Soy Food and Beverages - US - March 2011
The soy food and beverages market declined 14% during 2008-10 in FDMx and natural supermarkets combined, reaching an estimated $2.6 billion in 2010. While some of this is due to the recession and consumers cutting back on somewhat premium-priced soy-based items, competition from other healthy foods is also challenging the industry. Additionally, good tasting grain-based milk alternatives are luring consumers away from soy, thus hampering sales.
That said, soy enjoys a healthy image compared with the meat and dairy products that it frequently replaces. Soy’s FDA health claim (soy protein lowers the risk of coronary heart disease) also enhances this image.
Nevertheless, innovative new products and potential growth in new markets will continue to foster sales in the soy market.
In this report, Mintel answers the following questions:
- Which consumer demographics are increasing usage of soy food and beverages, despite the unfavorable economic climate?
- Among the 20 leading soy segments considered in this study: which fared best in terms of sales? Growth? Which are best poised for expansion in the future?
- How does age affect which retail outlet consumers use to purchase soy food and beverages?
- Which companies and brands lead sales in the soy food and beverages market? Why are some companies struggling to compete while others continue to shine?
- What types of marketing claims are being used to attract consumer interest? What are major themes in television advertising, and how are social media outlets shaping brand image?
- How are private label brands changing the market? Which companies lead new product development?
- With soy’s market penetration doubling over the past five years, what differences exist among users by age, gender and household income? How can marketers and product developers meet their specific needs?
- What key differences exist in the way that Hispanics and non-Hispanics use soy food and beverages, and how can marketers and retailers best target them?
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