How Will Competitive Strategies Help the Yeast Extract Market Reach $2.92 Billion by 2031?
The global yeast extract market is on track to reach $2.92 billion by 2031, growing at a CAGR of 6.8%. The market’s expansion is fueled by increasing demand for bakery items, a growing vegan and vegetarian population, and rising consumption of alcoholic beverages. A focus on reducing salt intake in processed foods further contributes to the market’s growth. Despite this, challenges such as substitute availability and raw material price volatility pose obstacles.
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Opportunities from Natural and Plant-Based Trends
Opportunities in the yeast extract market arise from the increasing demand for natural ingredients and plant-based alternatives. This trend is driven by a growing consumer focus on health and wellness. Despite facing hurdles such as high production setup costs and stringent regulations, market stakeholders are well-positioned to benefit from these trends, particularly as clean-label and health-conscious products gain traction.
Major Players in the Market
The competitive landscape of the yeast extract market includes a mix of global and local players. Key companies such as Lesaffre (France), AngelYeast Co., Ltd. (China), Kerry Group plc (Ireland), and Lallemand Inc. (Canada) dominate the market, which remains moderately competitive. Their innovations and market strategies play a vital role in shaping the future of the yeast extract industry.
Segment Breakdown: Autolyzed Yeast Dominates
Autolyzed yeast extract is expected to hold the largest market share in 2024, accounting for over 62%. This type of yeast extract is highly favored in the food industry for its ability to enhance savory flavors and provide an umami taste. The autolysis process is relatively simple, and the resulting yeast extract is consistently effective, making it a preferred choice for manufacturers.
Food and Beverage Industry Leads Applications
Yeast extract is primarily used in the food and beverage sector, which is expected to dominate the market with a 36.7% share in 2024. The popularity of processed foods, including dairy substitutes, baked goods, and energy drinks, is driving demand for yeast extract. The sector’s growth is further bolstered by increasing consumer interest in natural, plant-based, and clean-label products.
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