The global market for soy foods is forecast to reach $42.3 billion by the year 2015, according to a new report from Global Industry Analysts Inc.

Increasing health consciousness, growing demand for nutritious diets and rising consumer awareness about the health benefits of soy foods are the key factors fueling growth in the global soy foods market. Other market drivers include an aging population, growing popularity of organic soy foods and introduction of innovative new products.

The global soy foods market continues to be driven by increasing awareness among consumers about the health benefits offered, including heart health, bone health and protection from cancer. In addition to its high protein and fiber content, soy foods provide low concentration of saturated fat, without cholesterol.

Soy foods have now emerged as a healthier and convenient dietary alternative in developed nations. Even in developing markets, soy foods have found a place in the mainstream market and are provided as packaged foods in several varieties. The shift of soy foods from small-sized natural food outlets to mainstream markets in developing countries could be attributed to market liberalization and improved supply network. The market for soy-based products expanded considerably with innovative and continuous launch of various soy products. Formerly, soy products found in retail stores were limited to tofu, bitter-tasting soymilk and poorly textured meat analogues. With advanced technology, development of tasty soy products has become easier. Several types of tasty soy beverages and snacks continue to hit the market every year.

Global demand for soy foods witnessed a significant increase over the past years. Although the market witnessed a 6% growth from 2006-2007, the market for soy supplements was adversely impacted by the anti-soy allegations that surfaced during that time. However, subsequent research and investigations rendered the allegations vague on grounds of incorrect research methodology used to come to such inferences. The soy foods industry, thereafter, recovered from the controversies and has since been marching forward.

Asia-Pacific represents the largest regional market for soy foods worldwide. The U.S. trails behind Asia-Pacific, followed by the European market. Future market growth is expected to be driven by developing regional markets such as Asia-Pacific and Latin America. The Latin American market for soy foods alone is projected to register a compounded annual growth rate of more than 4% during the analysis period. Segment wise, whole soy foods represents the largest product segment. The market for soy ingredients is projected to record a compounded annual growth rate of 3.4% during the analysis period.

Increase in aged population represents a major driver for improving soy food sales. Aging population also influence the commercial viability of soy products and depicts increased concern for major disorders such as heart diseases, primarily common between 35 and 54 years of age. In addition, soy proteins are alternatively used as meat substitute that encourages aged consumers to consume soy products. Several supplement companies formulate soy-based products to meet the special nutritional requirements of women. The latest trend is to combine other herbal or vitamin, mineral and supplement (VMS) ingredients with soy or hormonal stage-specific conditions. Companies are increasingly turning toward soy products addressing women health. Several soy supplement manufacturers introduced unique formulations, including breakfast cereals and bars marketed as rich sources of soy protein.