The global yeast market has witnessed a steady growth over the last few years. The market size is projected to reach USD 5.40 Billion by 2022, at a CAGR of around 9.0% from 2017 to 2022. The growth of the bakery industry and increasing demand for convenience food are the major drivers that have contributed to the growth of the market.
The yeast market, by type, is segmented into baker's yeast, brewer's yeast, wine yeast, bioethanol yeast, feed yeast, and others (nutritional and supplement yeast). The increasing trend of consumption of processed food items and bakery foods is leading to a high demand for baker's yeast in developing economies.
By application, the market has been segmented into food, feed, and others (including pharmaceutical and industrial). The yeast application in the food segment has been increasing due to the increasing use of yeast in snack seasonings, ready-to-eat meals, processed fish, meat and analogs, dairy, bakery, beverages, and dietary supplements.
By form, the market has been segmented into fresh yeast, dry yeast, instant yeast, and others (including bread machine and rapid-rise yeast). The fresh yeast segment accounted for the largest market due to its wide use in bakery products such as bread, biscuits, and pastries.
The specialty yeast market, by type, is segmented into yeast extracts, and yeast autolysates, other yeast derivatives, and others. Other yeast derivatives include yeast flavor enhancers, yeast saccharides, and yeast pigments, and others include nucleotides, minerals, and vitamins. The need for developing high performing yeast at the lowest prices for the highly competitive end-product market is the key driver of the specialty yeast market.
The global yeast market was dominated by Europe in 2016. North America is projected to be the fastest-growing market from 2017 to 2022. The European yeast market is witnessing growth due to the increasing consumption of processed food products, increasing alcohol consumption, and increasing awareness about the nutritive value of yeast.