020, and is anticipated to grow at a CAGR of 4.2% during the forecast period 2021-2026. Soy beverage is not just a substitute ingredient, but a well-known dairy beverage replacement such as soya milk, yogurt smoothies, etc. Rather, it is a worthwhile addition to a person’s regular diet. This healthy, flavorful beverage acts as a lactose-free dairy substitute with health benefits that are all its own. Soy beverage is also a source of high protein. The protein content in soy beverages is plant-based, and can help support healthy muscles and organs. In addition, vitamins, minerals, and antioxidants in soy beverages provide important health benefits such as helping the body in maintaining nerve cells and DNA. The Brazil soy beverage industry growth rate is attributed to the rising vegan population in the country coupled with the growing awareness regarding increasing number of people with lactose intolerance which is poised in bringing new opportunities. Moreover, owing to increasing health benefits regarding the consumption of such plant based beverages there is an increase in consumer demand which led to the rise in demand for diary-alternative beverage especially soy, thereby potentially raising the demand for various Brazil soy beverage products. However, the stringent rules and regulations regarding the claim of health benefits and their labeling are poised to hinder the Brazil soy beverage market.
Brazil Soy Beverage Market Segment Analysis - By Flavor Type
In 2020, on the basis of product type, unflavored segment accounted for the largest segmental revenue of the Brazil soy beverage market on account of the fact that this product type has a huge demand owing to the facts that the unflavored ones are not fortified and does not contain any artificial sweeteners and therefore preferred by many. Furthermore, these unflavored ones are nowadays fortified with certain nutrients such as calcium in order to meet the demands for certain specific end users thereby, allowing the market growth.
On the other hand, flavored segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 4.80% since there is a rise in consumers opting for healthy lifestyles coupled with growing market interest in exotic flavours from various end users. Moreover, there is a change in consumer inclination towards the use of a flavored soy beverages thereby, is to cater the sector growth in the product segment during the forecast period 2021-2026.
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Brazil Soy Beverage Market Segment Analysis - By Distribution Channel
On the basis of distribution channel, convenience stores segment accounted for the largest segmental revenue of the Brazil soy beverage market in 2020. The large share can be attributed to the fact that there is an increase in spending of money by the customers at such stores in order to meet their demand for a healthy lifestyle. Furthermore, many consumers are trying to avoid busy markets and are less likely to shop around and risk exposure to the virus thereby, augmenting the market hold.
On the other hand, online retail stores segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 4.34%. The online channel segment is to witness a surge in growth owing to the increase in strong investments in providing the best customer service, large discounts on online orders, good product quality and quick delivery methods set to boost segment growth during the forecast period 2021-2026.
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Brazil Soy Beverage Market Drivers
Consumer Inclination Towards Plant-based Beverage
The Brazil soy beverage market is poised to receive upswing owing to the rapid increase in demand for several soy beverage products in Brazil owing to the fact that there is an increasing consumer awareness regarding personal health and wellbeing followed by growing consumer inclination towards the consumption of plant-based beverages. This consumer inclination is also aided by the high production of soybeans in the region.
Brazil Soy Beverage Market Challenges
Strict Regulations and Improper Product Labeling
One of the major factors lowering the Brazil soy beverage unit sales is owing to the potential hazards occurring in inaccurate product labeling which continues to hinder the market growth during the forecast period 2021-2026. Apart from this, the stringent rules and regulations regarding the claim of health benefits in the import of such products are poised to hinder the Brazil Soy Beverage market.
Brazil Soy Beverage Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Brazil Soy Beverage market. In 2020, Brazil Soy Beverage market share is fragmented by the top ten players present in the market. The Brazil Soy Beverage market top 10 companies are The Hain Celestial Group, Danone S.A., Eden Foods Inc., Pureharvest, American Soy Products, Vitasoy International Holdings Limited, Jaffe Bros. Inc., Devansoy Inc., SunOpta, Organic Valley and others.
Key Takeaways
The factors such as increasing consumer awareness regarding personal health and wellbeing followed by growing health consciousness are amongst the major factor projected to impel growth of Brazil soy beverage market.
Additionally, factors such as rising expenditure for such beverages followed by the impetus family incomes are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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