Global yeast ingredients market is expected to reach USD 2.38 billion by 2020, according to a new study by Grand View Research, Inc. Growing consumer preference towards nutritional food consumption is expected to augment yeast ingredients market demand in the next six years. Food and animal feed manufacturers inclination towards use of specialty yeast products in order to enhance flavor is expected to further fuel market growth.
Yeast ingredients were majorly used in food application and are expected to dominate the market at a CAGR of 7.7% from 2014 to 2020. Hectic lifestyle coupled with increasing stress levels of individuals has resulted in rising consumption of healthy, nutritional and processed foods that is expected to be a key driver for market growth. Animal feed is expected to follow food application growing at a CAGR of 7.6% from 2014 to 2020.
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Further key findings from the study suggest:
Yeast extracts are increasingly being used in food application as a replacement for MSG owing to health benefits and non-toxicity property. It is also used in vegetarian preparations so as to impart enhanced flavor to foods. Furthermore, yeast extracts are EPA approved for use in plant disease management. The segment revenue was USD 455.5 million in 2013 and is expected to grow at a CAGR of 8.1% from 2014 to 2020.
Europe was the largest regional market in 2013 accounting for over 35% of global revenue share and is expected to grow at a CAGR of 7.4% from 2014 to 2020. Growing dairy industry coupled with high animal feed demand in the region is a key factor responsible for yeast ingredients market growth.
Asia Pacific is expected to witness fastest growth at a CAGR of 8.4% from 2014 to 2020 owing to growing end-use industries including food & beverage, animal husbandry and pharmaceuticals. Improving living standards of middle class population in emerging economies of India and China has resulted in increased consumption of healthy and nutritional foods thus augmenting yeast ingredients market growth over the forecast period.
Yeast ingredients market is highly consolidated with a few participants including Angel Yeast, DSM, ABF Ingredients, Kerry Group, Lesaffre Group, Chr. Hansen and Lallemand dominating the global scenario. The market participants are engaged in new product development along with introduction of new formulations with enhanced properties for use in various applications.
Grand View Research has segmented the global yeast ingredients market on the basis of product, application and region:
Yeast Ingredients Product Outlook (Revenue, USD Million, 2012 - 2020)
Yeast Ingredients Application Outlook (Revenue, USD Million, 2012 - 2020)
Yeast Ingredients Regional Outlook (Revenue, USD Million, 2012 - 2020)
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