The global yeast-based spreads market is forecasted to attain a valuation of USD 449.5 million in 2023. With a consistent compound annual growth rate (CAGR) of 4.7%, the market is expected to experience steady growth, reaching USD 711.0 million by 2033.
Residual brewer’s yeast is used to produce spreads such as Marmite and Vegemite, which are known for their savory flavors and high B vitamin content. Currently, Australia leads the global market for yeast-based spreads, thanks to prominent brands like Vegemite, AussieMite, and Promite. The growing consumption of yeast-based spreads in Australia is expected to attract more market participants.
The United Kingdom also shows significant potential for market growth. Increasing consumption of yeast-based spreads in the UK is driven by global leaders like Unilever, which produces Marmite. Recent years have seen a strong focus on launching innovative products. Additionally, the rising prevalence of vegetarianism and veganism is contributing to the growing demand for yeast-based spreads. As more consumers adopt vegetarian and vegan diets, the market for these spreads is expected to experience notable growth.
Research has shown that the high B vitamin content in yeast-based spreads may help alleviate symptoms of mental health conditions like depression and anxiety. With increasing global attention and discussions about mental health in recent years, Future Market Insights (FMI) anticipates that these trends will continue to gain momentum. This growing awareness is expected to create lucrative opportunities for companies in the global yeast-based spreads market.
Key Takeaways from the Yeast Based Spreads Market Study:
- In 2023, FMI expects the global market for yeast based spreads to register a valuation of US$ 449.5 million.
- Between 2023 and 2033, the global market is set to experience steady acceleration at a 4.7% CAGR.
- The valuation of the global market is likely to surpass the US$ 711.0 million mark in 2023.
- From 2018 to 2022, FMI observed a 5.8% CAGR acceleration for the global market.
- Australia and the United Kingdom are likely to dominate the global market going ahead and capture significant shares.
- By product type, FMI expects Marmite to generate substantial demand and sales between 2023 and 2033.
- Spreads containing organic yeast are set to register more sales compared to spreads containing conventional yeast.
Competitive Landscape
Players in the global market for yeast based spreads are likely to prioritize promotional strategies and new product launches between 2023 and 2033. Social media marketing efforts are also set to gather momentum as players focus on making consumers aware of the health benefits of yeast based spreads.
Key players in the yeast based spreads market include All Natural Foods of Stirling , AussieMite, Bega Cheese, Jardox Ltd, Marmite (New Zealand), Mars Foods, Nature’s Blend, Sanitarium Health & Wellbeing, Three Threes Condiments Pty. Ltd., Unilever Plc. and Vitam-R.
For instance:
- In May 2022, Marmite announced the launch of a new truffle flavored yeast based spread in collaboration with adam&eveDDB.
- In February 2022, Vegemite announced the relaunch of its popular Vegemite Cheesymite product. The new avatar of the product was named Vegemite & Cheese.
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Global Yeast Based Spreads Market by Category
By Product Type:
- Aussiemite
- Cenovis
- Marmite
- Oxo
- Promite
- Vegemite
- Vitam-R
By Nature:
- Organic
- Non-GMO
- Conventional
By End Use:
- Food Services
- Hotels
- Restaurants
- Cafes
- Business to Consumers
- Hypermarkets/Supermarkets
- Convenience Stores
- Discount Stores
- Mom & Pop Stores
- Online Retail Platforms
Claims:
- Vegan
- Vegetarian
- Gluten-Free
- Dairy-Free
- Halal
- Natural
- Kosher
- Fat-Free
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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