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    Breaking News

    Soyfoods Sales Reached $4.5 Billion in 2013

    U.S. desire for protein has translated into strong growth within the soyfoods category.

    05.29.14
    The U.S.’s desire for protein has translated into strong growth within the soyfoods category, with products such as energy bars, cold cereals and snacks with soy protein gaining popularity. According to sales data from Katahdin Ventures, the U.S. retail soyfoods industry totaled $4.5 billion in 2013, up from $1 billion just 17 years ago.
     
    Significant growth followed the 1999 FDA approval of a health claim linking soy with heart disease reduction. This led consumers to seek out soyfoods for both health and philosophical reasons. Strong demand for soyfoods coincides with survey results that find more than 75% of consumers perceive soy products as healthy, according to the United Soybean Board 2013 Consumer Attitudes About Nutrition report.



    Source: Soyfoods Association of America.
    “We’re seeing certain segments of the soyfoods market really excel as consumers seek out quick, affordable, and easy ways to get more protein — especially complete protein from a plant source that also provides other nutrients such as calcium, potassium and fiber,” said Soyfoods Association of North America executive director Nancy Chapman, RD. “Demand for traditional soyfoods remains steady, but consumers are seeking ideas for nutritious meals and fun new ways to use them more often.”
     
    The report also suggests that consumers are not only becoming more conscious of what they are eating, they are also becoming more adventurous with their palate. This includes trying new ingredients, better-for-you products, plant-based foods, and international cuisine, which should help the soyfoods market steadily grow in future years.
     
    Key takeaways from the 2013 sales data analysis include:
    • Sales were led by the food bar category ($1.6 billion), which experienced rapid growth (17% CAGR since 2011) as did the overall snack bar category. Increased sales of bars with soy protein reflect the current national fascination with protein and meal replacements. Cereals (mostly cold cereals) with soy protein found breakout success in 2013 with a climb of 20.5 percent CAGR between 2011 and 2013 to $201 million, and soy-containing snacks experienced similar growth (24% CAGR since 2011) to $85 million on the back of the same trend.
    • Edamamecontinued its strong growth trend, up 9% to $84 million in 2013, as consumers chose this young soybean as a fun appetizer or snack and added it to salads, stir-fries and hummus.
    • Condimentsclimbed 6% over 2012 to $292 million. The largest segment, soy sauce, is pacing the group with 6.8% growth. Miso has also found its way onto mainstream grocery shelves and restaurant menus in dressings, marinades, glazes and soups.
    • Tofusales continued a mature growth path, up about 1% to $274 million, including foodservice sales.
    • Meat alternatives and other vegetarian entrees and meals, which are the second largest category of total soy sales, decreased slightly by 1% to $776 million after several years of slow growth.
    • As a slew of new non-dairy white beverages came onto the market and advertising dollars shifted to the entrants, sales of soymilk beverages ($638 million) fell, down 8.5% from 2012. New nut, grain and seed beverages grab the interest of consumers, but offer far less nutritional value — soymilk has about 7 grams per 8-ounce serving of the only plant-based complete protein that has been shown to help reduce the risk of heart disease; almond, coconut and rice beverages all average 1 gram of protein. Beverages including soy (excluding soymilk) are a bright spot in this picture, increasing by 12.5% CAGR in the two years since 2011 to a 2013 total of $210.5 million.
    • Among dairy alternatives, soy spreads ($40.8 million) and soy creamer ($32.8 million) edged up slightly. Soy yogurt ($29.6 million) had a uniquely challenging year with the industry leader temporarily shutting down production, but the brand returned to shelves in 2014 with strong sales.
    Based on the Consumer Attitudes About Nutrition survey, 28% of Americans consumed soyfoods or soy beverages once a week or more in 2013 compared to 19% in 2006. Currently, 42% of Americans consume soyfoods at least once a month.
    Related Searches
    • Nutrition
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