The
competitive rivalry among the players operating in the global yeast
extract and beta glucan market is intense as they strive to gain a
wider consumer base through product innovation, states Transparency
Market Research (TMR) in a new report. There are a significant number
of players, both global and regional operating in the market for
yeast extract and beta glucan. Moreover, several small scale
companies are also investing in the market, especially in the yeast
extract segment due to the high growth potential present in it. The
top three players in the global yeast extract and beta glucan market,
Associated British Foods plc., Lesaffre, and DSM N.V., accounted for
a share of approximately 16.8% in 2014.
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The
global yeast extract and beta glucan market is anticipated to exhibit
a CAGR of 7.6% between 2015 and 2021. In 2015, the market was worth
US$677.6 mn and is projected to rise to a valuation of US$1,054.5 mn
by the end of 2021. Based on application, the bakery and processed
food segment dominated the global yeast extract and beta glucan
market. The market for yeast extract and beta glucan in the bakery
and processed food segment was worth US$218.7 mn in 2014 and is
expected to reach US$355.1 mn by 2021. Yeast and beta glucan are used
as functional ingredients in food products. Their use is prominent in
bakery products such as waffles, cakes, bread, cookies, and biscuits.
In addition, they are also used in savory dishes such as marinated
meat, sauces, bouillons, stews, and soups to enhance the flavor and
taste. The rising demand for bakery products and savory dishes has
impelled manufacturers to increase the production of these products,
thus intensifying the demand for yeast extract and beta glucan.
Rising
Demand from Brewing and Baking Industries to Push Europe towards
Promising Growth
Region-wise,
Europe emerged dominant in the global yeast extract and beta glucan
market with a share of almost 37.3% in 2014 and is anticipated to
account for a share of 37.0% in 2021. It is expected that Europe will
maintain its dominance over the forecast period. According to a TMR
analyst, “The growth of the yeast extract and beta glucan market in
Europe can be attributed to the growing demand from the brewing and
baking industries in the region.” Beta glucan and yeast extract
have considerable applications in beer and malt production in Europe.
Due to shortage of molasses, which is one of the prime raw materials
used for yeast extract, the yeast extract and beta glucan industry is
likely to face stiff competition from other industries. However, the
rising application of beta glucan and yeast in the bakery and
processed food industries in the region is likely to bode well for
the growth of the market.
Robust
Urbanization to Intensify Consumption of Beta Glucan and Yeast
Extract
Due
to growing urbanization, the consumption of ready to eat and
processed food is increasing substantially. Furthermore, the demand
for processed food products is also expected to rise due to the
increasing urban population and growing number of working women. The
flourishing fast food culture is one of the key factors that is
anticipated to drive the demand for yeast
extract and beta glucan as they are extensively used in processed
and bakery food products. Moreover, the growing popularity of
probiotic functional food products among consumers is anticipated to
drive the growth of the market. Yeast extract is an important
additive in probiotic functional food as it helps in improving
digestion and restoring health.
Dearth
of Molasses to Act as Hindrance in Growth of Market
Molasses
or black treacle is a significant raw material required for the
growth of yeast. Molasses is the final residue after repeated sugar
crystallization. The production of yeast is highly dependent on the
availability of molasses. The yeast market is facing tough
competition from other industries in terms of raw materials
availability due to shortage of molasses. The developing bio-fuel
industry is also likely to threaten the growth of the yeast margin as
it operates on high margins. However, producers of yeast extract and
beta glucan can expect growth opportunities from the wide
applications of yeast extract and other derivatives in untapped
sectors.
This review is based on a Transparency Market Research report, titled, “Yeast Extract and Beta Glucan Market (Product Type - Yeast Extract and Yeast Beta; and Application Type - Bakery and Processed Food, Dairy and Functional Food Products, Beverages, Pharmaceuticals, Animal Feed, Bio-fuels, and Cosmetics) - Global Industry Analysis, Size, Share, Growth and Forecast 2015–2021.”
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