LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global soy desserts market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Arushi Thakur, an industry expert at Technavio, specializing in research on food sector, says, “The global soy desserts market will see steady growth during the forecast period because of the rise in demand for soy food products and increasing knowledge about the benefits of soy food products among consumers. A decline in demand for dairy beverages has also increased the demand for soy-based milk products.”
The top four emerging trends driving the global soy desserts market according to Technavio food and beverage research analysts are:
- Growing popularity of soy milk
- Rise in guilt-free indulgence through soy desserts
- Growing number of vegan population
- Growing acceptance among lactose-intolerant people
Growing popularity of soy milk
Soy desserts are products of soy milk. Soy is high in proteins, fibers, minerals, and essential fatty acids. Soy milk is derived by finely grinding, boiling, and soaking soybeans in water. It contains only vegetable proteins and helps in reducing cholesterol. It is rich in isoflavones and does not contain hormones or lactose. The key health benefits associated with soy milk are it enhances the lipid profile, promotes weight loss as soy milk has low sugar content, reduces the risk of prostate cancer, and aids in preventing osteoporosis.
Consumers are now increasingly opting for soy milk and its products such as soy desserts, soy pies, and soy ice creams owing to its functional properties such as no fat, no cholesterol, and rich in proteins. Soy milk when fortified with vitamin D and calcium is more nutritious, in comparison to cow's milk.
Rise in guilt-free indulgence through soy desserts
High demand for soy desserts is the result of indulgent consumption. The demand for on-the-go snacks is also contributing to the demand for desserts. Chocolate-based soy desserts such as Belsoy Dessert Dark Choco are 100% plant-based, lactose-free, and free from natural colors and preservatives. Hence, soy products with such benefits are high on the rise.
Premium varieties in unique flavors are also much in demand and drive the soy desserts market. This is further supported by innovation in packaging, enabling easier on-the-go consumption.
Growing number of vegan population
The vegan diet strongly favors animal rights. People are adopting vegan diets as a result of ethical concerns towards animals and for a better environment. Nowadays, veganism has become a style of living and philosophy. Vegan diet does not include anything of animal origin whether it is food, cloth, or materials for other purposes.
People perceive a vegan diet to be healthier than a meat-based diet and prefer consuming dairy alternatives such as soy milk, almond milk, and rice milk and their products. Vegan diet followers and healthy diet adopters are one of the major target consumers for soy desserts. According to PETA, about 2.5% of the US population followed a vegan diet in 2015. It is also estimated that nearly 12% of the UK population and 10% of the population in Sweden follow a vegan diet.
Growing acceptance among lactose-intolerant people
Lactose intolerance is a condition where the body is unable to digest lactose, a type of sugar found in milk and dairy products, because the small intestine does not make enough lactase, the enzyme that digests lactose. Many consumers are moving to lactose-free products due to perceived health benefits as consumers feel consumption of dairy milk and its products upsets their digestive system and causes bloating. “The huge demand for lactose-free soy desserts has led many manufacturers to make modifications of processing techniques and dosages and focus on dairy-free product formulations. In the UK, sales of lactose-free milk surged 55% to reach 17 million liters between 2011 and 2013,” says Arushi.
The phenomenal growth of soy desserts is mainly attributed to growing demand from lactose-intolerant people. This is because soy milk contains less amount of carbohydrate, cholesterol, and fats in comparison to dairy milk. It has been observed that lactose intolerances are seen in approximately 90% of the adults in the East Asian population. Around 33% of the world population is lactose intolerant.
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