The global Soy Dessert Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global soy dessert market is projected to reach USD 90.2 billion by the end of 2025, according to a new report released by Million Insights. It is anticipated to grow at a CAGR of 7.2% over the forecasted years. The product is gaining popularity because of its nutritional benefits and increasing number of people with high level of lactose intolerance.
Key Players:
- The Hershey Company
- Danone Group
- Archer Daniel Midland Company
- Kerry
- Now Foods
- AFC Soy Foods
- Turtle Mountain
- Gluten Intolerance Group
- Alpro
- Hain Celestial
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Growth Drivers:
Rising concerns for health among people and the inability to digest the lactose carbohydrate commonly called lactose intolerance are the fundamental reasons behind the growth of this market. The product contains less amount of cholesterol and fats when compared to dairy products. Therefore, soy desserts are expected to attain more popularity among fitness freaks.
The lifestyle of people is changing rapidly, and they are more inclined towards consuming healthy food. Nowadays, people focus more on the nutritional content of the product. This is a low-calorie product as compared to dairy products, which helps people to reduce the number of calories they are consuming each day. Therefore, people can add this product to their diet plan and consume it without any guilt. This factor has driven the demand for this product. Moreover, the buying power of the working population is increasing gradually, and they are more inclined towards consuming healthy and nutritional desserts. These factors are expected to accelerate market growth over the forecast period.
Product Outlook:
- Cakes & Pastries
- Ice Cream
- Pudding
Distribution Channel Outlook:
- Hypermarket
- Convenience stores
- Online Retailers
In terms of revenue, the segment of hypermarkets accounted for greater than 65% market share, in 2018. A variety of products are easily available in the hypermarkets. In addition to this, attractive offers, discounts, and influencing advertisements are attracting a high number of consumers to choose this distribution channel over others. Moreover, consumers can taste the product before buying it and they can choose the product very easily by evaluating their tastes and preferences. This has influenced the customers to buy the products using this distribution channel.
The online distribution channel segment is projected to grow at a CAGR of about 9.1% during the approximated period. An increase in the number of online retail stores that provide attractive discounts and the rising number of working populations who prefer using online retail shops for easier accessibility have driven the demand for this segment. Moreover, there has been a rise in the adoption and usage of the internet among the rural population which is one of the most important driving forces anticipated for the growth of this segment.
Regional Outlook:
In 2018, the revenue share held by North America was 28.0% and it is anticipated to grow significantly in the upcoming years. U.S. held the largest share of about 33.0% in the North America region in the year 2018. The regional growth is driven by factors such as high consumption of products like ice creams, puddings, and cakes and the presence of a large number of consumers with a high level of lactose-intolerance.
Asia Pacific is anticipated to grow at the fastest rate with a CAGR of about 8.3% in the approximated period. Soy products originated from China. Further, Asia Pacific has the largest consumer for soy dessert. These are the major factors driving the growth of the market over the forecast period.
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