Report : Yeast Extract Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Technology (Autolyzed and Hydrolyzed), Form (Powder, Paste, and Liquid), and Application (Food & Beverages, Animal Feed, Pharmaceuticals, and Others)
Rising Demand for Natural Ingredients in Food & Beverages Industry to Escalate Market Growth
According to our latest market study on “Yeast Extract Market to 2027 – COVID-19 Impact and Global Analysis – by Technology (Autolyzed and Hydrolyzed), Form (Powder, Paste, and Liquid), and Application (Food & Beverages, Animal Feed, Pharmaceuticals, and Others),” the market was valued at US$ 1,450.57 million in 2019 and is projected to reach US$ 2,121.62 million by 2027; it is expected to grow at a CAGR of 4.8% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players, along with their developments, in the market.
Yeast extract is a type of food flavoring agent that is used to make beer and bread. The yeast extract is added to foods such as cheese and soy sauce to give them a savory flavor. The yeast extracts comprise cell contents of the yeast without the cell walls. The extract of yeast is also found in canned soups, frozen dinners, salty-snacks, and stews. The yeast extract does not contain any genetically modified organisms (GMO)-based ingredients, chemical substances, and synthetic additives or animal-derived ingredients. The yeast extract is a vital and rich source of amino acids, peptides, proteins, nucleotides, minerals, vitamins, and micro-nutrients.
There has been an increasing demand for natural food additives in the food & beverages industry in the recent years owing to the change in food preferences and adoption of healthy lifestyle among the younger population across the world. People suffering from health conditions are recommended to consume food items made from natural sources. As a result of environmental awareness, as well as the rise in trend of healthy food consumption led by young population, the consumers are demanding transparency regarding the source of raw materials and ingredients used for making a particular product while purchasing the same. Yeast extract is a key performant in processed food products, such as canned and frozen food variants, which makes it a product of interest for various manufacturers. For instance, in December 2020, Biospringer introduced a new protein in a yeast extract form that is positioned as a highly nutritious, gluten-free, and vegan ingredient, especially designed as a cheese and meat substitute for vegan burgers, nuggets, and sausages. Moreover, in December 2019, Angel YE launched a natural flavor-enhancing solution in Europe, for plant-based foodstuffs and beverages. Various substitutes are available in the market to perform the functions of yeast extract, of which, a few solutions are relatively inexpensive. For instance, baking powder is one of the staple ingredients in a baker’s pantry. The powder immediately reacts on exposure to liquid and heat. The baking powder when used and added with acid causes the same reactions as that of the yeast extract. Thus, the availability of substitutes for yeast extract is likely to hamper the growth of the yeast extract market.
Well-established players in the global yeast extract market include Kerry Group; Angel Yeast Co., Ltd.; BioOrigin; DSM; LALLEMAND, INC.; LEIBER GMBH; Titan Biotech; Synergy Flavors; Ohly; Ajinomoto Co. Inc.; Lesaffre; Specialty BioTech; Zhuhai TXY Biotech Holding Co., Ltd; Yantai Huahai Biochemical Product Co., Ltd.; LEVEX; and Zhen-Ao Bio-Tech.
Impact of COVID-19 Pandemic on Yeast Extract Market
The COVID-19 pandemic began in Wuhan (China) in December 2019. As of March 2021, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths. 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 is also affecting the growth of the yeast extract market due to shutting down of factories, obstacles in supply chain, and downturn in world economy.
Global Yeast Extract Market – by Region, 2019
The report includes the segmentation of the global yeast extract market as follows:By Technology
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