According to Meticulous Research®, the yeast extract market is on a growth trajectory, with projections indicating it will reach $2.92 billion by 2031. The market is expected to grow at a CAGR of 6.8% from 2024 to 2031, driven by factors such as increased bakery product consumption, a rise in vegan and vegetarian diets, and greater use of alcoholic beverages.
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Growth Drivers and Challenges
The yeast extract market’s expansion is propelled by the rising popularity of bakery products and plant-based diets. Additionally, the move towards reducing salt intake is fueling the demand for yeast extracts. However, the market is constrained by the availability of substitutes and fluctuations in raw material prices, which may impact growth.
Opportunities in Natural Ingredients
Opportunities for growth in the yeast extract market are significant, particularly due to the increasing preference for natural ingredients and plant-based alternatives. Companies can leverage these trends by focusing on product innovation and addressing challenges such as high production costs and strict regulations.
Shifting Consumer Preferences
The trend towards clean-label products and heightened health awareness among consumers is reshaping the yeast extract market. Consumers are increasingly favoring natural and plant-based options, influencing market dynamics and driving the demand for yeast extracts.
Competitive Landscape
The yeast extract market features a mix of global, regional, and local players, including Lesaffre (France), Kerry Group plc (Ireland), and AngelYeast Co., Ltd. (China). The market is divided by type (autolyzed and hydrolyzed yeast extract), yeast source (baker’s, brewer’s, torula), form (powder, paste, liquid, flakes), and application (food & beverages, animal feed, pharmaceuticals). Autolyzed yeast extract is expected to capture a significant market share due to its effectiveness in flavor enhancement.
Regional Market Insights
Europe is predicted to dominate the global yeast extract market, accounting for over 29.8% of the market share in 2024. The region’s growth is driven by increasing demand for processed foods and plant-based alternatives, with major contributions from countries such as Germany and France.
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How Will the Yeast Extract Market Reach .92 Billion by 2031?