April 22, 2008
Soy foods have staying power according to a new report, “Soy Foods and Beverages in the U.S.,” from Packaged Facts, Rockville, MD. The soy food and beverage market topped $2 billion in 2007, up 7% from 2006, due largely to snack bar and soymilk products. Sales of soy foods and beverages grew 29% between 2003 and 2005, and Packaged Facts forecasts that the market will continue to increase at a healthy pace through 2012, rounding out at $3 billion.
Having been used in products for decades, soy continues to have longevity in the market. Its health benefits and versatility as an ingredient have allowed it to cross over into mainstream markets beyond the traditional natural food store. Also, the cost advantage of soy versus competing ingredients has contributed to soy’s increased use in foods and beverages.
“Consumer awareness of soy as a healthy food has dramatically increased during the past decade, and companies like Solae and Silk have done a great job at educating consumers about the lowered risk of heart disease and possible cancers through high-in-protein soy products,” notes Tatjana Meerman, publisher, Packaged Facts. “The growth potential in this market has enticed manufacturers to extend products globally; for example, Mexico is a focal point for Solae where it has identified an opportunity to replace larger quantities of dairy ingredients with soy.”
The report examines the U.S. market for soy foods and beverages sold to consumers at retail, through outlets including supermarkets, natural food stores and mass-merchandiser supercenters. It provides extensive retail sales breakouts along with an examination of market drivers, the competitive situation, marketing and consumer trends, the mainstreaming of soy products, and soy marketers’ increased usage of environmental appeals in product marketing.
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