As per the current market research conducted by CMI Team, the global Yeast Market size is expected to record a CAGR of 9.7% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 5.73 billion. By 2032, the valuation is anticipated to reach USD 7.65 billion.
Yeast Market: Growth Factors and Dynamics
The yeast market is influenced by several dynamic factors that impact its growth, trends, and opportunities. Understanding these dynamics is crucial for industry players and stakeholders. Here are some key dynamics of the yeast market:
- Increasing Demand for Processed Foods: The growing global population, urbanization, and changing lifestyles have led to an increased demand for processed and convenience foods. Yeast plays a vital role in the production of various processed food products such as bread, cakes, pastries, and snacks. The rising demand for processed foods is driving the growth of the yeast market.
- Health Consciousness and Functional Benefits: There is a rising awareness among consumers about the importance of a healthy diet and the nutritional value of food. Yeast products, such as nutritional yeast and yeast extracts, offer functional benefits like being a source of protein, vitamins, and minerals. The health-conscious consumer base is seeking yeast-based products for their nutritional advantages, contributing to the growth of the market.
- Technological Advancements in Yeast Production: Continuous advancements in biotechnology and fermentation processes have resulted in improved methods of yeast production. These advancements have led to increased production efficiency, higher quality yeast, and cost-effectiveness. Technological innovations and process optimization are driving the growth and competitiveness of the yeast market.
- Growing Applications in Biofuels: The rising focus on renewable energy sources and the need to reduce greenhouse gas emissions have propelled the demand for biofuels. Yeast, particularly bioethanol yeast, is used in the production of biofuels from biomass sources like corn, sugarcane, and wheat. The increasing demand for biofuels is positively impacting the yeast market.
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Yeast Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the yeast market, both in terms of challenges and opportunities. Here is an analysis of the effects of COVID-19 on the yeast market:
- Disruption in Supply Chain: The pandemic resulted in disruptions in the global supply chain, including transportation restrictions, border closures, and labor shortages. These disruptions affected the sourcing of raw materials and the distribution of yeast products, leading to supply chain challenges for yeast manufacturers and suppliers.
- Fluctuating Demand in the Food Industry: The closure of restaurants, cafes, and other food service establishments during lockdowns led to a decline in demand for yeast products used in the food service sector. However, there was a surge in demand for yeast from the retail sector as consumers engaged in home baking and cooking activities. The overall impact on the yeast market varied based on the distribution channels and consumer behavior changes.
- Shift in Consumer Preferences: The pandemic has brought about changes in consumer preferences and priorities. There has been an increased focus on health and wellness, leading to a higher demand for yeast-based products with nutritional benefits. Consumers are also seeking comfort foods, including baked goods, which has driven the demand for yeast in home baking activities.
- Rise in Online Retail and E-commerce: With the restrictions on physical stores and social distancing measures, there has been a significant surge in online retail and e-commerce platforms. This shift has allowed consumers to access yeast products conveniently, leading to increased online sales and a change in the distribution landscape for yeast manufacturers.
- Focus on Food Security and Self-sufficiency: The pandemic has highlighted the importance of food security and self-sufficiency. This has led to an increased emphasis on local food production and reduced reliance on imports. In some regions, this has translated into increased demand for yeast as a key ingredient in locally produced bakery and food products.
List of the prominent players in the Yeast Market:
- Conagra Brands Inc. (US)
- London Dairy Co. Ltd (UK)
- Danone SA (France)
- ADM (U.S)
- Daiya Foods Inc. (Canada)
- Grupo Bimbo S.A.B.de C.V.(Mexico)
- Associated British Foods PLC (UK)
- General Mills Inc. (US)
- Lantmännen Unibake (Denmark)
- Aryzta AG (Switzerland)
- Vandemoortele NV (Belgium)
- Europastry S.A. (Spain)
- Cole’s Quality Food Inc.(US)
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