Soy Desserts Market

Global Soy Desserts Market Size (2024 to 2029)

The Global Soy Desserts Market size is estimated to reach USD 81.08 billion by 2029 from USD 61.5 billion in 2024, growing at a CAGR of 7.2% from 2024 to 2029.

MARKET OVERVIEW

Soy is an extremely nutritious food product that is widely accepted in all countries, among all types of people worldwide. In the past two years, soy milk has grown in importance among the lactose intolerant population. Due to the lower amount of cholesterol, fats, and carbohydrates in soy dairy products compared to dairy products, it is becoming a popular preference among health-conscious consumers. Soy dessert is made from soy milk, gaining popularity due to its nutritional value. Soy desserts primarily include soy cakes, soy cheesecakes, soy pudding, and soy ice creams that are completely dairy-free and made from soy milk. In recent years, the soy food industry, particularly soy desserts, has experienced significant growth and is expected to continue to grow considerably. Soy desserts are supposed to gain popularity around the world, and the Soy Desserts market is expected to experience substantial growth, fueled by Asia due to the region's population growth. 

In the past few years, the soy food industry, predominantly soy dessert, has experienced substantial growth and is anticipated to further grow expansively. Soy desserts are expected to gain approval worldwide and the market is expected to witness substantial growth, led by Asia owing to the mounting population in the region.

MARKET DRIVERS AND RESTRAINTS

The main driving force behind the growth of the industry is increased health awareness and lactose intolerance. Furthermore, less cholesterol, fat, and carbohydrates in the product compared to dairy milk increases demand among health-conscious consumers, which pushes the Soy Desserts market on the positive side.

Additionally, increased awareness of the nutritional benefits of the product is assumed to stimulate the Soy Desserts market during the forecast period. Consumers can reduce their caloric intake relative to that of dairy products, allowing them to enjoy guilt-free consumption due to increased demand for the product. The increase in disposable income, the change in lifestyle and the inclination towards healthy sweet dishes are the main factors in the growth of the Soy Desserts market. Soy also contains phytosterols that aid in preventing cholesterol absorption and therefore reduce the risk of heart failure, increasing its popularity among heart patients. 

Countries such as the United States and the United Kingdom, where consumption of confectionery is high, and consumers are lactose intolerant, are expected to drive aggregate demand for the product during the forecast period. Countries like India, China and Japan contribute approximately 35.0% of the world population. Increased awareness of the health problems and benefits of the product can significantly boost demand for products in these countries. The innovations in the different flavors of the product by the manufacturers are the driving force of the Soy Desserts market.

However, apart from various nutritional facts, the product lacks calcium, which in turn slows down the growth of the Soy Desserts market. To fill the calcium content, manufacturers invigorate with artificial calcium, so the product sometimes loses its other nutritional content. In countries like the United States, the government is strict on the nutritional content of the product so that the above factors may hinder Soy Desserts market growth in these regions during the forecast period. For example, according to a report by Mintel in the United States, the Soy Desserts market decreased by 16% between 2008 and 2010. For sweets that are not consumed regularly, these factors can still be offset by the use of calcium supplements. Additionally, manufacturers add calcium content while producing candy, thereby stimulating the Soy Desserts market during the forecast period.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL SOY DESSERTS MARKET INCLUDED IN THIS REPORT

This research report on the global soy desserts market has been segmented and sub-segmented based on distribution channel, and region

Global Soy Desserts Market By Distribution Channel             

• Hypermarkets and Supermarkets 
• Food and Drink Specialists
• Convenience Stores            
• Others   

REGIONAL ANALYSIS

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa

Among all the above regions, North America dominated the Soy Desserts market with a 28.0% share of total revenue and is expected to experience significant growth during the forecast period.

The United States accounted for the majority of the 33.0% share of the North American market in 2023. The high level of lactose intolerance and the use of products such as cakes, puddings and ice cream are the main factors that stimulate the regional Soy Desserts market. For example, revenue from the US cake market was $ 3.4 billion in 2023. 

Regions like the Asia Pacific and MEA have fueled demand for ice cream due to a large consumer base.

The Asia Pacific is the second-largest Soy Desserts market and the fastest-growing region in the industry. It is likely to grow at a compound annual growth rate of 8.3% during the forecast period. The origin of China's product and a large consumer base of more than 34.0% of the world population are the main factors driving the growth of the regional Soy Desserts market during the forecast period. In regions like North America and Europe, the usage of cake is rising to a considerable extent.

KEY PLAYERS IN THE GLOBAL SOY DESSERTS MARKET

Major Key Players in the Global Soy Desserts Market areHershey Company, Whitewave Services Inc, Danone Group, Dean Foods Co, So Delicious, Turtle Mountain, and others.

RECENT DEVELOPMENTS IN THE MARKET

• For example, in 2017, the Danone Group acquired Whitewave Paris, a manufacturer of plant-based foods. Manufacturers also spend on R&D to gain an advantage over their competitors. Danone sales increased 1.4% in the context of strong demand for yogurts and plant-based foods.
• In October 2018, French Food group Danone planned to triple the size of its plant-based business to 5 billion euros (USD 5.75 billion) by 2025 as it advances in the area of ​​healthy food trends. Danone bought US organic food producer WhiteWave last year as part of a USD 12.5 billion deal to drive growth and align the business with current healthier food trends.
• On July 6, 2016, WhiteWave entered into a merger agreement and plan under which company will be acquired by Danone SA, a leading global food company based in Paris, France. The merger agreement provides that, in accordance with the terms and conditions of the merger agreement, July Merger Sub Inc., a Delaware company and an indirect subsidiary of Danone will merge with WhiteWave, which remains the surviving company.