Yeast Market is Expanding Rapidly with Promising Growth Prospects
The yeast market is likely to hold a valuation of US$ 5.98 Billion by 2033. As of 2023, the market value is US$ 3.83 Billion. As the demand for yeast in various industries foresees growth, the yeast market is expected to grow by 4.6% from 2023 to 2033.
Yeast has been used in traditional home cooking and baking in Western countries since the beginning of time. It also finds its applications in many other industries, such as pharmaceutical, wastewater, agriculture, and animal fodder industries as well. In recent times, yeast has garnered attention from the biofuel industry, which uses yeast as a natural fermenting agent to produce bioethanol by fermenting sugars and starches.
It is also used in agriculture to enhance the nutritional value of fodder consumed by the cattle. It is also used to decontaminate the soil from harmful pollutants. Restaurant chains specializing in baked goods, like pizzas and burgers, rely on yeast for their signature creations. The demand for yeast in the international market has also seen considerable growth due to the recent pandemic, which required increased home baking and cooking activities.
There are various types of yeast varieties in the market. The baker’s yeast is one of the most common and widely used varieties, thanks to its versatile applications within the baking industry. The dry form of yeast contributes significantly to the global yeast market due to its long shelf life, affordability, and easy availability worldwide.
“The market is filled with misconceptions and myths regarding the ill-effects of yeast and yeast-related products. Key players in the market need to strategically plan the branding of yeast so that people become more aware of the products. They can actively take support from the government to promote yeast as it has a lot of nutritional value”, opines an FMI analyst.
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Key Takeaways from the Yeast Market Report:
The yeast market is expected to grow at a modest rate of 4.6% from 2023 to 2033.
Baker’s yeast dominates the global market with an overall revenue share of 33.30%.
The United States of America is the largest consumer of yeast and yeast-related products, with a revenue share of 19.0%.
The Indian yeast market is growing remarkably at 7.1% CAGR. Germany, Japan, and the United States follow it.
China is the highest exporter of yeast and yeast-associated products.
Competitive Landscape in the Yeast Market:
The global yeast market attracts numerous international companies due to the easy availability and acquisition of yeast. The extended shelf life of dry yeast facilitates its storage and distribution worldwide, enabling intense competition among yeast manufacturers on a global scale. The consistency in the procurement process shapes the competitive landscape, as consumers predominantly favor untreated and pure yeast products, resulting in a continuous demand over the years.
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Recent Developments in the Yeast Market:
In 2023, Lallemand Biofuels introduced a novel yeast strain known for its high-temperature tolerance, suitable for bioethanol production from diverse feedstock sources.
In 2022, Lesaffre, a renowned yeast producer, introduced a fresh range of organic yeast offerings tailored for the bakery sector.
In 2023, AB Vista, a prominent global yeast manufacturer, announced an innovative yeast strain engineered for enhanced ethanol production from corn.
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