Global yeast extract market size was estimated over USD 490 million in 2015 and is likely to exceed more than USD 950 million by 2023, growing with CAGR of over 8% from 2016 to 2023.
Increasing natural ingredients demand coupled with growing health awareness is likely to drive market over the forecast period. It is often been used to replace monosodium glutamate (MSG) in food industry. Autolysed yeast product (also known as yeast autolysate) contains glutamic acid and is often used as low-cost substitute for MSG. Significant opportunities exist for yeast beta glucan market.
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It has multiple taste-providing properties and is used in many food & beverages applications. This property differentiates it from flavor enhancing products such as MSG whose function is to strengthen the existing taste of other present ingredients. According to EU, flavor enhancers are classified as additives and have to be labeled with an E-number. Yeast extract on the other hand is classified as food ingredient owing to the presence of protein rich compounds which enables them to impart taste-giving characteristics.
Approval of the FDA and EU committee namely SCF (Scientific Committee on Food) for its use in food & beverages industry is likely to favor market growth. FDA classifies yeast extract (Bakers) as GRAS (generally recognized as safe) and can be used as food ingredients. Under EU regulation 1334/2008, yeast extracts are considered as natural flavoring preparations and therefore can be labeled and declared as natural flavorings.
Increasing dairy product consumption is likely to drive yeast extract demand. It is used for cultivating microorganisms in dairy products such as cheese and yogurts as it contains nitrogen and growth stimulating compounds. The European Association for Specialty Cheese Products has estimated that it is widely used in Europe and the U.S. in dairy product applications.
Functional nutritional ingredients used in feeding applications for agricultural animals utilized for meat consumption enhances the immune system, improves nutritional absorbability and reduces susceptibility to various diseases. This factor enhances the growth and development of animals. Poultry is one of the major applications consuming functional nutritional ingredients.
It has been proved that dry yeast extract used for poultry applications helps in improving the growth rate indices and development of digestive tract. This makes it an excellent product for use in poultry applications thereby favoring market growth.
It is also used in pharmaceutical applications. Beta glucan is an immunostimulant derived from cell walls of baker yeast. It activates WBCs (white blood cells) such as granulocytes, monocytes and macrophages which are responsible for defending against infections and repairs the damaged tissue in the body.
Supply demand imbalance of raw materials such as molasses is likely to hinder growth as it is also used in other industries. Food & beverages industries can also use yeast extracts as a substitute for salts which can reduce the adverse impact on cardiac activity due to restriction on excess of sodium intake. They can also be developed to be used in cosmetics and personal care industry.
Growing cellulosic bio-diesel market demand in automotive fuel applications is likely to provide new growth opportunities for yeast extract market. The U.S. EPA has proposed legislation regarding blending of bio-fuels with gasoline and also has set targets for its member states such as the U.S. China, Japan, India and Brazil.
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Europe witnessed the highest yeast extract consumption over the past few years. This is due to increase in consumption of processed food products such as canned & frozen soups, meat & canned fish, sauces, snack foods, cheese and yogurt. Hectic lifestyle coupled with growing awareness towards health food consumption is likely to drive demand in Europe. Asia Pacific is likely to witness highest growth rates over the forecast period as consumers are shifting their preference towards adopting processed foods. China and India are likely to witness highest gains in this region owing to rise in per-capita disposable incomes along with population expansion.
The global yeast extract market share is consolidated with few manufacturers present across the value chain. Key companies include Biospringer, DSM, Kerry, Lallemand, Leiber, Ohly, Sensiment, Biorigin and Kohjin Life Sciences.
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