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Yeast extracts and beta-glucan market was valued at $1,339.6 million in 2020, and is estimated to reach $3,008.1 million by 2031, growing at a CAGR of 7.5%
PORTLAND, OREGON, UNITED STATES, March 20, 2023 /einpresswire.com / -- Increase in demand for food nitrifying ingredients & additives, consumer awareness regarding the clean label food products, and surge in demand for functional food are likely to bluster the growth of the yeast extracts and beta-glucan market during the forecast period.
The global yeast extracts and beta-glucan market is driven by factors such as rise in demand for yeast extract and beta-glucan among health-conscious consumers. In addition, increase in applications of yeast and specialty yeast products in the food & beverages industry and continuous investments in R&D for the development of new products boost the market growth. Furthermore, increase in cholesterol levels and rise in incidences of obesity & diabetes have driven the market of yeast extract and beta-glucans to produce medicines, which are used to boost immunity. Increase in demand for ready-to-eat foods due to rise in population of working women and upsurge in urban population have fueled the demand for yeast extracts and beta-glucans.
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The demand for yeast extract and beta-glucan products has increased due to changes in eating patterns and rise in consumption of processed food along with high disposable income in developing countries. Moreover, increasing e use of yeast extract in the processed food industry has led to spiraling increase in the number of yeast manufacturers. However, shortage of molasses and easy availability of feasible substitutes in terms of sources of raw materials have affected the sales of yeast extract and beta-glucan manufacturers to develop differentiated products. Conversely, the untapped sectors for yeast extracts applications provide significant opportunities for development of the market players.
Outbreak of COVID-19 negatively affected the growth of the yeast extracts and beta-glucan market in 2020. Demand for yeast extracts and beta-glucan from food & beverage industry and cosmetic industry declined, owing to stagnation in the export and import activities, supply chain disturbances, lack of labor, and halted production facilities.
The yeast extracts and beta-glucan market is segmented on the basis of product type, application, and region. Depending on product type, it is divided into yeast extract and yeast beta-glucan. According to application, it is classified into food & beverages, pharmaceutical, cosmetic, animal feed, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), and Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific).
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According to the yeast extracts and beta-glucan market trends, on the basis of product type, the yeast extract segment was the highest contributor to the market, with $1,091.9 million in 2020, and is estimated to reach $2,317.5 million by 2031, at a CAGR of 6.9% during the forecast period. Yeast extracts have been gaining major popularity in the food & beverages sector as it is one of the key aromatic natural ingredients used in flavorful dishes and drinks by various food & beverages companies. In addition, it is used to enhance the taste and texture of food products, including ready-to-eat products, dairy, and bakery food products. Furthermore, easy availability and cost-effective prices of resources form which yeast extract is obtained that includes saccharides and other sugar derivatives favor the growth of the market during the forecast period.
The players operating in the yeast extracts and beta-glucan industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Alltech, Angel Yeast Co., Ltd., Archer-Daniels-Midland Company, Associated British Food Plc, Chr Hasen As, Lallemand, Inc., Lesaffre ET Compagnie, SA, Nutra Green Biotechnology Co., Ltd., Specialty Biotech Co., Ltd., and Thai Foods International Co., Ltd.
According to the application, the cosmetic segment was the significant contributor to the market, and is estimated to reach $272.1 million by 2031, at a CAGR of 9.3% during the forecast period. Yeast extracts and beta-glucan are significantly used in the cosmetics industry, which boosts the immune function of the skin, thereby reducing allergy triggers. They have a moisturizing and anti-inflammatory effects which strengthen the skin's immune system. They are used as bio-surfactant and moisturizing agent, thus making yeast extract as a good candidate to infuse into lotions and creams.
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Region wise, Europe has gained major yeast extracts and beta-glucan market share and is expected sustain its share yeast extracts and beta-glucan market forecast period. This is majorly attributed to increase in demand for clean label food products and functional food. High adoption and acceptance for newly launched food products in the category of functional food & beverages offer remarkable opportunities for the growth of the yeast extract and beta glucan market. Busy lifestyle of consumers in Europe and rise in health conscious population are the major factors that fuel the Europe yeast extracts and beta-glucan market growth.
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