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

The South and Central America yeast extract market is expected to reach US$ 219.6 million in 2027 from US$ 144.2 million in 2019. The market is estimated to grow at a CAGR of 5.4% during 2020-2027.

The growth the South and Central 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 South and Central 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 South & Central America yeast extract market.

South & Central America is witnessing the growing number of COVID-19 confirmed cases. With the second wave of the outbreak, there has been an increasing number of cases in the Latin American countries. The COVID-19 pandemic is adversely affecting the agriculture and food industries in South and Central American countries. There have been challenges faced by manufacturers and distributors in terms of logistics. The food items needed to move across borders with extra restrictions and in compliance with the existing food standards. Brazil is one of the highest affected countries in South & Central America amid COVID-19 pandemic. The country is witnessing an economic, social, and political crisis that fostered unemployment, poverty, and hunger. However, in other countries, the impact of COVID-19 outbreak on the yeast extract market was low to medium.

Based on technology, the South and Central 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.

Based on form, the South and Central America yeast extract market 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 South and Central 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 South and Central America yeast extract market are the Flanders Investment & Trade (2019) and Angel Yeast Co., Ltd.