The global yeast extract market is expected to rise during the forecast period due to the increasing demand for bakery products and the high utilization of yeast and the food & beverage industry. Fortune Business Insights™ shares this information in a report titled, “Yeast Extract Market, 2022-2029”. As per the report, the yeast extract market size was USD 1.75 billion in 2021. The market size is expected to rise from USD 1.89 billion in 2022 to USD 3.39 billion by 2029 at a CAGR of 8.7% during the forecast period.
Yeast extract is commonly used in food and beverage products such as savory snacks, ready-to-eat meals, soups, and sauces. The yeast extract is produced from fresh yeast utilized in beer, wine, and bread production. The rising demand for bakery products and increasing consumption of alcoholic beverages are expected to drive the market during the projected period.
The yeast extract market report provides complete statistical information about market growth and upcoming opportunities in the industry. Also, the report sheds light on the latest trends adopted by companies operating in the industry. Drivers and restraints affecting the market growth are highlighted further. The impact of COVID-19 pandemic on market expansion and growth is discussed further, along with the business strategies adopted by the companies to overcome the loss caused by the pandemic. Key players and their new product launched are further elaborated in this report.
Drivers & Restraints:
Rising Consumption of Alcoholic Beverages to Propel Market Growth
The market is anticipated to exhibit high growth during the projected period. Increasing yeast extract in food & beverage products is likely to propel market growth. Also, changing the dietary preferences of the growing population contributes to market growth. Furthermore, rising demand for bakery products and alcoholic beverages is anticipated to stimulate global product demand. These factors are expected to ensure global yeast extract market growth during the projected period.
However, the availability of substitutes is likely to hinder market growth.
European Market Holds Dominant Share Due Increasing Consumption of Processed Food
Europe dominates the global yeast extract market share during the forecast period. The increasing demand for nutritional yeast extract and the rising consumption of processed food drive regional growth. The European market stood at USD 620.62 million in 2021 and is expected to exhibit higher growth during the forecast period.
Asia Pacific holds the second-highest global market position during the projected period. The increasing demand for convenience and ready-to-eat food is expected to boost the product demand.
New Product Launch Allow Companies to Enhance Their Product Portfolio
Key market players focus on forming strategic alliances and partnerships with supporting companies to expand their business reach. Also, the companies focus on developing new products by adopting technological advancements and innovative product development ideas. Furthermore, increasing the production rate of the companies will allow them to improve their productivity and profitability. These strategies allow the organizations to develop their business and expand globally.
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