Technavio analysts forecast the global soy food marketto grow to USD 58.58 billion by 2021, at a CAGR of close to 7% over the forecast period, according to their latest report.
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Technavio has published a new report on the global soy food market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global soy food market for 2017-2021 provides a detailed industry analysis based on the product (whole soy foods and soy oil) and geography (APAC, the Americas, and EMEA).
Soy food is the best alternative for dairy and meat and is a suitable choice for the vegan population segment since it is a great a source of amino acids, essential fatty acids such as omega 3 and omega 6, fiber, and protein. In addition, certain properties of soy help in reducing cholesterol, preventing cancer, and aiding in alleviating pregnancy complications. These benefits associated with soy are swiftly driving its adoption.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global soy food market:
- Rising levels of lactose intolerance and dairy allergies
- Rise in consumption of soy foods owing to associated health benefits
- Growing consumer preference for vegan diet
Rising levels of lactose intolerance and dairy allergies
"Lactose intolerance is caused due to the inability of the body to digest lactose, which is found in milk. The growing number of people with lactose intolerance are driving the demand for lactose-free food productssays Akash Pandey, a lead analyst at Technavio for food research.
In Asia and Europe, soy milk is a popular dairy alternative for the lactose intolerant population, with the added benefit of being rich in vitamins and minerals. Soy-based products like soy milk, yogurt, and tofu are the next best alternatives to dairy-based foods. For instance, WHITEWAVE FOODS, a key market vendor, offers Silk Organic Unsweetened Soymilk.
Rise in consumption of soy foods owing to associated health benefits
The growing health consciousness of consumers is encouraging positive alterations in diet patterns. Soy is viewed as a healthy and cruelty-free alternative source of protein due to its high nutritional value. Soy has the best amino and protein profile as it is a good source of all the three macronutrients, all essential amino acids, good quality fatty acid profile, most minerals, all important vitamins, complex carbohydrates, and many phytochemicals. Soy is also lauded for its cosmetic benefits; such as its moisturizing, anti-aging properties, and rejuvenating effects on hair and skin. Such benefits are encouraging more people to adopt soy-based food products into their daily diets.
Growing consumer preference for vegan diet
People who support animal rights and cruelty-free practices are taking up veganism due to its ethical nature and as an effort to pave the way for a better environment. Veganism is also perceived to be healthy, and its adopters prefer to consume plant protein-based foods as substitutes for animal protein-based foods.
"Vegan diet followers and healthy diet adopters are two of the major target consumers of soy-based food and beverages, which will fuel the growth of the global soy food market during the forecast periodsays Akash.
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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