Soy Desserts: Key market research findings
- Health benefits associated with soy
- Growing acceptance among lactose-intolerant people
- Key market players are Alpro, So Delicious, and The Hain Celestial Group
Technavio has released a new report on the global soy desserts market, which is predicted to grow at a moderate CAGR of around 5% between 2016 and 2020. Rise in demand for soy food products and increasing awareness about the benefits of soy food products among consumers will significantly contribute to the growth of the soy desserts market in the coming years. Moreover, increase in health-conscious people will be another growth factor in the soy desserts market as these soy products contain less calories when compared to dairy-based desserts. Also, the growing demand for on-the-go food options will aid to the growth of this market over the predicted period. APAC will account for around 48% of the overall market share during the forecast period, thanks to the rising number of health-conscious individuals, surging vegan population, and increasing disposable income among consumers.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The high sales of soy desserts can be primarily attributed to the growing demand from lactose-intolerant people. Soy milk contains less amount of carbohydrate, cholesterol, and fats in comparison with dairy milk. Several consumers are shifting to lactose-free products due to the perceived health benefits of soy milk as consumers feel that the consumption of dairy milk and its products upsets their digestive system and causes bloating. The massive demand for lactose-free soy desserts has prompted many manufacturers to make modifications of processing techniques and dosages and focus on dairy-free product formulations,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
During 2015, the soy desserts distribution was dominated by the hypermarkets and supermarkets segment, which accounted for more than 58% of the market share in terms of revenue. The widespread availability of a wide array of soy and soy-based products in such stores will lead to the strong growth of this market segment during the estimated period. Moreover, these distribution channels also offer product bundling and heavy discounts, which will further contribute to the growth of this segment over the predicted period.
The leading vendors in the global soy desserts market are Alpro, So Delicious, and The Hain Celestial Group. This market is dynamic in nature as it is subject to rapidly changing consumer demand and preferences. The market is highly fragmented owing to the presence of numerous small and large players. In this market, the vendors compete in terms of product pricing, quality, innovation, reputation, and distribution to gain maximum market prominence. The competitive environment is likely to intensify with an increase in product or service extensions, product innovations, and M&A activities.
A more detailed analysis is available in the Technavio report, Global Soy Desserts Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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