Meticulous Research® recently published a comprehensive report titled "Yeast Extract Market Size, Share, Forecast, & Trends Analysis," covering the forecast period up to 2031. According to the report, the global yeast extract market is projected to grow to $2.92 billion by 2031, achieving a CAGR of 6.8% from 2024 to 2031. This market growth is driven by factors such as the increasing demand for bakery products, the rise in vegan and vegetarian populations, higher consumption of alcoholic beverages, and a trend toward reducing salt intake in food. However, the market faces challenges due to the high availability of substitute products and fluctuations in raw material prices, which may limit growth.
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Opportunities for Market Players:
The yeast extract market presents significant opportunities for industry players. Increasing consumer demand for natural ingredients and plant-based alternatives provides substantial growth prospects, especially as the market shifts toward cleaner labels and healthier food products. Despite the potential, stakeholders face challenges, including high production setup costs and stringent regulatory requirements that create barriers for new entrants.
Shift Toward Clean-Label and Health-Conscious Products:
Another important trend driving the yeast extract market is the shift toward clean-label products and health-conscious consumer preferences. This focus on transparency in food production and health benefits has shaped market dynamics, influencing the choices of consumers seeking quality and sustainability in food ingredients.
Competitive Landscape:
The global yeast extract market is moderately competitive, with both large and small players. Key market participants include prominent names such as Lesaffre (France), Kerry Group plc (Ireland), AngelYeast Co., Ltd. (China), and many others. These companies are leveraging innovation and strategic partnerships to maintain their market share and meet the rising demand for yeast extract in multiple sectors.
Market Segmentation by Type and Yeast Source:
The yeast extract market is segmented by type into autolyzed and hydrolyzed yeast extracts. Autolyzed yeast extract, which involves the self-digestion of yeast cells through autolysis, is expected to capture the larger market share in 2024, accounting for over 62% of the market. This variant is widely preferred due to its enhanced savory flavor profile, simplicity of production, and effectiveness in delivering consistent quality. By yeast source, the market includes baker's, brewer's, and torula yeast, with baker's yeast projected to hold the largest share due to its high protein content and wide availability.
Form and Application-Based Market Distribution:
In terms of form, the powder segment is anticipated to lead, driven by its ease of use, handling, and storage compared to other forms. The powder form is extensively used in making sauces and snacks, contributing to its popularity among manufacturers. Regarding applications, the food and beverages sector leads, with a projected share of over 36.7% in 2024. The demand within this segment is driven by the popularity of processed foods and clean-label, plant-based products.
Regional Insights:
Geographically, Europe is expected to dominate the yeast extract market, holding a 29.8% share in 2024, with North America and Asia-Pacific following closely. The demand for processed foods, rising vegetarian demographics, and growing interest in natural and plant-based ingredients drive Europe’s market growth, while similar trends contribute to North American and Asia-Pacific expansion.
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