Yeast Extract Market Size By Technology (Autolyzed Yeast, Hydrolyzed Yeast), By Source (Bakers Yeast, Brewers Yeast, Torula Yeast), By Application (Food & Beverages, Animal Feed, Pharmaceuticals), By Form (Powder, Paste) & Forecast, 2023 - 2032
Report ID: GMI201
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Published Date: March 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 22
Tables & Figures: 437
Countries covered: 23
Pages: 344
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Yeast Extract Market
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Yeast Extract Market Size
Yeast Extract Market size surpassed USD 1.6 billion in 2022 and is estimated to expand at 5.5% CAGR between 2023 and 2032. The flourishing food & beverages sector, boosted by the inflating food demand and a noticeable rise in the uptake of processed food items, will foster the market demand. According to the Business Development Bank of Canada, the Canadian food and beverage (F&B) industry is envisioned to register more than 11% growth by the end of 2025.
Yeast extract is primarily utilized as an aromatic ingredient in food & beverage companies and restaurants to design more flavorful food & beverages and enhance the taste of sauces, soups, snacks, seasonings, meat products, prepared meals, and other food products. The rapid growth in the food services sector and growing investment of leading food processing companies in emerging economies such as China and India will offer a lucrative growth opportunity for the market.
Baker’s yeast, saccharomyces cerevisiae, sugar molasses, and nitrogen are the primary raw material used in yeast extract production. However, instability in the prices of these materials is likely to hamper the yeast extract market growth. As a result, manufacturers have to bear high costs to stock molasses for biofuel production, resulting in a lack of supply for yeast extract manufacturing, thus, leading to increased competitiveness. Additionally, the easy availability of low-cost substitute products and savory ingredients such as MSG, hydrolyzed vegetable proteins (HVPs), hydrolyzed animal proteins (HAPs), and nucleotides will limit the demand for yeast extract across the globe.
Yeast Extract Market Analysis
The autolyzed yeast extract segment will reach USD 2 billion by 2032, given the widespread usage of autolyzed yeast as a flavor enhancer in various processed foods, including sauces, soups, and meats. The steady rise in demand for ready-to-eat and frozen food, owing to the adoption of unhealthy lifestyles and hectic schedules, mainly in North America and Asia Pacific. Besides, the increasing utilization as a nutrient for microorganisms and an ingredient for pet food will drive the market revenue.
The yeast extract market share from the baker's yeast segment is poised to witness over 5.5% CAGR through 2032. Baker's yeast is composed of nutrients, such as amino acids, trace elements, peptides, nucleotides, and vitamins, required for microorganism metabolisms and growth. A recognizable rise in bread consumption, mainly in China and India, may drive product demand in bakery applications. Favorable regulatory norms by the FDA regarding the use of baker’s yeast extract in food ingredients will favor the industry growth.
The yeast extract market value from the food & beverages application segment is slated to surpass USD 1.7 billion by 2032. Across the food industry, yeast extract finds widespread utilization as a replacement for monosodium glutamate (MSG) due to its non-toxicity and additional health benefits. The flourishing convenient and processed food market, especially across developed economies due to expanding working population and adoption of a fast-paced lifestyle.
Europe yeast extract market size is predicted to grow at 4.5% CAGR during the forecast timeline, credited to the positive outlook of the dairy industry and the subsequent growth in demand for animal feed across several European economies. Favorable government norms led by the EU Commission regarding the clean labeled status of yeast extracts will further strengthen the industry revenue in this region.
Yeast Extract Market Share
Leading participatory firms in the yeast extract market include :
Companies operating in the market have been focusing on adopting new expansion strategies to gain a competitive edge over their counterparts. For instance, in September 2021, Kohjin Life Science announced the expansion of its production capacity at the Saiki factory. The company increased its fermented product production capacity by 1.5 times its existing capabilities to suffice the increasing demand.
How COVID-19 impacted the demand for yeast extract
The global food & beverages sector faced profound challenges in light of the COVID-19 pandemic, given the temporary shutdown of major manufacturing facilities due to the imposition of stringent lockdown restrictions by several governments worldwide. While several economies registered a noticeable decline in consumer purchasing power, massive disruptions in global value chains resulted in limited uptake of processed food items and bakery products, further impacting the yeast extract market globally. This apart, the uncertainties in the availability of raw materials hampered industry revenue streams during the crisis, thus, resulting in sluggish growth.
The yeast extract 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 Technology
Market, By Form
Market, By Source
Market, By Application
The above information has been provided for the following regions and countries: