'Better off' wealth group in India makes up largest value share of nation's soy market at 43%, followed by kids and babies at 29%, according to new report

Nevin Barich

LONDON , January 23, 2014 (press release) – Reportbuyer.com just published a new market research report:

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

Product Synopsis

This report provides the results for the Soy Products market in India 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. 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 India undergoes rapid development and population dynamics start to take effect, being able to capitalize early on the new emerging consumer behaviors will be fundamental to future growth. This makes early identification of the consumer groups and trends driving market behavior essential, particularly in relatively new product categories such as Soy products.

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 in India has the largest value share of the market with 43%. Furthermore, this wealth group consumes Soy Products at an above average rate, as they account for 41% of the population. This makes them a key target demographic for marketers as they will also be most likely to purchase premium and value-added products.

Kids & babies have a 29% share of the Soy Products market by value, despite accounting for only 20% of the population. India's large young population will shape the market in years to come and the Soy Products market will grow substantially if these consumers continue their disproportionate consumption as they get older.

Key Highlights

More females consume Soy Desserts than males, though males tend to eat them slightly more often;17% of males record Heavy or Medium consumption frequency compared with only 15% of females. The difference between the two genders is in the number of Light frequency users: 19% of females compared with 14% of males. Marketers should target this large number of female occasional consumers with marketing messages encouraging them to eat Soy Desserts more often.

A significant "attitude-behavior" gap exists between the share of consumers citing that a trend affects their consumption and the actual share of the market value these trends influence.
This is because consumers don't always act on these trends – the result is that overall trend influence is limited, but has the potential to grow. The limited impact of trends suggests that the market is largely functional, based on a core group of consumers who are lactose intolerant.

Soy Milk is the most valuable category in the Soy Products market, with a 76% share of the market. The second-largest category, Soy Drinks, is almost twice the size of the third-largest category, Soy Desserts.

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