LONDON –Technavio’s latest report on the global soy milk and cream market provides an analysis of 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.
“Furthermore, people perceive a vegan diet to be healthy 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 of soy milk and cream”
Arushi Thakur, an industry expert for food research at Technavio, says, “Despite the challenge from other plant-based dairy alternatives, the outlook for the global soy milk and cream market is positive due to the increasing consumption from countries in APAC. The market is growing at a CAGR of around 15%, due to new product launches in India, Malaysia, and Indonesia. The players in the market are also targeting key consumer segments and are launching products especially for them.”
The top four emerging trends driving the global soy milk and cream market according to Technavio food and beverage research analysts are:
- Increasing soy production
- Growing vegan population
- Packaging innovations
- Rising guilt-free indulgence in soy desserts
Increasing soy production
An interesting trend emerging in the market is the increase in soy production around the globe. In 2015, the total global soy production was about 313.3 million tons. The production is estimated to reach about 323.7 million tons in 2016, an increase of about 3.33% compared to 2015. The US was the largest producer of soy in 2015, with a production of about 106.9 million tons.
Growing vegan population
The vegan diet strongly favors animal rights, and vegan consumers do not consume and use any animal product such as eggs, dairy products, honey, leather, fur, silk, wool, cosmetics, and soaps derived from animal products. This can positively affect the market as vegan consumers would be on the lookout for more plant-based milk and cream alternatives. People are adopting vegan diets as a result of ethical concerns towards animals and for a better environment. According to People for the Ethical Treatment of Animals (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.
Nowadays, veganism has become a style of living and philosophy. “Furthermore, people perceive a vegan diet to be healthy 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 of soy milk and cream,” says Arushi.
Good packaging increases the shelf life of products and also serves as a platform for marketing of the products. Attractive packaging will increase the visibility of the product by attracting the attention of consumers. Tetra Pack has rolled out a new packaging format under the name Tetra Evero. The packaging is designed with a unique D-Shape, and the producers can take advantage of its 360⁰ printing surface for advertisements. It is useful for storing liquid products including soy milk and others.
Rising guilt-free indulgence in soy desserts
Soy desserts are byproducts of soy milk. A higher demand for soy desserts is a result of increased indulgence and luxurious consumption. The demand for on-the-go snacks is also contributing to the demand for desserts. There is a significant increase in the sales of chocolate-based soy desserts such as Belsoy Dessert Dark Choco because they are 100% plant-based, naturally lactose-free, and free from natural colors and preservatives.
Consumption of these products is usually unaffected by the prevailing economic conditions. Premium varieties in unique flavors are also much in demand and drive the soy desserts market. Therefore, growing sales of soy desserts will augment the soy milk market during the forecast period.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.