The global Soy Dessert Market is projected to reach USD 90.2 billion by the end of 2025, according to a new report released by Million Insights. It is anticipated to grow at a CAGR of 7.2% over the forecasted years. The product is gaining popularity because of its nutritional benefits and increasing number of people with high level of lactose intolerance.
This product helps to cut
out the calorie intake as it has low calorie content when compared to the dairy
products. It also has less cholesterol, fats, and carbohydrate than dairy
products, which is the main reason behind its popularity among the fitness
freaks. People can include this product in their diet plan because of its high
protein content. It also helps people to reduce their weight. These are some of
the factors expected to proliferate soy desserts market growth during the
forecast period.
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In terms of revenue, the
segment of hypermarkets accounted for greater than 65% market share, in 2018.
Presence of variety of products, attractive offers, discounts, and influencing
advertisements, existence of dominant players such as Walmart, and tangibility
factors are attracting a high number of consumers to choose this distribution
channel over others. The online distribution channel segment is projected to
grow at a CAGR of about 9.1% during the forecast period. An increase in the
number of online retail stores that provide attractive discounts and the rising
number of working populations who prefer using online retail shops for easier
accessibility are expected to drive the demand for this segment.
The segment of cakes &
pastries ruled the market with a share of greater than 65% in the year 2018. It
has been observed that the consumption of cake in regions like Europe and North
America is rapidly increasing. Moreover, there has been a rise in the number of
people with high level lactose intolerance. These factors are proliferating the
market growth. The ice cream segment is estimated to be the fastest growing
segment, with a CAGR of about 8.0% through 2018 to 2025. The demand for ice
creams is high from the regions such as MEA and the Asia Pacific. Manufacturers
are focusing more on introducing different varieties of flavors, which attract
consumers. These products are super affordable and are easily available, thus
to driving the demand for soy dessert.
In 2018, North America
ruled the market by holding majority of the share with around 28.0% and is
anticipated to grow significantly in the upcoming years. The regional growth is
driven by factors such as high consumption of products like ice creams,
puddings, and cakes and the presence of a large number of consumers with a high
level of lactose-intolerance. Asia Pacific region is anticipated to grow at the
fastest rate with CAGR of about 8.3% in the approximated period. Soy products
originated from China, and the Asia Pacific region is known for a large
consumer base. These are the major factors driving the growth of the soy
dessert market over the forecast period, 2019 to 2025.
Further key findings from
the report suggest:
• The ice cream segment is
estimated to grow at a CAGR of about 8.0% from 2018-2025
• In 2018, the hypermarket
segment accounted for more than 65% market share.
• Asia Pacific is anticipated
to grow at the fastest rate with CAGR of about 8.3% over the forecast period.
Top Key players profiled the
Soy Dessert market report include: AFC soy foods,
The Hershey Company, Archer Daniels Midland Company, Hain Celestia, Kerry, Now
Foods, Alpro, Gluten Intolerance Group, and Turtle Mountain.
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