Soy milk is struggling to keep up with sales of almond milk.
WhiteWave Foods (WWAV), which makes the soy milk brand, Silk, saw sales increase by 12% last quarter. The company isn’t attributing the sales increase to its soy products though. WhiteWave says that it saw sales of its almond milk products increase more than 50% last quarter. Retail sale of non-dairy milk products, specifically almond, coconut and rice, are nearing $1.4 billion. Sales of the non-dairy milk products are expected to reach $1.6 billion by 2016. WhiteWave claims that soy milk only holds 35% of non-dairy milk product sales. Almond milk on the other hand now holds 55% of the market. The decline in soy sales is likely due to the health benefits of almond milk. Almond milk has no saturated fat, has fewer calories than soy, and is rich in vitamin E, reports Bloomberg.
“Nuts are trendy now,” Larry Finkel, director of food and beverage research at Marketresearch.com, told Bloomberg. “Soy sounds more like old-fashioned health food, like tofu, and could probably benefit by a reinvigoration of their brand.”
WhiteWave teamed up with The Country’s Best Yogurt earlier this month to create America’s first non-dairy frozen yogurt using Silk.