Yeast Extracts Market Overview
The proactive interest shown by people towards international cuisines and culinary trends, and the increased demand for health and wellness food products are boosting the growth of the Yeast Extracts market. Yeast extracts are used as food additives. They are mostly found in packaged foods such as frozen meals, crackers, snacks, gravy, stock, and others. Due to their free flowing and hygroscopic properties, yeast extracts are finding a wide range of applications. The global Yeast Extracts market is estimated to grow at a CAGR of 6.1% during the forecast period 2018-2023. APAC is forecast to the fastest growing market with a CAGR of 7.5%, which is mainly attributed to the growing demand for natural and nutritional yeast extracts from the food and cosmetics industries in this region.
Yeast Extracts Market Outlook
Yeast extracts are fermented foods that contain concentration of yeast cells. Yeast extracts result from the natural breakdown of yeast cells when heated. They are used as flavor enhancers in foods and are often used to create savory flavors and umami taste sensations. Although yeast extracts are not made up of any animal ingredients, the taste is similar to that of a meat bouillon because many of the same taste-giving amino acids are present in both yeast extracts and meat bouillons. According to IndustryARC findings, Baker’s yeast is the major source of origin for yeast extracts and finds applications in bakery products such as bread, pasta, savory snacks, and others.
Yeast extracts market report comprises of pricing analysis for different types of yeast extracts by each geographic region. The price of yeast extracts used in food applications is highest in the Europe at nearly $7,000/ton.
Yeast Extracts Market Growth Drivers
The growing utilization of yeast extracts in the food, pharmaceutical, and cosmetics industries is resulting in significant growth in yeast extracts market across the globe. As yeast extracts are rich sources of proteins, vitamins, and minerals, they are used as an active ingredient in many culinary applications. The growth of the market is also attributable to the changing lifestyles and growing demand for organic, healthier, and clean-labelled products.
Yeast Extracts Market Challenges
The high initial cost requirements associated with setting up of yeast extract production plants and other infrastructure is limiting the growth of the market. Furthermore, the regulatory issues related to addition of yeast extracts to food and feed products as ingredients or flavoring agent is also restricting the market to grow. However, the potential benefits of yeast extracts over its GMO counterparts is likely to oust this limitation in near future.
Yeast Extracts Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on volume shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Yeast Extracts market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of yeast extracts, and their specific applications in different types of food applications.
Yeast Extracts Market Report: Industry Coverage
Types of Yeast Extracts by Source of origin: Baker’s yeast extracts and Brewer’s yeast extracts
Yeast Extracts by technology: Autolyzed yeast extracts and Hydrolyzed yeast extracts
Usage of yeast extracts in Food industry: Soups, sauces, bouillons, savory snacks, animal nutrition, skin care products, plant nutrition, alcoholic beverages, bio-fuels, and others
Yeast extracts market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- Europe: The U.K., Germany, Italy, France, Spain, Russia
- Asia-Pacific: China, Japan, Australia, South Korea, India
- Rest of the world: South America, The Middle East, Africa
Some of the other key players mentioned in this report are Associated British Foods plc (the U.K.), Lesaffre (France), Kerry Group (Republic of Ireland), MC Food Specialties Inc. (Japan), and Angel Yeast Co. Ltd. (China).
Yeast Extracts Market Trends
- Acquisition is the major strategic development activity followed by most of the top players in the Yeast Extracts market. Lesaffre Group, a key player in the market has been into acquiring domestic players to enhance its product portfolio of yeast extracts. In January 2017, the company acquired the yeast extracts business of Sensient’s Strasbourg as part of its Nutrition and Health business development strategy.