Specialty Yeast Market Share, Size, Trends, Industry Analysis Report, By Type (Wine Yeast, Bioethanol Yeast, Brewer's Yeast, Baker's Yeast, Others); By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 118
- Format: PDF
- Report ID: PM2523
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global Specialty Yeast market was valued at USD 123.35 billion in 2023 and is expected to grow at a CAGR of 6.8% during the forecast period.
The food and beverage industries are witnessing a rising demand for specialty yeast, propelled by an increasing consumer preference for functional foods and heightened awareness of health and wellness. Specialty yeast, employed in processes like brewing, baking, and animal feed, is poised for growth due to factors such as the growing inclination towards natural food additives, a surge in processed food demand, and an expanding awareness of the benefits linked to functional foods. Additionally, the anticipated expansion of the food and beverage sector is likely to further drive the demand for specialty yeast in the future.
The research report offers a quantitative and qualitative analysis of the Specialty Yeast market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
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Furthermore, the market is experiencing growth through the incorporation of specialty yeast in the production of alcoholic beverages, such as beer and wine. The brewing sector is anticipated to witness an increased demand for specialty yeast, driven by the growing consumption of alcoholic beverages and the surging popularity of craft beer and premium wines.
The escalating requirement for animal feed is also poised to contribute to market expansion. Specialized yeast is utilized in feed formulations to support animals in enhancing their immune and digestive systems. In the coming years, the market's growth is expected to be further propelled by the increasing demand for meat and dairy products, coupled with the benefits associated with the use of specialty yeast in animal feed.
Additionally, the expanding need for tailor-made yeast in the pharmaceutical sector is set to drive market expansion. Specialty yeast serves as a crucial raw material in the production of numerous medications and vaccines. The demand for specialized yeast in the pharmaceutical industry is foreseen to rise in response to the increasing demand for vaccines and the growing prevalence of chronic diseases.
Nevertheless, market growth could face obstacles due to the presence of substitutes and the elevated cost associated with specialty yeast. The existence of more cost-effective alternatives, such as chemical additives, is expected to present a challenge for industry participants.
Industry Dynamics
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Growth Drivers
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Increasing Consumer Demand for Processed Food Products Drive the Growth of the Overall Specialty Yeast Market.
The sales of specialty yeast products are influenced by various factors, including the growth in women's employment, the rise in nuclear families, lack of time for food preparation due to busy schedules, a fast-paced lifestyle, quick and easy food preparation, and evolving consumer preferences. With approximately 56.2% of the global population residing in urban areas, where working-class individuals often lead busy lives, the preference for ready-to-eat and ready-to-cook food, featuring specialty yeast as a key ingredient, is expected to contribute to increased consumption of specialty yeast products in the forecast period.
Report Segmentation
The market is primarily segmented based on type, application, and region.
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By Type |
By Application |
By Region |
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By Type Analysis
- The Baker's Yeast segment held the largest revenue share in 2022
The growth is credited to the growing inclination toward convenience foods and baked goods, coupled with an increase in the consumption of gluten-free products. In the baking industry, the pivotal role of baker's yeast in fermenting dough, enhancing the texture and flavor of bread, is noteworthy. Additionally, the surge in demand for Baker's Yeast is anticipated to be propelled by the increasing trend of home baking and the worldwide expansion of bakery chains, thereby contributing to the revenue growth of this segment.
Throughout the forecast period, the bioethanol yeast sector is anticipated to experience the most rapid revenue growth. The expansion of this segment is projected to be fueled by the increasing global demand for biofuels, driven by concerns about greenhouse gas emissions and environmental degradation. Bioethanol yeast is predominantly employed in the industry for the fermentation of plants like corn and sugarcane used in biofuel production. Additionally, the market segment's revenue growth is expected to be enhanced by rising investments in biofuels-related research and development, coupled with growing public awareness of their benefits.
