The global yeast extract industry is projected to grow from US$ 1,472.9 million in 2023 to US$ 1,550.9 million in 2024. The market is projected to be valued at US$ 2,584.0 million by 2034. The demand for yeast extract is expected to grow at a CAGR of 5.78% over the next ten years. This growth is driven by the widespread use of yeast extract in dough production, a staple food in many cultures.
The market for packaged baked goods, such as pizza, cakes, and cookies, is also expected to expand. The demand for packaged cakes as a global snack is driven by increased bakery product manufacturing and consumer demand for specialized and free-from-bread products.
There are many obstacles that the market for producing yeast extracts must overcome to expand. The substantial upfront costs associated with establishing the manufacturing facilities for yeast extract and other associated infrastructure represent a significant obstacle. As a result, it is difficult for both new and established companies to enter the market and expand. The legal concerns surrounding yeast extracts as additives or flavoring agents in food and feed products pose a threat to the market’s growth. These laws differ from place to place and are constantly changing, which makes it challenging for businesses to stay up-to-date and follow the guidelines. Despite these challenges, the potential benefits of yeast extracts as a natural alternative to GMO counterparts are significant.
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Yeast extracts are rich in essential amino acids, minerals, and vitamins, making them a sought-after ingredient in the food and feed industries. They are also known for their umami flavor, which can enhance the taste of food products without artificial additives. The demand for yeast extract is predicted to rise as customers grow more health-conscious and seek natural and clean-label products. With further research and development, the market’s constraints should be quickly addressed.
Yeast extract is widely used to ferment draft beverages made with glucose in food and drink. It is a necessary component in recipes involving bread yeast. It is beneficial as a dietary supplement that contains iron, zinc, magnesium, potassium, protein, selenium, and chromium, among other minerals. It is an excellent addition to savory snacks, soups, bouillons, and flavoring sauces. It may also be utilized in vegan and vegetarian cooking.
Product demand for natural, wholesome, and nourishing goods will rise in response to growing customer demand. Given the ease of access to reasonably priced resources like saccharides and other sugar molecules, yeast extract is expected to continue to grow in this direction during the projected time.
Recently, the yeast extract industry has witnessed a significant shift in its growth trajectory, driven primarily by two factors: the growing consumption of alcoholic beverages and the surging demand for baked goods. This shift has opened new avenues for the industry, leading to the development of innovative products and the adoption of advanced technologies to meet the market’s evolving needs. Yeast extract has become a popular component in various drinks and foods, such as soups, sauces, dressings, and snacks, as customers look for natural and healthful ingredients.
“The rising trend of clean-label and organic food products has fueled the demand for yeast extract, which is considered a clean and natural alternative to traditional flavor enhancers. The increasing demand for natural and healthful components and consumer awareness are expected to propel the yeast extract industry’s consistent rise in the upcoming years,” says an analyst at FMI.
Key Takeaways from the Yeast Extract Market
- The United States yeast extract market is increasing at a CAGR of 4.01% through 2034.
- China’s yeast extract market is projected to grow at a CAGR of 6.28% until 2034.
- Germany’s flavour enhancer market is expected to achieve a CAGR of 2.4% during the forecast period.
- The Japanese yeast market is anticipated to expand at a CAGR of 6.1% over the projected period.
- The market for yeast extract in Australia is expected to rise at an 8.1% CAGR through 2034.
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Key Strategies Adopted by Market Players
The yeast extract market is expected to grow due to the presence of several industry players investing in research and development, new product releases, contracts, mergers and acquisitions, effective investments, and cooperation with other businesses. To thrive in a competitive market, players must offer reasonably priced goods and locally manufactured yeast extract to lower operational costs. This is a leading market tactic used by manufacturers globally to meet the rising consumer demand and expand their market reach.
Recent Developments
In October 2023:
- Leiber GmbH unveiled Yeast Extract 40 Low Sodium, a natural flavor enhancer that satisfies consumers’ desire for nutritious food components by having 40% less sodium.
- The International Food Additives Council (IFAC) hosted a webinar on the most recent developments and uses of yeast extract in food and drink products.
In September 2023:
- Angel Yeast introduced Savoury 100, a yeast extract designed specifically for plant-based meat substitutes with a more umami flavor and texture.
- Kerry Group announced to invest in additional facilities to manufacture yeast extract in the Asia-Pacific region to meet the rising market demand.
Competitive Landscape
Key players in the yeast extract market are concentrating their efforts on research & innovation in aims to enhance the quality of their offerings.
- Angel Yeast Co., Ltd, that is a Chinese high-tech yeast firm, has announced the establishment of a joint venture company to spend USD 15.4 million in the acquisition of Shandong Bio Sunkeen Co, Ltd’s yeast-related assets. The firm hopes to improve its manufacturing capacity as well as solidify and enhance its position in the industry by doing so. As the industry continues to develop, the purchase of Bio Sunkeen will enable the firm to quickly solve possible capacity shortfalls.
- Associated British Foods which is an international food, has confirmed that this has signed an agreement with W Jordan & Son Limited, a UK morning cereals and cereal bar company, to combine the Jordans and Ryvita crispbread and nutritious snacking businesses. The merger of Jordans and Ryvita will establish Jordans and Ryvita as a market leader in the provision of goods to fulfil rising customer usage of natural additives and healthy eating.
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Market Segments Covered in Yeast Extract Market Analysis
By Grade :
- Food Grade
- Feed Grade
By End Use :
- Food and Beverages
- Soups
- Processed Food
- Dairy Products
- Bakery
- Sauces & Savory Flavors
- Non-alcoholic Beverages
- Alcoholic Beverages
- Animal Feed
- Pharmaceuticals
- Microbial Nutrients
- Cosmetics & Personal Care
- Others (Biofuel & Biomass Production)
By Region :
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
About Future Market Insights (FMI)
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