The global soy dessert market size was valued at USD 55.5 billion in 2018 and is expected to expand at a CAGR of 7.2% in the forecast period. The primary driving factor for the growth of the industry is increasing health awareness and lactose intolerance. Moreover, less cholesterol, fats, and carbohydrates in the product as compared to dairy milk are increasing its demand among health-conscious consumers, thereby driving the market to the positive side.
Furthermore, increasing awareness regarding the nutritional benefits of the product is expected to drive the market in the forecast period. Consumers can cut-out their calorie intake as compared to that of dairy products, thus they can indulge themselves in guilt-free consumption owing to an increase in demand for the product. Increasing disposable income, changing lifestyles, and inclination towards healthy sweet dishes are the prominent factors for market growth.
Soy also contains phytosterols that prevent cholesterol absorption and thus lower the risk of heart failure, thereby increasing its popularity among heart patients. Countries such as the U.S. and the U.K. where consumption of confectionery items is high and consumers are lactose intolerant are expected to propel the overall demand for the product in the forecast period. Countries such as India, China, and Japan contribute approx. 35.0% of the global population. Increasing awareness about the health issues and benefits of the product can propel the product demand to a great extent in these countries.
However, apart from various nutritional facts, the product lacks in calcium, which is, in turn, restraining the market growth. To fulfill the calcium content, manufacturers invigorate by artificial calcium due to which the product sometimes losses its other nutritional content. In countries such as the U.S., the government is stringent about the nutritional content of the product, thus the aforementioned factors can hamper the market growth in such regions in the forecast period.
For instance, according to a Mintel’s U.S. report, the market for soy has been decreased by 16% in sales between 2008 and 2010. Although, for sweets that are not consumed regularly, these factors can be further negated by the usage of calcium supplements. Also, manufacturers are adding calcium content while producing sweets, thereby driving the market in the forecast period.
The hypermarket segment accounted for more than 65.0% share of the overall revenue in 2018. The availability of a wide variety of products under one roof, discount coupons, advertisement, and the presence of big players such as Walmart are the key reasons driving the segment. Consumers prefer to taste new varieties of sweets at times before purchasing, thus they choose hypermarket over other distribution channels, thereby influencing the market demand for the segment. Convenience stores also account for a significant share in the industry.
The online retailer's segment is the fastest growing and is expanding at a CAGR of 9.1% in the forecast period. Increasing usage and penetration of the internet in the rural areas of developing countries are the key factors driving the segment. Moreover, the growing young working population demanding for ease of access and an increasing number of online retailers and online discounts are propelling the growth of the online retailer's segment in the forecast period.
Based on product type, the soy dessert market is further segmented into cakes and pastries, ice-cream, and puddings. The cake segment dominated the market, accounting for more than 65.0% share of the overall revenue in 2018. The segment is expected to witness significant growth in the forecast period. The usage of cake is increasing to a very large extent in regions such as North America and Europe. For instance, the market value for cake in the U.K. was USD 2.5 billion in 2018.
Ice cream is the fastest-growing segment and is expected to expand at a CAGR of 8.0% in the forecast period. Regions such as the Asia Pacific and MEA have driven the demand for ice cream owing to a large consumer base. Shifting consumer preference for lactose-free products is the key reason for segment growth. Innovations in various flavors of the product by the manufacturers are driving the segment. Easy availability and pocket-friendly products are also some of the prominent factors for segment growth.
In 2018, North America dominated the market with a 28.0% share of the overall revenue and is likely to witness significant growth in the forecast period. The U.S. accounted for the majority of the share of 33.0% in the North America market in 2018. High levels of lactose intolerance and usage of products such as cakes, puddings, and ice creams are the prominent factors driving the regional market. For instance, market revenue for cake in the U.S. was USD 3.4 billion in 2018.
The Asia Pacific is the second-largest market and is the fastest-growing region for the industry. It is expected to expand at a CAGR of 8.3% in the forecast period. Origin of the product from China and a large consumer base of more than 34.0% of the global population are the prominent factors boosting the regional market growth in the forecast period.
The Hershey Company, Danone group, Archer Daniel Midland Company, Kerry, Now Foods, AFC soy foods, Turtle Mountain, Gluten Intolerance Group, Alpro, and Hain Celestial are some of the key players in the market. The market presents moderate to low entry barriers for the new entrants. The overall market is driven by innovations and mergers and acquisitions of the players. For instance, in 2017, Danone Group acquired Whitewave Paris, a plant-based food manufacturer. The manufacturers are also spending on R&D to get an edge over the competitors.
The base year for estimation
Actual estimates/Historical data
2015 - 2017
2019 - 2025
Revenue in USD Billion & CAGR from 2019 to 2025
North America, Europe, Asia Pacific, MEA, and CSA
Revenue forecast, company share, competitive landscape, growth factors and trends
U.S., Canada, U.K., Spain, China, India, Brazil, and the UAE
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This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Grand View Research has segmented the global soy dessert market report based on product type, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
Cakes & Pastries
Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Regional Outlook (Revenue, USD Billion, 2015 - 2025)
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