Global Nutritional Yeast Market Is Estimated To Witness High Growth Owing To Increasing Demand for Vegan and Vegetarian Foods & Rising Awareness Regarding Health Benefits of Nutritional Yeast
The Nutritional Yeast Market is estimated to be valued at US$ 195.35 Mn in 2021 and is expected to exhibit a CAGR of 11.54% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nutritional yeast is a deactivated yeast that is commonly used as a food additive. It is a rich source of vitamins, minerals, and protein, making it a popular choice among vegans and vegetarians. It is commonly used as a flavor enhancer in various dishes such as sauces, soups, and snacks. Nutritional yeast is also known for its health benefits, as it is packed with essential nutrients and promotes immune health, supports digestion, and boosts energy levels. The rising trend of plant-based diets and increasing health consciousness among individuals are driving the demand for nutritional yeast.
Market Dynamics:
The high growth of the nutritional yeast market can be attributed to two main drivers. Firstly, the increasing demand for vegan and vegetarian foods is fueling the demand for nutritional yeast. As more individuals adopt plant-based diets, the need for alternative sources of protein and essential nutrients is rising. Nutritional yeast serves as an excellent substitute for animal-based products, providing a rich source of vitamins, minerals, and protein.
Secondly, there is a growing awareness regarding the health benefits of nutritional yeast. It is known to support immune health, aid in digestion, and boost energy levels. The nutritional profile of yeast, combined with its savory and cheesy flavor, makes it a sought-after ingredient in various food products. The rising health consciousness among consumers is driving the demand for nutritional yeast as a natural and nutritious ingredient.
SWOT Analysis:
Strength:
- Nutritional yeast has gained popularity as a versatile and healthy food ingredient, providing essential vitamins, minerals, and proteins.
- The increasing trend of vegan and vegetarian diets has significantly boosted the demand for nutritional yeast as a plant-based source of protein and vitamin B12.
- Market players are investing in innovative product development and new flavor variants to cater to the increasing consumer demand.
Weakness:
- The high cost of nutritional yeast compared to conventional yeast products is a major barrier for price-sensitive consumers.
- Limited consumer awareness and misconceptions about the taste and usage of nutritional yeast in various culinary applications hinders market growth.
Opportunity:
- Growing health consciousness among consumers and the rising demand for functional foods offer significant opportunities for market expansion.
- Surging demand for clean label ingredients and natural food additives is expected to drive the adoption of nutritional yeast in food and beverage applications.
Threats:
- The availability of alternative plant-based protein sources and substitutes poses a threat to the growth of the nutritional yeast market.
- Stringent government regulations and labeling requirements related to nutritional claims and allergen labeling can create challenges for market players.
Key Takeaways:
The Global Nutritional Yeast Market Demand is expected to witness high growth, exhibiting a CAGR of 11.54% over the forecast period (2022-2030), due to increasing health-consciousness among consumers and the rising popularity of vegan and vegetarian diets.
North America is anticipated to be the fastest-growing and dominating region, primarily driven by the presence of a large vegan population and the widespread use of nutritional yeast as a substitute for cheese in various dishes.
Key players operating in the nutritional yeast market include Lesaffre Group, Cargill, Incorporated, Lallemand Inc., Angel Yeast Co. Ltd., Archer Daniels Midland Company, ABF Ingredients Ltd., AB Mauri, and NOW Foods among others. These companies are focusing on product innovation and strategic collaborations to strengthen their market position and cater to the evolving consumer preferences.
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