The global dairy and soy food market is set to increase from $617.9 billion (£474.4 billion) to $773.4 billion (£594 billion) in the next four years, according to consumer insight research specialists, Canadean.
Canadean's report assumes the $155.5 billion (£119.5 billion) growth will come from developing markets in the Asia-Pacific, Middle East and Africa, and East European regions.
In North America, consumers are drinking juices and vitamin water rather than milk. The research shows that consumers in developed markets make their beverage choices on a variety of different things: level of personalisation, whether it can be consumed on-the-go, and whether it can provide a novel experience.
In contrast, consumers in countries such as Brazil, China and India consider the nutritional value that their drink will provide.
Kiran Akkineni, analyst for Canadean, said: "Changing consumer preferences and purchase patterns due to socio-economic and demographic changes have created new market dynamics.
"While the key markets of Western Europe and North America have witnessed stagnancy in liquid milk consumption paired with fast growth in processed and soy products, developing countries have recorded steep growth in demand for dairy products owing to their fairly low per capita consumption.
"Despite these regional differences in beverage consumption, value-for-money remains an important differentiating factor globally, as consumers opt for products perceived to provide this."
The report went on to explain how the global dairy and soy food market is highly fragmented with the top five brands holding less than 6% market share with Mengniu, Activia, Amul, Kraft and Yili as the leading brands by market share in 2015.
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