Global Yeast Extract and Beta Glucan Market: Snapshot
The global yeast extract and beta glucan market is envisaged to win over a mega growth on the back of an augmenting employment of cellulosic bio-fuels and want for probiotic functional food. Additionally, on account of surging industrialization, the demand for processed food has soared to new heights. As a result, the market could be motivated for more growth. However, one of the major barriers on the growth path of the market is expected to be the paucity of a mandatory yeast extract raw material, i.e. molasses. Nevertheless, manufacturers are expected to keep their hopes alive with opportunities in the processed food sector for novel solutions and various applications of yeast extract and its derivatives.
According to an expert research analysis, the world yeast extract and beta glucan market could attract a valuation of US$1.05 bn by the concluding forecast year 2024. In 2016, the market had attained a revenue figure of US$0.72 bn. For the forecast period 2015–2021, the CAGR anticipated for the market is 7.6%.
Yeast Extract Dominates Beta Glucan with Weighty Demand in Food and Beverage
Amongst the two products available in the global yeast extract and beta glucan market, yeast extract is envisioned to rake in a herculean revenue share of close to 80.0% by 2024. In the starting year of the forecast period, the market share scenario was more or less the same, which depicts the dominance of the yeast extract product type segment.
Much of the demand for yeast extract could be attributed to its broad scope of applications in various sectors. For instance, depending on the extraction method, it is possible to use yeast extract in the hydrolyzed or autolyzed form with each of them having different applications. In the personal care sector, hydrolyzed yeast extract is utilized in the production of hair conditioning and anti-static products. It is also used a flavoring agent in recipes. Autolyzed yeast extract, on the other hand, could be engaged as an inexpensive alternative to monosodium glutamate (MSG).
While yeast extracts may not be used as flavor enhancers, they find extensive usage as ingredients in the food and beverage sector. Functional foods and drinks, baked and frozen products, ready-to-eat meals, snacks, soups, and sauces all use yeast extracts at a significant rate.
Europe and Rest of the Word Surrender Share to Asia Pacific and North America
Riding on primary contributors such as Thailand, Japan, South Korea, India, and China, Asia Pacific is prophesied to make the cut in the international yeast extract and beta glucan market alongside North America. Both the regional markets could secure as good as a 50.0% share by the end of the forecast period. Europe is prognosticated to be crowned as a single leading market share holder throughout the forecast years. The demand in these regions could be due to the use of yeast extract and beta glucan in the preparation of dairy products, alcoholic beverages, and medicines. There is a rising demand predicted to take precedence in the baking and brewing sector.
An interesting part pointed out by this geographical analysis is the trend of Europe and Rest of the World losing their shares to the promisingly growing markets of Asia Pacific and North America by 2024. By application, the bakery and processed food segment is projected to be valued at a higher revenue in Asia Pacific. Preference for convenience food products, swelling population size, changing food habits, and elevating disposable income are some of the factors influencing the growth of Asia Pacific.
