Key end-use industries of yeast extract include food & beverages, cosmetics, personal care, nutraceuticals, and pharmaceuticals.
DUBAI, UAE / ACCESSWIRE / April 30, 2020 / The global yeast extract market is forecasted to exhibit an impressive CAGR of 6% during the forecast period (2020-2029), according to a market study by Future Market Insights (FMI). The growth is predominantly fueled by its composition, which resists chemical imbalances and temperature fluctuations, thus making it appropriate for use in numerous industries.
Furthermore, the growth is driven by demand for natural food products over synthetic and chemical products, to prevent the increasing incidence of lifestyle diseases. Owing to the aforementioned factors, food manufacturers are remodeling their manufacturing patterns and including natural ingredients in their food products, which is expected to propel the demand for the yeast extract market in the future.
“The outbreak of COVID-19 is likely to hinder the positive growth of the market on the back of supply chain disruptions and travel restrictions. Moreover, the social distancing measures implemented in many countries are leading to manpower shortages, which is subsequently resulting in limited production,” projects the report.
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Food grade yeast extract is the most sought-out product and is expected to account for nearly 70% of overall market share, on the back of growing demand from the feed industry.
Feed grade yeast extract is exhibiting significant growth and is expected to occupy a remarkable chunk of market value, fueled by the growth of usage in the feed industry.
The food & beverage industry accounts for more than 1/3rd of overall sales owing to the usage of yeast extract in soups, processed food, dairy food, bakery products, sauces, savory flavors, non- alcoholic beverages, and alcoholic beverages.
Asia Pacific is expected to outpace North America in terms of growth and will reign supremacy by the end of the forecast period on the back of rising popularity of premium food products coupled with expanding patient pool due to lifestyle disorders.
Europe is projected to become the second most lucrative region for the players in the yeast extraction market on the back of consumer demand for premium food products.
Grades covered: Food and feed
End uses covered: Food & beverages, animal feed, pharmaceuticals, microbial nutrients, cosmetic and personal care, and other industries
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SOURCE: Future Market Insights
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