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While soy sales grew by 18 percent from 2001 to 2002, it seems
the trend is slowing: sales grew just 6 percent from 2003 to 2004.
Some say the slowing trend is normal, but others in the soy industry
are growing antsy to come out with “another soy breakthrough
product” to keep the market strong.
New soy products have been introduced at a rate of 13 percent a
year from 2002 to 2004. The market grew after products like soymilk
and soy meat alternatives hit the mainstream, and after soy food
labeling was changed.
Labels have been allowed to advertise soy-based foods as heart
healthy since 1999, after studies showed soy may reduce the risk
of heart disease. Since then, industry groups like the Soyfoods
Association of North America are lobbying the Food and Drug Administration
to allow a claim saying that soy protein can lower the risk of certain
types of cancer (the petition is still under review).
Why the Soy Slowdown?
Some say the low-carb trend, which pushed meat protein, is partly
to blame for the slowing growth trend in soy sales. Further, claims
that soy was a reliable estrogen replacement for postmenopausal
women have been unfounded, which market analysts say may have caused
some women to give up on the products.
Still, products like soymilk and soy energy bars, which appeal
to mainstream markets, continue to sell well. Analysts say the soy
market will be steady for the next few years, but in order to “jump-start
it,” soy manufacturers will need to come up with some innovative
new products to reach out to the “occasional consumers.”
Salem
Statesman Journal March 6, 2005
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