Introduction: The prevalence of lactose intolerance among Chinese consumers has given rise to plant-based protein beverages, which have quickly won market favor. A variety of such beverages have emerged, including almond milk, walnut milk, coconut milk, and oat milk. In this context, a regional brand landscape has formed, epitomized by the saying "West Weiyi, East Yinlu, South Yeshu, North Lulu." Despite the abundance of products, many consumers remain unclear about the specific categories and differences among plant-based protein beverages. In fact, plant-based protein beverages are milk-like beverages made primarily from plant nuts and pulp (such as soybeans, peanuts, almonds, walnut kernels, and coconuts), processed, blended, and then sterilized under high pressure or aseptically packaged. To better understand and distinguish the different categories of plant-based protein beverages, the author provides a brief classification of market products for reference. In the collective memory of Chinese people, soy milk is undoubtedly the oldest plant-based protein beverage. As consumer health needs evolve, soy milk has adapted to market changes, gradually developing into soy drink (soy milk beverage). Despite the multiple expectations of health, nutrition, and convenience that soy drink carries, its market performance has not flourished as anticipated, and the overall market growth momentum appears somewhat sluggish. Market Fragmentation Breaking Through is Not Easy According to public data from Huajing Industrial Research Institute, from a market segment perspective, soy drink accounts for the largest single share in China's plant-based protein beverage market, at 22.01%. This is followed by coconut juice at 14.24%, walnut milk at 9.49%, and almond milk at 3.14%. Other plant-based protein beverages account for 51.12%. It is not difficult to see that each category in the plant-based protein beverage market has its distinct representative brands: coconut milk has Yeshu, almond milk has Lulu, walnut milk has Six Walnuts, and oat milk has OATLY. However, in the soy drink category, there is a lack of a clear national leader. From the perspective of domestic market layout, the soy drink field not only brings together traditional leading brands such as Vivi Soy Drink, Vitasoy, Weiyi, and Heiniu Soy Drink, but also attracts many powerful brands such as Mengniu's Simple Mill, Yili's Soy Select, Uni-President's Honest Bean, and Daliyuan's Dou Ben Dou. In addition, brands like Joyoung and Yonghe have also made arrangements in the soy drink category. Despite the numerous soy drink brands in the market, the overall market structure appears quite fragmented. Taking industry leader Vitasoy as an example, its market is mainly concentrated in the Pearl River Delta and Yangtze River Delta regions. At the same time, due to relatively low market entry barriers, new competitors continue to emerge, making market competition increasingly fierce. In such a market environment, it becomes increasingly difficult for brands to break through. According to relevant reports, China's annual per capita consumption of soy drink is far lower than that of Malaysia, Vietnam, Japan, and other countries, being only about one-third of the per capita consumption of these countries. In terms of consumption amount, China's per capita soy drink consumption is less than 1 US dollar per year, while Japan's is as high as 5.7 US dollars per year. From the data, the current domestic per capita soy drink consumption is not high, but the potential for development in China's soy drink market is undeniable. First, the huge population base provides a strong consumption foundation for China's soy drink market; second, soy beverage companies can attract more consumers through continuous innovation, especially by emphasizing the health attributes of their products; third, the entry of dairy industry giants such as Yili and Mengniu brings new opportunities for market expansion for soy beverage brands. However, how to achieve a breakthrough in competition still requires continuous exploration. Insufficient Product Innovation Low Perceived Value Walking into a supermarket, one can find that whether it is well-known brands like Vivi Soy Drink, Dou Ben Dou, or Weiyi Soy Drink, or some emerging brands, the flavors of soy drink products are highly similar. Some traditional brands overly rely on a single hero product strategy, merely launching products in different specifications and packaging to attract consumers, which shows signs of innovation fatigue. On the one hand, due to the limited availability of high-quality soybean varieties and origins, soy drink companies are restricted in raw material innovation, making it difficult to differentiate the taste and nutritional content of various brands, thus resulting in a market structure with low industry concentration and numerous regional brands. On the other hand, due to the relatively small market size, most brands have only entered the market without investing sufficient R&D to promote product diversification. The lack of innovation vitality in the market has led to few standout new products in the fiercely competitive business landscape, which not only fails to break the deadlock of product homogenization but exacerbates it. At the same time, the perceived value of soy drink in the minds of consumers is generally low. In the eyes of Chinese consumers, soy drink is often seen as an "upgraded version" of the one or two yuan cup of soy milk sold at breakfast shops. Therefore, when many people see soy drink priced at three or four yuan in supermarkets, they think: Why is it so expensive? Moreover, when soy drink is priced similarly to milk, the choice between milk and soy drink is obvious; most