Soy foods surging at a 6.4% CAGR in Asia Pacific

The Global Industry Analysts (GIA) report identified Asia Pacific as the region representing the largest and fastest growing soy foods market globally.

The report, Soy Foods: A Global Strategic Business Report, detailed that the region has experienced a CAGR of 6.4% and forecasted that global sales of soy foods will hit US$49.4bn by 2017, a growth primarily driven by consumer desires for nutritious, wholesome and healthy diets.

The largest and most prominent growth in Asia Pacific is seen in ‘whole soy foods’ which includes soy milk, soy beverages, meat alternatives, tofu, miso and cereals, CIA said.

“Asia also emerges as the leading soy milk consumer worldwide, with a per capita consumption of about 16.4 litres annually,” ​CIA added.

There is also increasing demand for soy proteins, CIA said, particularly in China and Southeast Asia.

This is “principally due to a gradual shift in people’s lift styles and dietary habits,”​ CIA noted.

A mainstream, healthy dietary alternative​

Worldwide the soy foods market is “driven by increasing awareness among consumers about the health benefits offered, including heart and bone health, as well as protection from cancer,”​ CIA said.

“Soy foods have now emerged as a healthier and convenient dietary alternative to the existing products,” ​the analysts said.

The report noted that in Asian markets, “soy foods have found a place in the mainstream market and are provided as packaged foods in several varieties.”​

“Over the years, soy foods have moved away from retailing at small natural food stores to mainstream food outlets, buoyed by improvement in taste and product innovations,”​ CIA said.

This shift has been created by market liberalization and improved supply networks in these countries, it said.

Innovative sector​

The global market for soy foods has expanded considerably and this has been driven by new product development (NPD) within the sector, according to the report.

“With advanced technology, development of tasty soy products has become easier,”​ the analysts added.