The Nutritional Yeast Market is estimated to be valued at US$229.6 Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nutritional yeast is a food product derived from dehydrated dead yeasts which is a rich source of nutrients especially B-complex vitamins. It has a robust cheesy, nutty and savory flavor which makes it a popular substitute for cheese. It is used in vegan cuisine, spreads, desserts and other plant-based foods to enhance their taste and nutrition profile. It is a staple item for vegans and health conscious consumers due to its high protein and vitamin content.
Market Dynamics:
Two major drivers influencing the nutritional yeast market are increasing vegan population and favorable government initiatives. The vegan population has grown manifold in recent years due to rising animal welfare and environmental concerns. According to statistics, around 5-6% of the US population now follows a vegan diet. In the UK, veganism grew by 350% between 2014 to 2019. This rapid rise has boosted demand for vegan substitutes including nutritional yeast. Government bodies across nations are also actively supporting adoption of plant-based diets by awareness campaigns and ease of availability of vegan foods. This is boosting innovations and product launches in the space which is creating greater impetus for nutritional yeast consumption.
Segment Analysis
The global nutritional yeast market is dominated by the food grade segment. Food grade nutritional yeast is widely used in various food applications such as dairy alternatives, spreads, dips, dressings, snacks, and bakery products owing to its savory and cheesy flavor. The growing vegan population and health consciousness among consumers have increased the demand for plant-based dairy and meat alternatives made with food grade nutritional yeast.
PEST Analysis
Political: There are no significant political risks impacting the nutritional yeast market globally.
Economic: The rising disposable incomes and growing health awareness are driving the demand for nutritional and natural yeast products in developing regions.
Social: Increasing vegan population and preference for plant-based nutrition is a major growth driver for nutritional yeast market. Younger consumers are more conscious about ingredients and nutrition.
Technological: Production technologies are well established with continuous advancements in fermentation and yeast culturing processes. New product launches incorporating yeast extracts are expanding market growth.
Key Takeaways
The Global Nutritional Yeast Market Size is expected to witness high growth, exhibiting CAGR of 14. % over the forecast period, due to increasing health consciousness. The market size for 2023 is US$ 229.6 Mn.
Regional analysis: North America dominates the global nutritional yeast market led by U.S. Growing vegan demography and use of nutritional yeast as an alternative to cheese and dairy products are propelling market growth in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with China, India, Japan being the major consumers.
Key players operating in the nutritional yeast market include Kothari Fermentation and Biochem Ltd, ABF ingredients, Biomin, Angel Yeast, Bob’s Red Mill, Cargill Inc., Nutreco, Alltech and Pacific Ethanol. These players are focused on new product launches and expansion in high growth regions. For instance, Angel Yeast launched nutritional yeast flakes with low sodium content to tap into health-conscious consumer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
