Yeast extract market is slated to cross a valuation of USD 1.8 billion by 2024, subject to the fact that the product boasts of a massive application spectrum, such as the animal feed, food & beverages, and pharmaceuticals sectors. Yeast extract is basically a natural ingredient that encompasses high-quality proteins, minerals, carbohydrates, B complex vitamins, amino acids, nucleotides, and lipids and is predominantly used as a food flavoring agent. It finds applications in processed and canned food, frozen meals, dietary supplements, and pharmaceutical and dairy products, primarily due to the fact that it contains essential nutrients that promote the growth of beneficial microorganisms. In addition, the extract enhances the taste and flavor of food products and is extensively used in the food & beverage sector, thereby propelling Yeast Extract Market, slated to grow at a rate of 5.5% over 2016-2024. —
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Yeast extract industry is characterized by novel product developments. For instance, Lallemand, a renowned yeast & bacteria manufacturing and processing firm, recently came up with a unique yeast extract product called Prim Lyfe 175A, which can be used as a viable alternative to meat as it imparts a similar taste, texture, and flavor, and is also the first yeast extract product that contains more than 70% protein content. Many other companies have also been striving to develop innovative products, which is likely to propel yeast extract market.
Yeast extract industry is also characterized by frequent mergers & acquisitions. For instance, Lesaffre, a major participant of global yeast extract market, recently declared that it plans to acquire Sensient‘s Strasbourg yeast extract food business with an aim to improvise on product development, enhance operational productivity, and increase the geographical scope of the business.
Worldwide yeast extract market share is quite consolidated and involves the participation of selected companies such as Bioorigin, Halcyon Proteins, Angle Yeast, Oriental Yeast, Lallemand, Ohly, Lessafre, Synergy Flavours, AB Mauri, Titan Biotech, Biospringer, DSM, Alltech, and Kerry Group. Industry players have also been focusing on developing products that have a rather low carbon dioxide emission rate.
Yeast extract is available in the form of powders and pastes. The paste form is used to enhance the growth of young livestock, by improving their immune system and digestion ability. Paste based yeast extract market is slated to grow prominently over the next few years, subject to the rising awareness among livestock farmers regarding animal nutrition.
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The powder form is feasible to be used for processing dairy products such as regular and vegan cheese and food products such as dips, sauces, and snacks. Rising product usage as a food flavoring agent and increasing demand for milk products tagged with the ‘natural’ tag will propel paste-based yeast extract industry.
Technologically, yeast extract can be bifurcated into hydrolyzed and autolyzed yeast extracts. Autolyzed technology based product is used across food & beverage and animal feed sectors subject to its meaty texture. Many F&B manufacturers have been adding flavor improvisers to increase the taste of their products, which will stimulate autolyzed yeast extract market, slated to grow at a rate of 5% over 2016-2024, with a target size estimation of USD 1.25 billion by 2024.
Yeast is extensively used as a seasoning & dressing ingredient and as a flavor enhancer in numerous food products, especially processed packaged foods such as sauces, soups, savories, and ready-to-eat mixes, subject to which yeast extract industry from food & beverage applications is slated to record a CAGR of 4.5% over 2016-2024. Soups, in particular, will generate a revenue of more than USD 185 million by 2024, propelling yeast extract market from food & beverage applications.
Companies across the globe have been investing heavily in the food & beverages sector to develop high quality food products. Speaking of which, Germany yeast extract industry from food & beverage applications is slated to register a growth rate of 4% over 2016-2024, owing to a favorable regulatory landscape, increasing awareness regarding nutrition, and the high demand for ‘clean labelled’ yeast products.
The product is also used to enhance the immune system of livestock, subject to which they are used in animal feed. Yeast extract market from the animal feed sector is forecast to grow at a rate of 6% over 2016-2024, owing to the product’s increasing utilization in aqua nutrition and other pet products.
China will witness a huge demand for the product in animal feed applications. China yeast extract industry from the animal feed sector is slated to observe a CAGR of 6% over 2016-2024 with a target size projection of USD 20 million by 2024. This growth can be attributed to the growing product usage as an additive to provide essential nutrients such as minerals, vitamins, and protein to help enhance the immune system and improve animal metabolism.
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Of late, technological advancements have resulted in the application of hydrolyzed yeast extract in conditioners, shampoos, skin moisturizers, and other personal care products, subject to which hydrolyzed yeast extract market will observe a steep growth rate over the next few years.
Brewer’s yeast extract is popularly used for alcoholic beverage fermentation, animal feed additives, and dietary supplements. Alternatively, it is also called medicinal yeast and is used for the treatment of the skin, respiratory tract, and diabetes across the pharma sector, pertaining to which brewer’s yeast extract industry will grow at a remarkable rate over 2016-2024. Speaking of which, yeast extract market from pharmaceutical applications is foreseen to grow at a rate of 4% over 2016-2024, owing to the changing consumer preferences toward organic medication and the surging demand for nutritional supplements from the ever-growing elderly population across emerging economies such as China and India.
Baker’s yeast extract finds applications in bakery products and fermented food products in the F&B sector. Baker’s yeast extract industry is anticipated to grow at a CAGR of more than 4.5%, subject to the huge demand for products such as rolls, doughnuts, breadsticks, cakes, and breadsticks.
Name: Arun Hegde
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Organization: Global Market Insights
Release ID: 88912955