North America Yeast Extract Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology; Form; Application

The North America yeast extract market is expected to reach US$ 561.2 million in 2027 from US$ 389.6 million in 2019. The market is estimated to grow at a CAGR of 4.7% during 2020-2027.

The growth the North America yeast extract market is attributed to the key driving factors such as the rising demand for natural ingredients in the food & beverages industry and the launch of new products. However, the availability of yeast extract substitutes hinders the market growth.

There has been an increasing demand for natural food additives in the food & beverages industry in the recent years owing to the changing food preferences and healthy lifestyle adoption among the younger population across North America. People suffering from health conditions are recommended to consume food items made from natural sources. As a result of environmental awareness, as well as the growing trends of healthy food consumption led by young population, the consumers are demanding transparency regarding the source of raw materials and ingredients used for making a particular product while purchasing the same.

Yeast extract is one of the key aromatic natural ingredients used for the designing of flavorful dishes and drinks by various food & beverages companies and restaurants. The extract also helps in enhancing the taste and texture of food items such as sauces, soups, seasonings, ready meals, snacks, and meat products. Furthermore, the yeast extract is considered as a safe and clean label ingredient by majority of the federal regulatory bodies. Therefore, its adoption is rising in end users such as pharmaceutical companies, restaurants, home bakers, brewing companies, and cosmetic product manufacturers. Thus, the advantages offered by natural yeast extracts combined with the increasing demand for natural ingredients in food products drive the growth of the North America yeast extract market.

North America has been experiencing the rapidly rising number of COVID-19 cases since its outbreak. The food & beverages industry experienced profound disruption as the manufacturing plants were shut and there was the shortage of human resources. The COVID-19 pandemic created a massive disruption in supply chains and acted as a major restraint to food and beverages companies in the North American markets. Trade restrictions and imposition of lockdown by government led to halt of a large number of obstacles to manufacturers and distributors operating in the food and beverages market, as there was a limited supply of raw materials and special ingredients. Furthermore, the bakery and liquor manufacturing companies developed robust safety programs to stridently work under the pandemic conditions and keep the operations functional as food and beverages production come under the category of essential businesses. The safety programs helped to offer maximum protection while minimizing the downtime of the machines. Thus, COVID-19 has had a huge impact on the food and beverages industry across North America.

Based on technology, the North America yeast extract market is bifurcated into autolyzed and hydrolyzed. The autolyzed segment held a larger market share in 2019, whereas the hydrolyzed segment is anticipated to register a higher CAGR in the market during the forecast period.

The North America yeast extract market, based on form, is segmented into powder, paste, and liquid. The powder segment held the largest market share in 2019, also the same segment is anticipated to register the highest CAGR in the market during 2020-2027.

By application, the North America yeast extract market is segmented into food and beverages, animal feed, pharmaceuticals, and others. The food and beverages segment held the largest market share in 2019, whereas the animal feed segment is anticipated to register the highest CAGR in the market during the forecast period.

A few of the primary and secondary sources referred to while preparing the report on the North America yeast extract market are the Food and Drug Administration (FDA) and Single Platform 2020 (US).