According to Meticulous Research®, the yeast extract market is poised for growth, projected to reach $2.92 billion by 2031 at a 6.8% CAGR from 2024. This expansion is attributed to rising demand for bakery products, a global increase in veganism and vegetarianism, and the popularity of low-salt diets. However, competition from substitutes and raw material price fluctuations may impact this growth trajectory.
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Shift Towards Plant-Based and Natural Ingredients
The demand for natural and plant-based ingredients is creating growth opportunities in the yeast extract market. As consumers lean towards clean-label products, market players are focusing on aligning their offerings with these preferences. Despite challenges like high production costs and strict regulatory standards, the sector remains well-positioned to cater to a health-conscious audience.
Growing Demand for Clean-Label Products
With a rise in health consciousness, the preference for clean-label products is transforming consumer behavior. This trend, supported by the desire for minimally processed and natural foods, has positively impacted the yeast extract market. Manufacturers are increasingly emphasizing clean-label certifications and transparent ingredient lists, driving demand across regions.
Competitive Landscape
The yeast extract market is moderately competitive, with industry leaders such as Lesaffre, Kerry Group, and AngelYeast spearheading innovation. These players are focusing on expanding their product range to meet the diverse needs of consumers in different regions, contributing to a dynamic competitive landscape.
Market Segmentation by Type, Source, and Form
The market segments by type, source, form, and application. Autolyzed yeast extract holds the dominant share in the type segment due to its natural production method and umami flavor profile, which enhances the appeal of processed foods. Baker’s yeast leads among sources due to its nutritional retention and market availability, while powder-form yeast extract is popular for its ease of use in food products.
Regional Market Insights
Europe leads in regional market share, predicted to capture over 29.8% in 2024 with a valuation of $548.1 million. This is largely due to the region's focus on clean-label, natural foods, and plant-based alternatives, as well as a large vegetarian consumer base.
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