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.
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.
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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.
Million Insights has segmented the global soy dessert market based on product type, distribution channel and region:
Soy Dessert Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Cakes & Pastries
• Ice Cream
Soy Product Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Convenience stores
• Online Retailers
Soy Dessert Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa