Selenium Yeast Market Size & Share 2023 to 2032
Market Size by Application (Functional Food, Animal Feed {Cattle, Poultry, Swine, Equine, Pet}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, & Forecast.
Report ID: GMI4457
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Published Date: February 2023
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Report Format: PDF
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Authors: Kiran Pulidindi, Kunal Ahuja
Selenium Yeast Market Size
Selenium Yeast Market size valued at USD 235 million in 2022 and is anticipated to exhibit a CAGR of 2.5% between 2023 and 2032, given the rising incidence of chronic diseases worldwide.
Selenium Yeast Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Selenium has gained popularity as a key ingredient in foods and beverages since it can boost the activity of white blood cells that fight diseases and infections. The intake of selenium yeast is also associated with cancer prevention, cholesterol reduction, and treatment of conditions such as Hashimoto’s thyroiditis. Based on data from the National Association of Chronic Disease Directors, over two-thirds of deaths in the U.S. are caused by chronic conditions. The growing burden of chronic diseases will thus encourage the adoption of nutrient-rich ingredients, such as selenium yeast extract, in functional foods and beverages.
The adoption of sodium selenite and other inorganic selenium can lead to low utilization rates and environmental pollution. Yeast-derived selenium, with high organic selenium content, bioavailability, and safety has emerged as a critical raw material for feed additives. The escalating consumption of high-protein animal feed and nutrition solutions will therefore proliferate selenium yeast usage. However, the limited availability of raw materials and the toxicity associated with product intake surpassing safe levels may hinder the industry expansion.
Selenium Yeast Market Analysis
The selenium yeast market share from the animal feed application segment is slated to witness more than 2% CAGR through 2032, on account of the mounting import of livestock commodities. According to statistics from the USDA, between 2001 and 2021, total imports of poultry, beef, pork, and other livestock products rose by 117% and are further expected to grow through 2031. These factors, along with the increased intake of poultry products, will propel the use of selenium yeast in feeds for poultry and other animals, to deliver quality meat.
The Asia Pacific selenium yeast market value will reach USD 120 million by 2032, driven by the rapid rise in funding programs to enhance livestock value chains. For instance, in December 2022, the Asian Development Bank announced a USD 62.9 million package to enhance food security and drive economic growth through the improvement of livestock health, value chains and formal livestock trade in Cambodia. Moreover, the growing burden of avian influenza and other livestock diseases will promote the adoption of quality animal feed additives and foster the regional industry trends.
Latin American selenium yeast market share is projected to register a 3% CAGR during the forecast timeline, due to the rise in poultry exports. Based on the USDA, in 2023, chicken meat export in Brazil is set to increase by 6% to reach 5 million metric tons, thus augmenting the requirement for animal feed ingredients including selenium yeast. Likewise, the increasing prevalence of chronic ailments such as cancer will influence the intake of functional foods and beverages with high selenium yeast content across the region.
Selenium Yeast Market Share
Prominent participants operating across the selenium yeast market include
These companies are focusing on mergers and acquisitions, new product launches, and business expansions to strengthen their presence and increase their customer base in the industry.
For instance, in June 2020, Lesaffre acquired a major stake in Biohymn Biotechnology, a China-based producer of yeast and yeast extracts. This acquisition was intended to enable the company to boost its product portfolio and reinforce its footprint in China and the global market.
Impact of the COVID-19 pandemic
During the initial months of the COVID-19 pandemic, the poultry sector witnessed a downturn due to reports of the virus spreading through meat consumption. The implementation of lockdowns and other restrictions also limited the movement of vehicles carrying feed, livestock, and feed ingredients, hindering selenium yeast industry growth. However, the high awareness of the importance of livestock nutrition and the gradual increase in the consumption of meat products will contribute to the recovery of the market.
This selenium yeast market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Application
The above information has been provided for the following regions and countries: