U.S. soy food market forecast to reach $16-plus billion by 2019

According to a new research study released by Technavio, London, the U.S. soy food market is expected to reach close to $16.75 billion in revenue by 2019.

“Over the years, there has been a high demand for soy-based products among consumers in the U.S. due to [their] health-related functional benefits," said Vijay Sarathi, one of Technavio’s lead analysts for food research. "The market is witnessing increasing demand for plant-based soymilk in particular. Silk’s soymilk is another variant that is also quite popular in the U.S.

“Manufacturers are launching several soy ingredient-based products for expanding their customer base," Sarathi added. "Soy protein milkshakes and soymilk are, therefore, being considered as excellent alternatives to animal protein products."

The U.S. whole soy food market was valued at $4.6 billion in 2014, according to the report, titled "Soy Food Market in the US 2015-2019." Whole soy food is one of the largest segments of the overall soy food market in the United States and has become popular due to its nutritional benefits. Rising sales are also due to the introduction of new soy food categories aimed at new consumer segments. The whole soy food market comprises soy sauce, natto, tempeh, miso, soy cheese, soy yogurt, soynut butter, tuba, soy mayonnaise and others. It also includes soy flour, soy fiber, soy grits, soymilk and soy nuts.

In 2014, the energy bar segment accounted for a market share of 35.3 percent in the overall U.S. whole soy food market Technavio noted. The soy beverage segment accounted for 14.3 percent, and the tofu segment accounted for 5.8 percent.

The soy additive market is the second largest soy food-related market in the United States, Technavio said. It was valued at close to $2.8 billion in 2014. Manufacturers are continuously innovating to meet changing consumer needs. For instance, they are using soy protein isolates in soy beverages such as protein drinks and yogurt smoothies. And to capitalize on the market, DuPont’s SUPRO XT isolated soy protein ingredient is specifically tailored to function optimally in dry blended beverages, ready-to-drink products and neutral or acidic beverages. Similarly, many new product launches in the pipeline are anticipated to drive the market during the forecast period, the company noted.

For more information, visit www.technavio.com.