Yeast And Yeast Extract Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
Published date -30th Jan 2024
Formats -PDF, CSV
Yeast And Yeast Extract Market Size & CAGR in 2021
The global yeast and yeast extract market is anticipated to grow at a CAGR of 4.5% from 2021 to 2027. The market size is projected to reach USD 15.6 billion by 2027, showcasing significant growth during the forecast period.
COVID-19 Impact on the Yeast And Yeast Extract Market
The COVID-19 pandemic had a mixed impact on the yeast and yeast extract market. The initial lockdowns and restrictions led to disruptions in the supply chain, affecting production and distribution. However, the increased demand for bakery products and nutritional supplements during the pandemic boosted the market growth.
Yeast And Yeast Extract Dynamics
The yeast and yeast extract market is driven by factors such as the growing demand for clean-label ingredients, rising awareness about health and wellness, and the expanding food and beverage industry. Key players are focusing on product innovation and expanding their product portfolios to cater to changing consumer preferences.
Segments and Related Analysis
By Product Type:
- Yeast: Yeast segment held the largest market share in 2021 due to its extensive use in baking and brewing industries.
- Yeast Extract: Yeast extract segment is witnessing growth due to its applications in food seasonings, flavor enhancers, and nutritional supplements.
- Food & Beverages: Food & beverages segment dominated the market in 2021, driven by the increasing adoption of yeast and yeast extract in processed foods and beverages.
- Pharmaceuticals: Pharmaceuticals segment is expected to witness significant growth with the rising use of yeast extract in pharmaceutical formulations.
By Region Analysis
North America held the largest market share in 2021, attributed to the high consumption of bakery products and the presence of key players in the region.
Europe is a significant market for yeast and yeast extract, driven by the growing consumer demand for natural and clean-label food ingredients.
Asia Pacific is witnessing rapid growth in the yeast and yeast extract market due to the expanding food and beverage industry and increasing consumer awareness about health and nutrition.
Key Market Players and Competitive Landscape
Key players in the yeast and yeast extract market include Lallemand Inc., Angel Yeast Co., Ltd., Lesaffre Group, Kerry Group, and Koninklijke DSM N.V. These players are focusing on product innovation, strategic partnerships, and acquisitions to strengthen their market presence.
Recent happenings in the Yeast And Yeast Extract Market
- In 2021, Lallemand Inc. launched a new range of yeast extract products for the food industry, catering to the growing demand for natural flavor enhancers.
- Angel Yeast Co., Ltd. announced a strategic partnership with a leading food manufacturer to supply yeast-based ingredients for their products.
- Lesaffre Group acquired a local yeast extract manufacturer to expand its product portfolio and distribution network in key markets.