A recent survey by Prosoy shows that Soy milks, yoghurts and desserts grew by 22 per cent in 2004 and that people have become even more health-conscious and more aware of food intolerance and allergies.
Researchers say that based on the current trend, sales are further expected to grow in the next three years. The study coordinators stated that they have tracked well over 130 new product introductions of Soya-based drinks & desserts, including meat free tofu product launches in 2004 in 8 European countries. The study also reveals that innovations play a very important role in the market growth.
The availability of new Soya-based milk products and meat-free concepts in the chilled sections of supermarkets have had a very positive effect on the consumer demand. More than 100 new products were launched in Europe last year, an increase of 54 per cent when compared to 2003. Many new companies have also entered the marketplace most of them being dairy companies who have also started adding Soya to their dairy drinks and desserts.
Thus researchers say that such development shows that not only existing consumers, but also new consumers are attracted by this healthy food. Hence market entry of newer manufacturers would only contribute to future market growth.