Growth in the soy food market is being attributed to a number of factors related to the benefits of soy products, along with the introduction of new products.
New research from a study conducted by Technavio has revealed that the U.S. soy food market is expected to experience significant growth in the coming years. Data from the study projects that the U.S. market will reach nearly $16.75 billion in revenue by 2019.
This research report titled Soy Food Market in the U.S. 2015-2019, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including whole soy food, soy additive and soy oil.
“Over the years, there has been a high demand for soy-based products among consumers in the U.S. due to its health related functional benefits. The market is witnessing increasing demand for plant-based soymilk in particular. Silk’s soymilk is another variant that is also quite popular in the U.S.,” said Vijay Sarathi, one of Technavio’s lead analysts for food research.
“Manufacturers are launching several soy ingredient-based products for expanding their customer base. Soy protein milkshakes and soymilk are therefore being considered as excellent alternatives to animal protein products. For instance, Hein Celestial has its SOY DREAM non-dairy frozen pints, quarts and novelties that are low fat, lactose-free and cholesterol-free,” added Vijay.
Segmentation by product type:
- Whole soy food
- Soy additive
- Soy oil
Largest market: Whole soy food market in the U.S.
The whole soy food market in the U.S. was valued at $4.61 billion in 2014. Whole soy food is one of the largest segments of the overall soy food market in the U.S. and has become popular due to its nutritional benefits. Rising sales are also due to the introduction of new soy food categories aimed at new consumer segments. The whole soy food market comprises soy sauce, natto, tempeh, miso, soy cheese, soy yogurt, soynut butter, tuba, soy mayonnaise and others. It also includes soy flour, soy fiber, soy grits, soymilk and soy nuts.
In 2014, the energy bars segment accounted for a market share of 35.3% in the overall of whole soy food market in the U.S. The soy beverages segment accounted for 14.3% and the tofu segment accounted for 5.8%.
Second largest market: Soy additive market in the U.S.
The soy additive market in the U.S. was valued at close to $2.79 billion in 2014. The U.S. soy additive or soy protein ingredients market is the largest market globally. The soy protein ingredients market in the U.S. accounted for the majority of the market share of the overall plant protein market during the same period.
Manufacturers are continuously innovating to meet changing consumer needs. For instance, they are using soy protein isolates in soy beverages such as protein drinks and yogurt smoothies. To capitalize on the market, DuPont’s SUPRO XT isolated soy protein ingredient is specifically tailored to function optimally in dry blended beverages, ready-to-drink (RTD) products and neutral or acidic beverages. Similarly, many new product launches in the pipeline are anticipated to drive the market during the forecast period.
Soy oil market in the U.S.
The soy oil market in the U.S. was valued at close to $7.32 billion in 2014. In 2014, the soy oil market contributed the highest in terms of the overall soy food category in the U.S. with a market share of around 49.72%. This rising demand is attributed to the increased use of soybean oil as a replacement of vegetable oil for cooking. The added advantage is that soybean oil is almost odorless, and does not interfere with the taste of the food.