Consumption Patterns of Soy Products

Abstract

Soybean products are increasing in popularity and the uses for these goods increase as well. Many consumers are consuming soybean products as a means of better health. Scientific studies show that by consuming soybean products the individual can acquire better health, prevent certain types of cancer prevention, and reduce bone loss. The demand for soybeans is on the rise and as the supply increases the cost increases as well. Many consumers have become wary of rising prices for soy products and are attempting to find alternative substitutions with no avail; substitution alternatives for soy products are limited. Finding a suitable alternative is rather impossible. Consumers must be willing to pay more for soy products or forego consuming them. Soy products are slowly becoming important goods in every aspect of life. As consumers increase their demand for their supply, more manufacturers are adding their products to the ever-growing list of soy products available in today's market.

Consumption Patterns of Soy Products

Soybeans are a growing in popularity and availability across the world. Over the last 10 years, soybeans and soybean products have become more prevalent in American homes. There are many uses of soy products, ranging from consumables and lubricants, to textiles and wood sealers. In the article entitled 'Soy-based Food and Drink', the consumables aspect of soy products is discussed with a comparison between consumer preferences and individual tastes. With the popularity of soybeans many Americans have realized the health benefits of consuming more soy-based products, evidence shows that many individuals consume soy product as a means of cancer prevention and bone loss, and many others focus on them as a means to keep their low-carb diets balances. Not all consumer agree that soy offers health benefits and several consumers have indicated that soy products have an taste. Nonetheless, the consumption rate of soy products is on a stead raise.

Demand for Soy Products

Americans are not the only consumer who demand soy products; China has the largest market for demand followed closely by the growing market in America. "The healthy eating trend, combined with educational and marketing ... will continue to favorably impact the soy foods market" (Heyl-Rushmer, 2009, p. 1). As the demand for soy products increases, new manufacturers enter the market pushing the cost of soy products up. A majority of new soy products for consumption entered the market less than 10 years ago. As the availability of soy products become abundant, the price variance between name brand products and non-name brand products widens. Consumers are demanding more soy products at any price permitting for a higher equilibrium price than in previous years. As the cost of soy products increase on name brand products, consumers are seeking out substitutes as they purchase these products the demand curve moves to the right as more individuals purchase substitute products and increases the equilibrium price.

Supply of Soy Products

As new manufacturers of soybean products enter the market and increase the supply of these products to the public, the cost of products raise accordingly. The majority of individuals who consume soy products chose their soy products for two reasons, supply availability, and price. It is estimated