The global yeast market is expected to register significant growth on account of its increasing application in the food industry and other industrial sectors. Growing bakery products demand, high quality animal feed and increasing alcoholic beverage consumption are expected to remain key driving factors for the global market. Increasing acceptance for bio-ethanol as an alternative fuel as well in the bio-technology and pharmaceutical industry is anticipated to further compliment the market growth. High demand for ready-to-eat food items as well as convenience food is presumed to fuel the rapidly growing specialty yeast market. Growing awareness about the nutritional value of yeast and its subsequent health benefits present itself as an opportunity for the market. Raw material shortage is expected to create supply-demand imbalances which might challenge the market growth.
Baker’s yeast, brewer’s yeast, wine yeasts, feed and bio-ethanol are major kinds of yeast consumed in the market. Bakery was a major application segment for the yeast market, followed by other applications in the brewery & wine industry, animal feed industry and bio-ethanol production. Increasing demand for specialty yeast products such as yeast extracts, beat glucan yeast and yeast autolysis is expected to have a positive impact on the global market. Yeast extracts are the most consumed specialty yeast products due to their usage as flavoring agents in the food industry. Though currently small, specialty yeast market is touted to register high growth over the forecast period.
Europe currently leads the yeast market, ahead of Asia Pacific and North America. Countries such as India, China, South Korea, Japan and Australia are expected to bolster the Asia Pacific market growth. In Europe, countries such as Germany, France, Italy, and UK dominate the European yeast market. Major market participants are continuously engaging in R&D to achieve product development and increase application scope in food ingredients and additives. High R&D expenditure and innovation capabilities coupled with good consumer relations are expected to provide opportunities to market participants over the forecast period.
Major industry participants in the global market include Associated British Food Plc., Lesaffre Group, AB Vista, Lallemand Inc., Bio Springer S.A., Angel Yeast Co. Ltd., Cargill Incorporated, An Mauri and Alltech Inc.
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Restrictions on manufacturing activities due to the advent of the COVID-19 pandemic shall cause a slump in the supply of feed, as well as its additives. The current stagnation in supply is, in turn, detrimental against the backdrop of ever-increasing demand for essential food products such as dairy and meat. The report will account for Covid19 as a key market contributor.