North America Yeast Extract Market size exceeded USD 350 million in 2021 and is anticipated to exhibit a CAGR of 5% between 2022 and 2028.
Yeast extract, which consists of amino acid peptides, carbohydrates, vitamins, and other nutrients, is gaining widespread adoption in foods as an additive and flavoring agent. This natural ingredient is also extensively used for the fermentation of beverages such as wine, beer, and non-alcoholic drinks.
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The market growth can be credited to the significant surge in alcohol beverage consumption. As per a 2021 survey commissioned by Alkermes, over 17% of Americans or respondents reported heavy drinking over the past 30 days. Moreover, the number of food and beverage processing facilities continues to rise in prominent countries.
COVID-19 Impact on North America Yeast Extract Market Growth
Farmers in the U.S. have had to deal with economic challenges and high production costs amid the COVID-19 pandemic, squeezing the margins for livestock, crops, and dairy businesses. Despite the disruptive impacts of the coronavirus pandemic, the U.S. agricultural sector may, however, remain resilient under the financial support or COVID-19 relief programs being introduced by federal agencies.
North America Market, By Source
The brewer’s yeast extract market demand was more than 30 kilo tons in 2021, as a result of the thriving bakery industry and the increasing incidence of diabetes. The consumption of yeast extract sourced from brewer’s yeast will grow on account of its health benefits, including the support for chronic disease treatment.
North America Market, By Technology
The hydrolyzed yeast technology is rapidly emerging as an alternative protein source for animal feed, supporting the reduction of antibiotic use as well as improving animal welfare. The mounting investment of American food corporations like Cargill in animal nutrition centers is impelling the market growth.
North America Market, By Country
The U.S. yeast extract market will grow at a significant CAGR through 2028, driven by the escalating pharmaceutical spending. As per data from the Organization for Economic Corporation and Development, U.S. citizens spent over USD 1,126 per capita on prescribed medicines in 2019. Factors such as these will stimulate the demand for yeast for use in pharmaceutical proteins and subsequently contribute to the market development.
North America Market, By Application
The application scope of versatile ingredients like yeast extract in food and beverages is expanding, given their ability to promote the immune system. They are widely used in baked products, nutritional supplements, and dairy products. With the changing lifestyles and the growing consumption of packaged foods, the food and beverage industry is anticipated to witness commendable growth and in turn, favor yeast extract manufacturers.
Competitive Industry Landscape
Some of the major players operating in the North America yeast extract market include Kohjin Life Sciences, Oriental Yeast, AB Mauri, Biorigin, Sensient Technologies Corporation, Alltech, Ohly, Halcyon Proteins, Specialty Biotech, Synergy Flavors, Thai Foods International Co., Ltd, Biospringer, DSM, Angel Yeast, Leiber GmBH, Lesaffre Group, Kerry Group, and Lallemand Inc. These companies are majorly targeting business expansion and innovative product launches to gain a competitive edge over rivals.