According to the latest report by IMARC Group, titled “Soy Desserts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global soy desserts market size reached US$ 69.8 Billion in 2022. Soy desserts are desserts made from soybeans or soy-based products, such as soy milk, tofu, or soy flour. Soy desserts are a good source of plant-based protein that are typically low in saturated fats, and gluten-free, making them a popular option for people with celiac disease or gluten intolerance. Soy desserts are extremely nutrient-dense with protein, vitamins, and minerals and high fiber content, which can help in enhancing digestive health and reduce the risks of developing several chronic diseases. Soybeans are extensively utilized in a variety of dessert recipes, such as cakes, cookies, puddings, ice creams, pastries, pie, tarts, muffins, and candies, which makes them a popular choice for vegetarians and vegans. These desserts are available in a variety of forms and flavors, providing a wide range of options for people with different taste preferences and are often consumed as a healthier alternative to traditional desserts. Since soybeans are a sustainable source of protein, the usage of soy-based products in desserts helps reduce the harmful environmental impact of dairy industry.
Global Soy Desserts Market Trends:
The global market is majorly driven by the increasing health consciousness among individuals resulting in the growing adoption of a nutritious diet. This can be attributed to the rising awareness regarding the numerous benefits of soybeans as a food ingredient. In line with this, the emerging trend of veganism is resulting in a higher demand for plant-based proteins, which, in turn, is providing an impetus to the market. Moreover, the rising incidences of chronic diseases, such as obesity and diabetes, due to the sedentary lifestyles led by the individuals are impacting the market positively. Besides this, the growing number of lactose-intolerant individuals leading to the augmenting demand for dairy-free dessert options is also acting as a significant growth-inducing factor for the market. The market is further fueled by the easy availability of various soy desserts via online and offline organized retail channels. Apart from this, the introduction of innovative marketing campaigns and celebrity endorsements promoting soy desserts as “guilt free” dessert indulgence for fitness enthusiasts is creating lucrative growth opportunities in the market. Some of the other factors contributing to the market include rapid urbanization, the product premiumization trend, growing number of soy dessert dishes served in restaurants, hotels and food outlets, inflating disposable income levels, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 103.6 Billion by 2028, exhibiting a CAGR of 6.7% during 2023-2028.
- Based on the product, the market has been segmented into cakes and pastries, ice cream, pudding, and others. Among these, cakes and pastries represent the largest market segment.
- On the basis of the distribution channel, the market has been divided into hypermarket, convenience stores, and online retailers. Among these, hypermarket accounts for the dominant market share.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AFC Soy Foods, Alpro (Danone S.A.), and Trader Joe's (T.A.C.T. Holding, Inc.).
|Base Year of the Analysis
||Cakes and Pastries, Ice Cream, Pudding, Others
|Distribution Channel Covered
||Hypermarket, Convenience Stores, Online Retailers
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AFC Soy Foods, Alpro (Danone S.A.), and Trader Joe's (T.A.C.T. Holding, Inc.).
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