Soy food market a land of opportunities - and risks

Related tags Soy foods Marketing

The market for soy foods has shown significant growth in recent
years, and there are plenty of oppportunities for further
developments. But companies should be careful that the products
they launch are what the consumer really wants, claims a new
report.

Marketers keen to enjoy the fruits of the growing demand for soy products risk wasting millions of promotional euros in categories that do not match consumer desires, claims a new report from US market analysts FIND/SVP.

Following the Food and Drug Administration's approval of soy health claims in 1999, large food companies have rushed hundreds of new products to supermarket shelves in an effort to profit from a growing industry estimated to reach $8 billion (€8.1bn) in sales by 2007, more than double its current level.

The report suggests that a shakeout is on the way in the market for soy foods and beverages, and that market-dominating companies are acquiring their way into the industry, but it warns that marketers must carefully consider the market segment before making the leap.

"Companies eager to jump into the soy market run the risk of wasting millions of dollars developing products in overcrowded market segments or by targeting the wrong consumers,"​ said Andrew Garvin, president of FIND/SVP. "This new research brief reveals the true opportunities for marketers in the industry and how they can create marketing efforts to overcome consumers' preconceptions, misconceptions and fears,"​he continued.

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