As per the latest research by Meticulous Research®, the global yeast extract market is expected to reach $2.92 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031. The market is witnessing substantial growth due to factors such as the rising demand for bakery products, a growing vegan and vegetarian population, increased consumption of alcoholic beverages, and a trend towards reducing salt intake. However, the market's expansion could face challenges from the high availability of substitutes and fluctuations in raw material prices.

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The market's future growth is also supported by the increasing demand for natural ingredients and plant-based food and meat alternatives. These trends offer significant growth opportunities for stakeholders, despite the challenges posed by the high initial costs of setting up production facilities and the stringent regulatory processes.

Additionally, the yeast extract market is experiencing a shift towards clean-label products and heightened health consciousness among consumers. These trends are shaping the market dynamics and influencing consumer preferences.

Key Market Players

The global yeast extract market is characterized by a moderately competitive landscape, with a mix of large and small players operating across global, regional, and local levels. Major players in the market include Lesaffre (France), Kerry Group plc (Ireland), AngelYeast Co., Ltd. (China), Leiber GmbH (Germany), Lallemand Inc. (Canada), Synergy Flavors, Inc. (U.S.), Thai Foods International Co., Ltd. (Thailand), Halcyon Proteins Pty Ltd. (Australia), Alltech Inc (U.S.), Ohly GmbH (Germany), KOHJIN Life Sciences Co., Ltd. (Japan), Sensient Technologies Corporation (U.S.), Oriental Yeast Co., Ltd. (Japan), Kothari Fermentation and Biochem Ltd. (India), Koninklijke DSM N.V. (Netherlands), and Novozymes A/S (Denmark).

Market Segmentation

The yeast extract market is segmented based on type, yeast source, form, application, and geography.

· By Type: The market is divided into autolyzed yeast extract and hydrolyzed yeast extract. The autolyzed yeast extract segment is expected to dominate the market in 2024, accounting for over 62.0% of the total market share. This segment's dominance is driven by the preference for autolyzed yeast extract, which is produced through the autolysis process where yeast cells break down using their own enzymes. This process is simpler and less controlled than hydrolysis and is widely used in the food industry to enhance savory flavors and provide an umami taste. The consistent quality and effectiveness of flavors produced through carefully controlled autolysis processes contribute to the segment's growth.

· By Yeast Source: The market is segmented into baker's yeast, brewer's yeast, and torula yeast. Baker's yeast is expected to account for the largest share of the market in 2024, driven by its high protein content, effective nutrient retention, appealing flavor profile, ease of production, and stability. The widespread availability of baker's yeast further strengthens its market position, as it preserves nutrients during the fermentation process, enhancing the nutritional value of the resulting yeast extract.

· By Form: The market is categorized into powder, paste, liquid, and flakes. The powder form is expected to dominate the market in 2024, accounting for the largest share. This form's popularity is due to its convenience in food applications such as sauces and snacks. Powdered yeast extract is easier to handle, transport, and store, making it the preferred choice for manufacturers.

· By Application: The yeast extract market is segmented into food and beverages, animal feed, cosmetics and personal care, pharmaceuticals, and other applications. The food & beverages segment is projected to hold the largest market share in 2024, driven by the increasing popularity of processed foods, including dairy substitutes, baked goods, energy drinks, and confections. Additionally, the demand for clean-label products, plant-based diets, natural ingredients, and health-conscious food options is contributing to the expansion of this segment.

Geographic Insights

The research report provides a comprehensive analysis of major geographies, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Europe is expected to lead the global yeast extract market in 2024, holding over 29.8% of the total market share, followed by North America and Asia-Pacific. The European market is projected to be valued at $548.1 million in 2024. The region's significant market share is driven by factors such as the increasing demand for processed foods, a growing vegetarian population, and a rising interest in plant-based foods and meat alternatives. Additionally, there is a strong consumer preference for natural ingredients, clean-label products, and nutritious food options in Europe, driving market growth.

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