Soy & Almond Milk Production in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: November 2023
NAICS OD4195Revenue
$3.2bn
Past 5-Year Growth
Profit
$XX.Xm
Employees
4,277
Businesses
39
Wages
$XXX.Xm
Soy & Almond Milk Production in the US industry analysis
Soy and almond milk producers have expanded rapidly, and revenue climbed even amid the negative impact of COVID-19 on the economy. In early 2020, nonessential businesses were forced to temporarily close, but soy and almond milk producers' position as part of the broader food and beverage manufacturing industry allowed them to continue operating. Soy and almond milk products have become staples in many consumers' diets, protecting demand from volatility through economic uncertainty. Revenue is expected to have risen at a CAGR of 2.8% to $3.2 billion through the end of 2023, although revenue is forecast to inch down 0.6% in 2023 alone.
Trends and Insights
- Soy and almond milk producers have flourished, driven by expanding health consciousness and per capita disposable income among consumers. Still, dairy alternative beverage producers continually contend with competition from other beverages, particularly traditional cow's milk.
- Soy and almond milks are available in a growing array of formulations. These include flavored, sweetened, unsweetened, low-fat or nonfat and fortified varieties, with some blends formulated to address specific health concerns, like heart health and digestive health.
- Dairy alternative beverage manufacturers tend to be located close to raw material farms, given high transportation costs. Packaging innovations that help minimize transportation costs and preserve products have strengthened competition between producers in different regions.
- Competition among soy and almond milk producers is based on numerous factors, including brand recognition, price, taste preference, quality, food sourcing and processing, product nutrition and food intolerances. The numerous plant milk types compete aggressively based on nutritional aspects.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 2.8 % over the past five years, to reach an estimated $3.2bn in 2023.
Trends and Insights
Soy and almond milk production prospers even during times of economic downturns
- Producers have endured swelling production costs, but they can usually pass these elevated costs on to downstream customers through price hikes. Brands need to be considerate of substitutes when lifting prices, though, as they risk losing business to cheaper brands. This is especially true when money is tight for consumers.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Consumers will be willing and able to purchase nondairy milks
- Soy and almond milk producers will benefit from more Americans becoming health-conscious and willing to spend money on healthier beverages. As the economy rebounds from the pandemic, consumer confidence will expand alongside a boost in per capita disposable income, providing consumers with the means to afford these higher-priced products.
Biggest companies in the Soy & Almond Milk Production in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Danone Sa | 1,230.9 | 76.7 | 6.2 | |
Blue Diamond Growers | 427.2 | -0.1 | 0.0 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Soy & Almond Milk Production in the US
Products & Services
Industry revenue is measured across several distinct product and services lines, including Soy milk, Almond milk and Coconut milk. Soy milk is the largest segment of the Soy & Almond Milk Production in the US.
Trends and Insights
Oat milk grows in popularity and becomes a barista favorite
- Oat milk is a cereal-based milk, offering more vitamin B2 than cow's milk, and is high in vitamin D, dietary fiber, phytochemicals and antioxidants.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Dairy Product Production in the US
- Ice Cream Production in the US
Complementors
- Soybean Farming in the US
- Fruit & Nut Farming in the US
- Margarine & Cooking Oil Processing in the US
- Canned Fruit & Vegetable Processing in the US
- Health Stores in the US
International industries
- Global Milk & Cream Manufacturing
- Dairy Product Production in Canada
- Milk and Cream Processing in Australia
- Milk and Cream Processing in New Zealand
- Milk & Cream Production in the UK
Table of Contents
About this industry
Industry definition
Soy and almond milk producers manufacture nondairy milk substitutes. These are usually plant-based and may be made from soybeans, almonds, hemp, coconut, rice or oats.
What's included in this industry?
Producing almond milkProducing soy milkProducing coconut milkProducing rice milkProducing other non-dairy milks, including oat and hempCompanies
Danone SaBlue Diamond GrowersPurchase this report to view all 2 major companies in this industry.
Related Terms
PLANT MILKHEMP GENETICALLY MODIFIED ORGANISM (GMO)ORGANIC FOODSIndustry Code
NAICS 31151 - Soy & Almond Milk Production in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Soy and almond milk producers have flourished, driven by expanding health consciousness and per capita disposable income among consumers. Still, dairy alternative beverage pr...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Soy and almond milks are available in a growing array of formulations. These include flavored, sweetened, unsweetened, low-fat or nonfat and fortified varieties, with some bl...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Dairy alternative beverage manufacturers tend to be located close to raw material farms, given high transportation costs. Packaging innovations that help minimize transportat...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Competition among soy and almond milk producers is based on numerous factors, including brand recognition, price, taste preference, quality, food sourcing and processing, prod...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Blue Diamond Growers has expanded its market share through a strategic trade deal with Japan. As the world's leading almond processor, removing trade barriers and promoting t...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Danone Sa's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Blue Diamond Growers's performance by revenue, market share and profit margin from 2017 through 2023
Detailed analysis
- Description and key data for Danone Sa, and factors influencing its performance in the industry
- Description and key data for Blue Diamond Growers, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Soy and almond milk producers receive a high level of assistance, mainly through the aid given to the soybean farming industry. The Agricultural Act of 2014, also known as th...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Competition has threatened profit. While the industry is dominated by two large companies, external competitors still make price a sticking point for consumers.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
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Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Soy & Almond Milk Production in the US industry in United States in 2024?
The market size of the Soy & Almond Milk Production in the US industry in United States is $3.2bn in 2024.
How many businesses are there in the Soy & Almond Milk Production in the US industry in 2023?
There are 39 businesses in the Soy & Almond Milk Production in the US industry in United States, which has grown at a CAGR of 4.0 % between 2018 and 2023.
Has the Soy & Almond Milk Production in the US industry in United States grown or declined over the past 5 years?
The market size of the Soy & Almond Milk Production in the US industry in United States has been growing at a CAGR of 2.8 % between 2018 and 2023.
What is the forecast growth of the Soy & Almond Milk Production in the US industry in United States over the next 5 years?
Over the next five years, the Soy & Almond Milk Production in the US industry in United States is expected to grow.
What are the biggest companies in the Soy & Almond Milk Production in the US market in United States?
The biggest companies operating in the Soy & Almond Milk Production market in United States are Danone Sa and Blue Diamond Growers
What does the Soy & Almond Milk Production in the US in United States include?
Producing almond milk and Producing soy milk are part of the Soy & Almond Milk Production in the US industry.
Which companies have the highest market share in the Soy & Almond Milk Production in the US in United States?
The company holding the most market share in United States is Danone Sa.
How competitive is the Soy & Almond Milk Production in the US industry in United States?
The level of competition is moderate and increasing in the Soy & Almond Milk Production in the US industry in United States.
