Soy Desserts Market

Soy Desserts Market Growth and Forecast (2022-2027):

The Global Soy Desserts Market size was estimated at USD 61.5 billion in 2021 and is expected to experience moderate growth to record a CAGR of 7.2% throughout the forecast period 2022 - 2027.

Market Overview:

Soy is an extremely nutritious food product that is widely accepted in all countries, among all types of people worldwide. In the past two years, soy milk has grown in importance among the lactose intolerant population. Due to the lower amount of cholesterol, fats, and carbohydrates in soy dairy products compared to dairy products, it is becoming a popular preference among health-conscious consumers. Soy dessert is made from soy milk, gaining popularity due to its nutritional value. Soy desserts primarily include soy cakes, soy cheesecakes, soy pudding, and soy ice creams that are completely dairy-free and made from soy milk. In recent years, the soy food industry, particularly soy desserts, has experienced significant growth and is expected to continue to grow considerably. Soy desserts are supposed to gain popularity around the world, and the Soy Desserts market is expected to experience substantial growth, fueled by Asia due to the region's population growth. 

In the past few years, the soy food industry, predominantly soy dessert, has experienced substantial growth and is anticipated to further grow expansively. Soy desserts are expected to gain approval worldwide and the market is expected to witness substantial growth, led by Asia owing to the mounting population in the region.

Recent Developments in Soy Desserts Industry:

• For example, in 2017, the Danone Group acquired Whitewave Paris, a manufacturer of plant-based foods. Manufacturers also spend on R&D to gain an advantage over their competitors. Danone sales increased 1.4% in the context of strong demand for yogurts and plant-based foods.
• In October 2018, French Food group Danone planned to triple the size of its plant-based business to 5 billion euros (USD 5.75 billion) by 2025 as it advances in the area of ​​healthy food trends. Danone bought US organic food producer WhiteWave last year as part of a USD 12.5 billion deal to drive growth and align the business with current healthier food trends.
• On July 6, 2016, WhiteWave entered into a merger agreement and plan under which company will be acquired by Danone SA, a leading global food company based in Paris, France. The merger agreement provides that, in accordance with the terms and conditions of the merger agreement, July Merger Sub Inc., a Delaware company and an indirect subsidiary of Danone will merge with WhiteWave, which remains the surviving company.

REPORT COVERAGE:

Drivers and Restraints:

The main driving force behind the growth of the industry is increased health awareness and lactose intolerance. Furthermore, less cholesterol, fat and carbohydrates in the product compared to dairy milk increase demand among health-conscious consumers, which pushes the Soy Desserts market on the positive side.

Additionally, increased awareness of the nutritional benefits of the product is assumed to stimulate the Soy Desserts market during the forecast period. Consumers can reduce their caloric intake relative to that of dairy products, allowing them to enjoy guilt-free consumption due to increased demand for the product. The increase in disposable income, the change in lifestyle and the inclination towards healthy sweet dishes are the main factors in the growth of the Soy Desserts market. Soy also contains phytosterols that aid in preventing cholesterol absorption and therefore reduce the risk of heart failure, increasing its popularity among heart patients. 

Countries such as the United States and the United Kingdom, where consumption of confectionery is high, and consumers are lactose intolerant, are expected to drive aggregate demand for the product during the forecast period. Countries like India, China and Japan contribute approximately 35.0% of the world population. Increased awareness of the health problems and benefits of the product can significantly boost demand for products in these countries. The innovations in the different flavors of the product by the manufacturers are the driving force of the Soy Desserts market.

However, apart from various nutritional facts, the product lacks calcium, which in turn slows down the growth of the Soy Desserts market. To fill the calcium content, manufacturers invigorate with artificial calcium, so the product sometimes loses its other nutritional content. In countries like the United States, the government is strict on the nutritional content of the product so that the above factors may hinder Soy Desserts market growth in these regions during the forecast period. For example, according to a report by Mintel in the United States, the Soy Desserts market decreased by 16% between 2008 and 2010. For sweets that are not consumed regularly, these factors can still be offset by the use of calcium supplements. Additionally, manufacturers add calcium content while producing candy, thereby stimulating the Soy Desserts market during the forecast period.

Soy Desserts Market Segmentation Analysis:

Based on Distribution Channel:                               

• Hypermarkets and Supermarkets 
• Food and Drink Specialists
• Convenience Stores            
• Others   

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Situation of the Soy Desserts Market:

Among all the above regions, North America dominated the Soy Desserts market with a 28.0% share of total revenue and is expected to experience significant growth during the forecast period. The United States accounted for the majority of the 33.0% share of the North American market in 2018. The high level of lactose intolerance and the use of products such as cakes, puddings and ice cream are the main factors that stimulate the regional Soy Desserts market. For example, revenue from the US cake market was $ 3.4 billion in 2018. 

Regions like the Asia Pacific and MEA have fueled demand for ice cream due to a large consumer base. The Asia Pacific is the second largest Soy Desserts market and the fastest-growing region in the industry. It is likely to grow at a compound annual growth rate of 8.3% during the forecast period. The origin of China's product and a large consumer base of more than 34.0% of the world population are the main factors driving the growth of the regional Soy Desserts market during the forecast period. In regions like North America and Europe, the usage of cake is rising to a considerable extent.

Key Players in the Market:

Major Key Players in the Global Soy Desserts Market are

• Hershey Company
• Whitewave Services Inc
• Danone Group
• Dean Foods Co
• So Delicious
• Turtle Mountain