By Application Analysis
- The Food & Beverages segment accounted for the highest market share during the forecast period
Specialty yeast is increasingly employed in food and beverage products to enhance their flavor, texture, and nutritional profile. For example, baker's yeast is extensively used in the production of bread, cakes, and various bakery items. Brewer's yeast is utilized in the fermentation process to produce beer, while wine yeast imparts unique characteristics to wines during the winemaking process. Bioethanol yeast is crucial in the production of biofuels, serving as alternative energy sources. Consequently, the specialty yeast market in the food and beverage industry is expected to witness revenue growth due to the escalating demand for processed and convenient food products, along with the increasing emphasis on alternative energy sources.
The pharmaceutical industry is anticipated to experience the most rapid revenue growth, particularly in the production of probiotics beneficial for gut health and immunity using specialty yeast. The increasing consumer awareness of health and wellness is driving the demand for probiotic products, consequently contributing to the growth of the pharmaceutical sector's specialty yeast market. Additionally, the escalating prevalence of chronic diseases and the aging population are fostering a growing demand for pharmaceutical products, further supporting the expansion of the specialty yeast market within the pharmaceutical sector.
Regional Insights
- Asia Pacific dominated the largest market in 2022
The increasing consumption of bakery products and alcoholic beverages in the region is the primary catalyst for the specialty yeast demand. Another factor propelling market growth is the role of specialty yeast in enhancing consumer health awareness. Additionally, the region's market is poised for accelerated growth owing to the increased utilization of specialty yeast in animal nutrition products.
The demand for bakery products and alcoholic beverages is on the rise, particularly in emerging nations like India and China, where the population is experiencing rapid growth. The market in the region is expanding, driven in part by the increasing disposable income of the middle class.
During the forecasted period, the North American market is anticipated to achieve the fastest CAGR. The increased consumption of alcohol and bakery products in the region is the primary driver of the specialty yeast demand. Another factor contributing to market expansion is the role of specialty yeast in enhancing consumer health awareness. Furthermore, the market in the region is expected to experience accelerated growth due to the increased utilization of specialty yeast in animal nutrition products.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- Angel Yeast Co., Ltd.
- Associated British Foods plc
- Bio Springer
- Biospringer
- Cargill, Inc.
- Kerry Group
- Lallemand Inc.
- Leiber GmbH
- Lesaffre
- Ohly
Recent Developments
- In May 2022, Red Star Yeast Co. (US), a collaboration between Lesaffre (France) and ADM (US), disclosed its expansion strategy with the inauguration of a new manufacturing facility in Cedar Rapids, US. This strategic expansion involved the installation of a new yeast fermenter, significantly augmenting the company's production capabilities.
- In January 2022, OHLY (Germany), a subsidiary of Associated British Foods Plc (UK), introduced OHLY SAV-R-MEAT PBD yeast-based chicken flavor enhancers to meet the increasing consumer demand for a robust chicken flavor and a sustained umami mouthfeel in food products
- In December 2021, Lallemand Inc. (Canada) introduced three novel yeast extracts for plant-based formulations: Savor-Lyfe PH 04, Savor-Lyfe PS 05, and Savor-Lyfe PR 06, in response to the growing consumer preference for an authentic meat-like experience and sustainable meal options.
Specialty Yeast Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 131.02 billion |
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Revenue forecast in 2032 |
USD 221.86 billion |
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CAGR |
6.8% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
Seeking a more personalized report that meets your specific business needs? At Polaris Market Research, we’ll customize the research report for you. Our custom research will comprehensively cover business data and information you need to make strategic decisions and stay ahead of the curve.
FAQ's
The key companies in Specialty Yeast Market are Yeast Co., Ltd., Associated British Foods plc, Bio Springer, Biospringer, Cargill, Inc
The global Specialty Yeast market is expected to grow at a CAGR of 6.8% during the forecast period.
Specialty Yeast Market report covering key segments are type, application, and region.
The key driving factors in Specialty Yeast Market is Increasing Consumer Demand for Processed Food Products Drive the Growth of the Overall Specialty Yeast Market.
The global Speciality Yeast market size is expected to reach USD 221.86 billion by 2032,
