Pune, India, Aug. 04, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Yeast Extract Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Form, Application, and Geography,” the yeast extract market is expected to grow from $1.45 billion in 2019 to $2.12 billion by 2027; it is estimated to grow at a CAGR of 4.8% from 2020 to 2027. The projected growth of the yeast extract market is attributed to the increasing adoption of veganism.
Download PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00016636/
Yeast Extract Market: Competitive Landscape
The key players operating in the global yeast extract market include BioOrigin, DSM, LEIBER GMBH, Synergy Flavors, Ohly, LALLEMAND, INC, Lesaffre, Specialty BioTech, Kerry Group, Titan Biotech, Angel Yeast Co, Zhuhai TXY Biotech Holding Co Ltd, LEVEX, Yantai Huahai Biochemical Product Co, Ajinomoto Co, and Zhen-Ao Bio-Tech among others. Players operating in the global yeast extract market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.
In 2019, Europe dominated the global yeast extract market due to several factors that converged to create a favourable environment for growth. The region's strong focus on food quality, safety, and sustainability aligned perfectly with the increasing consumer demand for natural and clean label ingredients. European consumers' penchant for healthier food choices and reduced salt content in products drove the adoption of yeast extract as a natural flavour enhancer in a wide range of food applications. Additionally, the continent's well-established food processing industry, comprising major players in the market, allowed for seamless integration of yeast extract into various processed food products. Europe's proactive approach to catering to the rising trend of veganism also contributed significantly to yeast extract's dominance, as its ability to mimic meat-based flavours made it an ideal choice for plant-based and vegetarian food offerings. With an emphasis on research and product innovation, coupled with a strong presence of yeast extract manufacturers, Europe has maintained its leadership position, solidifying its dominance in the global yeast extract market.
Increasing Adoption of Veganism is Boosting Demand of Yeast Extract Globally
The increasing adoption of veganism is playing a significant role in driving the growth of the yeast extract market. As more consumers embrace plant-based diets, there is a growing demand for vegan-friendly alternatives that can replicate the savoury flavours traditionally associated with animal-derived ingredients. Yeast extract, with its naturally occurring umami taste, serves as an excellent substitute for meat-based flavours in vegan and vegetarian food products. Its ability to enhance the overall taste and palatability of plant-based dishes makes it a valuable ingredient for food manufacturers catering to the expanding vegan market. Additionally, yeast extract's clean label and natural profile align with the preferences of health-conscious consumers, further bolstering its appeal and market penetration in the growing plant-based food industry. As veganism continues to gain momentum globally, yeast extract's versatility as a flavor enhancer positions it favourably to meet the needs and expectations of this expanding consumer base, contributing to its yeast extract market growth.
Yeast extract Market: Segmental Overview
Based on form, the yeast extract market is segmented into powder, paste, and liquid. The powder segment held the substantial market share in 2019 owing to its wide applications in meat, dairy, dietary supplements, bakery, confectionery, brewing, and others. The powdered form is also utilized as a nutrient for culture media. The usability of powdered products is relatively convenient as compared to the paste form. In addition, the weighing of powdered form is also convenient and accurate. Nutritional yeast extract is also available in the form of granules. These granules are rich in various proteins and free amino acids. They have a very strong flavor and are generally used as taste enhancers to deepen the taste of products containing low salts. Additionally, yeast extract is available in granulated form. So, the easy availability of powdered yeast extract is expected to drive the yeast extract market.
Purchase Premium Copy of Yeast Extract Market Growth Report (2020-2027) at: https://www.theinsightpartners.com/buy/TIPRE00016636/
Impact of COVID-19 Pandemic on Yeast extract Market
The COVID-19 outbreak has affected economies and industries in various countries due to imposed lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 has also affected the growth of the yeast extract market due to shutting down of factories, obstacles in supply chain, and downturn in world economy. The COVID-19 outbreak created a massive disruption in supply chains and acted as a major restraint to food & beverages companies in the market. The yeast extract market has been affected by the pandemic in two ways. First, during the first few months of the outbreak, there was an increase in the consumption of processed and packaged food as people were stocking up on essential items. As a result, more and more yeast extract was being used as a flavouring agent in various packaged foods. Second, during the lockdowns, the growing trend of cooking and baking at home led to an increase in yeast extract demand as people wanted to improve the flavour of their home-cooked meals. The yeast extract market was affected by supply chain disruptions, labour shortage, and transportation and trade restrictions. Manufacturers found it difficult to source raw materials and distribute their products, resulting in price and availability fluctuations.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Yeast Based Spreads Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Inactive Dried Yeast Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Yeast Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Organic Dairy Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Bakery Processing Equipment Market Forecast to 2028 - Covid-19 Impact and Global Analysis
Dried Processed Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/yeast-extract-market
