The global smoked yeast market will witness increment in demand due to the growing usage in the food and beverage industries along with increasing awareness among individuals about its nutritional value in food and the health benefits.
Also, the growing use of smoked yeast in pharmaceuticals, as dietary supplements, and increased customer interest in organic food products produced utilizing natural food additives are other aspects anticipated to see a rise in demand for smoked yeast during the forecast period, 2020-2030. Augmented use of smoked yeast in the animal feed, cosmetic, and food industries is likely to fuel market growth for the duration of the forecast.
Smoked Yeast Market: Key Developments
The market is foreseeing an increment in the demand for smoked yeast positively, particularly from the people who have adopted veganism. This ingredient is often utilized as a condiment in various foods since it has a nutty & cheesy flavor which helps to equal the taste of cheese in vegetarian dishes, to stimulate nutrients, and to condense the consistency of sauces and dressings. This factor adds to market development as customers are switching to vegan products.
COVID-19 Impact Analysis
The COVID-19 outbreak has influenced the majority of companies in the food & beverage industry. The market is faced with low product consumption and supply chain challenges. Market players are focusing more on modifying their supply chains to strengthen their delivery measures and online presence, to make an effort to adapt to the current business environment. The shifts in customer’s buying behavior and the dynamic shifts towards D2C and online distribution channels might have serious implications in the near future.
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Key Takeaways of the Market Study
- In terms of source, the global market is categorized as Brewer’s Yeast and Bakers Yeast.
- In terms of application, the global market is categorized as pharmaceuticals, prepared food, food, bakery/snack and savory, feed and pet food, alcoholic beverages, and others. Amid these, the alcoholic beverages, bakery/snack, and savory and other non-food categories are anticipated to witness growing demand during the forecast period.
- The smoked yeast market is anticipated to witness pelting demand in the pharmaceutical industry.
Regional Insights
Europe market accounts for the biggest market share in the global market, because of the increasing consumption of conventional foods together with the growing brewery and bakery industries in the European nations. Additionally, the market in East and South Asia is likely to foresee substantial growth in the future, due to an increase in awareness of the consumption of balanced and nutritious food particularly in emerging economies such as India and China.
Canada and the U.S. are to withhold outstanding growth, owing to the rising demand for smoked yeast and its application in pharmaceutical, feed, and food industries. Growing demand for functional bakery products, improved production of mineral-rich animal feed, and rising trends in the consumption of alcoholic beverages are key variables anticipated to boost the market growth of the smoked yeast.
Competitive landscape
Major companies operating in the global smoked yeast market are Ab Mauri, Alltech Inc., Chr. Hansen, Ab Vista, Angel Yeast Co. Ltd, Bio Springer S.A., Lallemand and Dsm N.V., and Cargill Incorporated.
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