LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global miso market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global miso market will grow at a CAGR of close to 6% during the forecast period. The increasing soy production is a major factor driving the market’s growth.
The increasing soy production around the globe is one of the major growth drivers for the global miso market. Soy is the main raw material used in the production process of miso. During the forecast period, the increasing soy production will help in the growth of the global miso market. In countries such as the US, China, and Canada, soy production has increased. In the US, China, and Canada, soy production increased by about 3%,10%, and 22%, respectively, in 2017 as compared to 2016. Thus, the soy production is expected to remain high during the forecast period and help in the growth of the global miso market during the forecast period.
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In this report, Technavio highlights the rising global vegan population as one of the key emerging trends driving the global miso market:
Rising global vegan population
The rising global vegan population is one of the positive trends influencing the growth of the global miso market. The demand for products based on soybeans such as miso and others are expected to increase due to the rising consumption of products from plants; they are believed to be healthy and rich in nutrients among the vegan population. Globally, there has been an increase in the number of vegan consumers. The primary reason for the high adoption of vegan diet among consumers is the health benefits associated with it. Over the last decade, the number of people opting for vegan diets has increased by about 300%. To attract vegan consumers, foodservice outlets are adding various options to their menu. For example, vegetarian cheese, vegetarian burgers, and vegetarian beverages are some of the food offerings available at such outlets.
“In 2016, in countries such as the UK, there were nearly half a million vegan consumers. Several young consumers in the age group of 15-30 years have started a vegan diet, and the number is expected to increase during the forecast period. In the US, several food startups are encouraging the vegan diet. The popularity of vegan diet among consumers is expected to increase due to the rising number of celebrity endorsements for vegan diet,” says a senior analyst at Technavio for research on food.
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Global miso market segmentation
This market research report segments the global miso market into the following products (white miso, yellow miso, and red miso) and key regions (the Americas, APAC, and EMEA).
The white miso segment held the largest market share in 2017, accounting for nearly 56% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is red miso, which will account for nearly 17% of the total market share by 2022.
APAC was the leading region for the global miso market in 2017, accounting for a market share of nearly 58%. By 2022, the market share for APAC is expected to decrease whereas, EMEA is expected to witness the highest growth rate.
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