Soy market to grow due to increased awareness, health benefits
As per Technavio’s (technavio.com) market research analysis, the global soy milk and cream market is predicted to grow at a CAGR of around 15% during forecast period 2016-2020. Soy has various health benefits associated with it and the growing awareness about its well-being among consumers is helping the market for several soy products grow. Soy contains all nine essential amino acids in the ideal ratio for human health and wellness. Soy protein isolates have less cholesterol than animal proteins. Soy also contains phytosterols, which help prevent cholesterol absorption and helps in reducing the risk of heart failure. It also helps increase bone density and is a good source of vitamins such as B6 and B12.
It is also the main source of minerals such as zinc and iron and contains isoflavones that reduce the risk of breast cancer in women. Moreover, soy products such as soy milk and cream act as a perfect substitute for a high-fat diet and dairy milk. The growing health consciousness among people about soy will increase the sales of soy milk and cream during the forecast period.
The Asia Pacific Region (APAC) is the largest revenue-generating region in the soy milk and cream market and is anticipated to occupy around 44% of the overall market revenue during the forecast period. Much of the region’s growth is driven by the rising number of health-conscious individuals, growing vegan population and increasing disposable income among consumers. The market is also witnessing a huge demand for lactose-free products such as non-dairy milk and cream from developing countries such as China, India and Indonesia. The high demand for lactose-free products along with the number of people with lactose indolence is the major cause for the significant need for soy milk and cream in APAC.
The market is highly fragmented because of the presence of numerous small and large vendors that compete on the basis of factors such as price, quality, innovation, reputation, and distribution. Intense competition prevails in this market owing to rapidly changing consumer demands and preferences. As the market is dominated by existing players, the entry of new players in the market will be low during the predicted period.