The Nutritional Yeast market is estimated to be valued at US$ 229.6 Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nutritional yeast is a supplement rich in B-complex vitamins like riboflavin, niacin, thiamine, and vitamin B6. It is commonly used as a flavor enhancer and food ingredient. It imparts a cheese-like or hearty flavor to foods and is commonly used to make vegan "cheese." Due to its high nutritional value and savory flavor, nutritional yeast is increasingly being used in plant-based dairy alternatives, vegan cheese, popcorn seasonings, nut butters, and vegan breakfasts.
Market Dynamics:
The global nutritional yeast market is driven by growing demand for nutritious and healthy food products. Nutritional yeast contains protein, fiber, and vitamins that support overall well-being. It is a rich source of riboflavin or vitamin B2 and is considered a complete protein as it contains all essential amino acids. Furthermore, rising focus on veganism and plant-based products is also fueling market growth. According to data by Vegetarian Resource Group, the number of vegans in the United States increased from 1% to 6% between 2014 and 2017. Nutritional yeast is a key ingredient for vegan cheese and dairy alternative products. However, availability of substitutes and limited consumer awareness about nutritional yeast may hinder market growth over the forecast period.
SWOT Analysis
Strength:
- Nutritional yeast contains high protein content and several B-vitamins like folic acid, vitamin B12 and riboflavin. It is a rich source of nutrients.
- It is suitable for vegans and vegetarians as a substitute for cheese and dairy products.
- It has a cheesy, nutty flavor which makes it a popular substitute for parmesan cheese .
Weakness:
- Nutritional yeast has a strong flavor which some people may not prefer.
- Its production requires specific fermentation process which increases production costs.
Opportunity:
- Increasing awareness about health benefits of nutritional yeast among consumers is driving the market growth.
- Rising vegan and vegetarian population globally is creating more demand for plant-based food products.
Threats:
- Availability of alternative proteins sources like soy, pea and whey may limit the market growth.
- Strict regulations regarding food production need to be followed which adds compliance cost for manufacturers.
Key Takeaways
The Global Nutritional Yeast Market Size is expected to witness high growth at a CAGR of 14% over the forecast period, driven by increasing health consciousness and veganism trends. The market size is projected to reach US$ 478 Mn by 2030 from US$ 229.6 Mn in 2023.
North America currently dominates the nutritional yeast market backed by stringent health regulations and growing demand for gluten-free and plant-based foods. The region accounts for over 35% market share. Meanwhile, Asia Pacific is anticipated to be the fastest growing market during the forecast period due to rising incomes, westernization of diets and expanding yeast production capacities in China and India.
Key players operating in the nutritional yeast market include Kothari Fermentation and Biochem Ltd, ABF ingredients, Biomin, Angel Yeast, Bob's Red Mill, Cargill Inc., Nutreco, Alltech and Pacific Ethanol. Major players are focused on new product innovation, scaling production capacities and global expansion to strengthen their market position.
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