Global Yeast and Yeast Ingredients Market - Growth, Trends and Forecasts (2018 - 2023)
By 2023, the global yeast ingredients market is expected to reach a value of USD 3.1 billion, recording an estimated CAGR of 7.2% during 2018-2023 (the forecast period). The global market has witnessed a numerous M&A over the recent years, which brings about a high level of consolidation.
Growing Demand for Yeast Ingredient in the Processed Food Industry Likely to Drive the Market Growth
European countries are witnessing great demand from consumers, who prefer healthier and natural bakery products. The interest is a noteworthy driver for the market because of the indoor way of life that doesn't give the consumers Vitamin D, as EFSA (European Food Safety Authority) gauges that significant populace in the European countries doesn't meet the recommended allowances of 10 μg/day. This demand is expected to grow at a large scale, due to the rapid population growth and busy lifestyles. The processed food industry is expected to grow rapidly over the next five years, since yeast ingredient acts as a catalyst during the manufacture of processed food. The maturity in alcoholic beverage consumption, worldwide, has maintained an ever-growing demand for the alcohol production.
The major restraint for the yeast ingredients market is the shortage of basic raw material, with the demand coming from various sectors, due to molasses trading restrictions in the countries of Europe. Another reason for this shortage is the large threat for bio-fuel competition, as the prices of bio-fuels are high. The opportunities in the yeast ingredients market include the identification of new non-toxic and eco-friendly strains, identification of yeast production methods from industrial waste, and higher incidence of application in the pet food and dairy industry.
Yeast Extract Segment to Register a CAGR Of 8.1% during the Forecast Period
Based on application, the global yeast ingredients market has been segmented into food & beverage, animal feed, and ‘others’. The growth in demand for alcoholic beverages fuels up the demand for yeast ingredients, particularly, with beer and wine being the main ingredients for fermentation.
By product type, the global yeast ingredients market can be categorized into yeast extract, yeast autolysates, dry yeast, yeast flavor, and ‘others’. The yeast extracts market is high, as yeast extracts act as a replacement for monosodium glutamate, and consumers highly inclined towards natural ingredients and health concerns. Yeast extracts also offer a unique aromatic taste, which is important in low-salt-content foodstuffs and this segment is expected to record a CAGR of about 8.1% during the forecast period. Other common types of yeast include, dry yeast, which exists in pellet form, fresh yeast, which has a crumbly texture and is instant/easy to bake yeast.
Europe to Dominate the Market, Asia-Pacific to Record the Highest CAGR during the Forecast Period
As of 2017, Europe was the largest regional market for yeast ingredients, owing to the rising functional food consumption, with developing dairy industry in the region in the past couple of years. Asia-Pacific is expected to witness the fastest growth rate, due to the rising awareness regarding healthy & nutritional food consumption, along with the expanded disposable income of the middle class/white collar class populace. North America is expected to witness a critical development, due to the rising interest of animal feed, pharmaceuticals, and dairy industries.Major PLAYERS: ANGEL YEAST CO. LTD, ABF INGREDIENTS, AB VISTA, ANCHOR YEAST, ALLTECH INC., BECTON, DICKINSON AND COMPANY, ROYAL DSM NV, CHR. HANSEN, TATE AND LYLE, KERRY GROUP, BAKELS, LALLEMAND INC., LEIBER GMBH, LESAFFRE GROUP and ORGANOTECHNIE, amongst others.
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