The UK Soy Products Market: What Consumers Eat and Why?

The UK Soy Products Market: What Consumers Eat and Why?

Published: October 2013
Publisher: Canadean Ltd
Product ref: 184445
Pages: 49
Format: PDF
Delivery: By product vendor

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Product Synopsis
This report provides the results for the Soy Products market in UK from Canadean’s unique, highly detailed study of consumers’ Consumer Packaged Goods (CPG) consumption habits, and forms part of an overall series covering all CPG product markets. Its coverage includes, but is not limited to, consumption behaviors, the extent to which consumer trends influence their consumption, the value of the market these trends influence, and brand and private label choices as well as retailer choices. Much of this information can also be analyzed by specific consumer groups, providing hard and fast data on consumers and markets at the product category level.

Introduction and Landscape
Why was the report written?
Marketers in the Soy Products market face a major challenge. Understanding market size and segmentation is valuable, but the key to effective targeting is knowing just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends. This data report solves these problems by providing survey-based data on consumer trends and consumer groups, and market data that shows the exact size of consumer groups, how much of the Soy Products market they account for, and which consumer trends drive their behavior.

What is the current market landscape and what is changing?
As consumer confidence increases proportionally to economic recovery, consumer trends will be directly affected. Since the global financial crisis of 2008–2009 the retail market has been characterized by an increase in the amount of discounted and own-brand products. The weak UK economy has forced consumers to evaluate and possibly alter their consumption patterns of many products, including Soy Products. As economic and market recovery continues over 2012, consumption patterns will record a positive trend in both the Medium and Heavy frequency bands and the amount of Non-users should decrease.

What are the key drivers behind recent market changes?
Consumers’ uptake of products and the influence of consumer trends are fundamental causes of change in markets – making knowing what these trends are and the extent of their influence crucial. The survey-based data provided in this report examines over 20 consumer trends that affect the market and examines the share of consumption across 26 consumer groups. This data provides a detailed insight into exactly who the consumer is and just how much impact the latest consumer trends are having.

What makes this report unique and essential to read?
The data provided is unique in the market as it tracks consumer behavior through to its actual value impact on a product market. This provides readers with a unique data analysis of the market, allowing marketing tactics and strategy to be updated in line with the very latest consumer behaviors.

Key Features and Benefits
Consumer data, based upon proprietary surveys and then consumer group tracking and modeling for the following specific categories: Soy Desserts, Soy Drinks, and Soy Milk.

Detailed consumer segmentation covering over 26 consumer groups, 20 consumer trends, and consumption frequency for each product category.

Consumer penetration for brands and private labels, based upon the original survey and then subsequent consumer tracking and modeling.

Key Market Issues
The Better Off wealth group accounts for the largest share of the Soy Products market in the UK, contributing 40% of the total market share, followed by the Moderate Income wealth group. This suggests strong potential for premium products in the market.

Consumers in Urban locations consume slightly more Soy Drinks than those in Rural locations. Urban consumers account for 86% of the market by value despite accounting for only 71% of the population.

Private label penetration is high in the UK Soy Milk and Soy Drinks markets, accounting for 40% of volume distributed. However, private label penetration is only 24%in Soy Desserts, highlighting a product category in which retailers may attempt to grow their market share.

Key Highlights
Consumption segmentation analysis of the Soy Products market by the amount of time people have to spare reveals that Time Rich people account for a larger value share of the Soy Products market than people who are pressed for time. This highlights the importance of the youngest and oldest consumers, who have plenty of free time as a result of short working days, long holidays or retirement.

Although the UK market is fragmented in terms of the number of retailers operating across the country, the top three retailers account for the majority of the Soy Products market by volume in the UK. This indicates that retailers have medium-to-high bargaining power with product manufacturers. Distribution strategies and supply chain decisions need to be centered around these key insights while the market remains fragmented.


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