people still prefer milk because it seems "more expensive" and "more worth it." The main reason for this phenomenon is that the primary ingredient of soy drink is soybeans, which are less scarce than milk, leading consumers to believe that soy drink's "status" is naturally not high, and its perceived value is naturally discounted. In addition, as a traditional beverage with a long history in China, soy beverages have long been influenced by family workshop models in their production and marketing strategies, which has limited the brand positioning and development of soy drink, and also constrained the enhancement of brand value in the minds of consumers. Consumer Cognitive Habits Limit Scenario Expansion Consumers' daily shopping and dietary choices are often largely guided by their "subconscious." This "subconscious" is essentially a deep-seated cognitive habit about products. This cognition is not only an understanding of the product itself but also includes when and where consumers decide to purchase and use the product. Although soy drink, soy milk, and soy paste all belong to soybean products, consumers have different cognitive habits and usage scenarios for each. First, soy milk is generally considered a staple food. When mentioning soy milk, isn't it easy to think of breakfast? This is a typical consumer cognitive habit. Soy milk has long been seen as a "regular" on the breakfast table, forming a fixed pairing with youtiao (fried dough sticks) and baozi (steamed buns), much like porridge is paired with breakfast. However, as young people's breakfast consumption habits change, the positioning of soy milk as a staple food has been impacted. Many young people choose to skip breakfast due to their fast-paced lifestyles, leading to reduced demand and consumption power for traditional staple foods like soy milk. Soy drink is more often seen as a beverage, or a side food. It is characterized by relieving greasiness, reducing spiciness, and good taste, often paired with dining scenarios such as hot pot and chuan chuan (skewers). Taking Weiyi Soy Drink as an example, it uses meal accompaniment as its main scenario, forming a perfect match with spicy foods like hot pot, thus winning the love of consumers and being affectionately called the "hot pot buddy." In addition, soy drink also holds a certain market share in holiday gift-giving, but it is often only an auxiliary gift and rarely the first choice for consumers. But the question is, besides these specific occasions, when else would people think of drinking soy drink? Perhaps not much. Because the consumption scenarios of soy drink are too "bound," the shackles of this side food identity make it difficult for the soy drink category to achieve new breakthroughs, and thus it is difficult to expand the market in other scenarios. In contrast, plant-based protein beverages such as oat milk and coconut milk have more diverse consumption scenarios. Oat milk integrates well into multiple scenarios such as coffee, tea drinks, and dining, while coconut milk is suitable for family gatherings and friend get-togethers. Soy paste is often regarded as a snack or food base, with products like soy paste milk tea and soy paste boxes being widely popular among consumers, and the nutritional richness of soy paste is generally recognized. However, consumers often do not clearly understand the specific nutritional value of soy paste, making it difficult to grasp its core advantages, and the value proposition of soy paste appears vague. Through the positioning of soy milk, soy drink, and soy paste, we can sort out the logical positioning of each product: soy milk is a representative of traditional staple food, with its core in meeting people's basic hunger needs; soy drink is a beverage, playing the role of a side food, used to supplement energy when hungry; soy paste is a snack, more inclined to satisfy consumers' immediate taste needs, to satisfy cravings. This long-standing product cognitive habit deeply rooted in consumers' minds has actually invisibly built an insurmountable psychological barrier, confining products to specific consumption scenarios. This not only profoundly affects consumers' comprehensive and accurate assessment of the value of soy drink but also greatly restricts the widespread application and expansion pace of soy drink in different consumption scenarios. Final Thoughts How to break the limitations of traditional consumption scenarios and use innovative thinking to expand new consumption areas? In the author's exchange with Mr. Zhao Bo, founder of New Distribution, I learned that the key is to realize the side-dish transformation of staple foods, the snack transformation of side dishes, and the emotional transformation of snacks. It is very important to grasp consumers' pain points and make them feel recognized. Stimulating consumers' desire to purchase and moving consumers can create incremental consumption. In China, modern consumers typically only regard soy drink as a beverage, lacking in-depth understanding of its rich nutritional value and health benefits. This cognitive limitation restricts the full display of soy drink's value and consumption scenarios, and the fragmented market layout and insufficient product innovation also hinder its further market expansion. To this end, we should actively explore the "snackification" transformation path of soy drink, reshape consumer perceptions around consumer needs, innovate products to expand more consumption scenarios, break traditional frameworks, let consumers recognize the multifaceted value of soy drink, and thereby release greater market potential. [New Order · Symbiosis] The 10th China FMCG Innovation Conference Date: March 17-19, 2025 Location: Chengdu, China