Soy Market Set To Continue Growing

Soy Market Set To Continue Growing

CHICAGO--The soy food and drink market experienceda 12-percent increase in size during 2002 and is now worth $1.6 billion,according to The Soy-Based Food and Drink Market, a report from MINTELConsumer Intelligence. MINTEL forecasts that the market will double in sizeduring the next five years to be worth $3.3 billion in 2007. MINTEL citedseveral forces behind the soy market's growth: 1) interest among youngerconsumers; 2) continued good news about soy's health benefits; and 3) theincreasing number of issues with popular drug therapies that compete with soy.MINTEL also noted an increased investment in the market by major food companies,and predicted an increase in marketing, advertising and promotion dollars forleading brands. Continued improvements in product forms, soy product taste anddistribution will also influence soy's future, according to MINTEL (www.gnpd.com).The most popular reason consumers named for eating soy products was that theproducts are good for them, with more than 80 percent of soy consumers reportingan awareness of soy's beneficial health effects.