Yeast extract, which is extensively used as a source of high nutrition in various food products, is gaining massive traction with the expansion of food & beverage sector. For instance, yeast extract finds an important usage in dairy sector as a flavor enhancer in the production of yogurt, cottage cheese, cheese, etc. Another important application of yeast extract is in canned meat products as a binding agent for improving the flavor and texture. With the increase in nuclear family and working demographics, consumption of processed food has subtly increased, which is expected to augment yeast extract market outlook in the coming years.
According to a latest report by Global Market Insights, Inc., yeast extract market size is estimated to surpass USD 2.0 billion by 2027, taking the below mentioned trends into account:
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Heightened adoption of autolyzed yeast technology
Autolyzed yeast extract is a popular food additive used for enhancing the nutritional value and flavor of various food and bakery products. It is largely used in meat products, condiments and baked goods and also in aquatic foods, puffed food and nutritional health products. Amid the considerable rise in the consumption of frozen and ready-to-eat food across the world, autolyzed yeast technology has been in huge demand. According to a 2020 survey report by Eating Better, 88% of adults in the UK eat ready to cook food. The market valuation for ready meal stands at around USD 5.4 billion.
Burgeoning demand in food & beverages sector
The heightened demand for yeast extract in food & beverage sector can be ascribed to its vital application in various food products like sauces & savory, dairy products, soups, processed foods, etc. With increasing consumption of these products, food & beverage segment holds a sizeable market share of 60% in yeast extract industry. According to the National Restaurant Association, sales at eating and drinking places in the U.S. will surge to 10.2% by 2021 representing valuation of USD 548.3 billion with increased consumer demand.
Increasing application in cosmetics, biomass and biofuel
Yeast extract finds extensive application in the production of biofuel, biomass and cosmetics products. The industry is expected to record a robust growth rate of 4.5% through 2027 from these applications. The healthy growth rate can be attributed to the hair and skin conditioning properties that help in maintaining hair beauty for longer time. It also plays a key role in improving the emollience, moisture content and protecting skin from eczema symptoms. Growing consumer consciousness about personal hygiene along with increasing fashion treatments like hair styling and coloring is anticipated to favor the market expansion.
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Growing consumption of bakery products in Latin America
Latin America is known to be a leading consumer of bakery products due to the scarcity of wheat which is fueling the demand for yeast extract in the region to a great extent. In addition, positive outlook towards the consumption of industrialized foods like poultry, biscuits, yogurts, chocolates and milk driven by the rising income levels and growing food & beverage industry in the region, especially in Brazil is favoring the business growth further. Besides, increasing investments by various international players for novel product developments in Brazil and Mexico is positively influencing the regional growth. For the records, the regional market had recorded a significant valuation of over USD 95 million in 2020.
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Related Report: Yeast Extract Market value to hit $2 billion by 2027, Says Global Market Insights Inc.
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