Nutritional yeast is a bright yellow powder made from an inactive yeast species, which provides many essential nutrients. It is commonly used as a nutritional supplement with a distinctive savory, cheesy flavor and aroma. Nutritional yeast is gaining popularity as a substitute for Parmesan cheese in plant-based cooking, especially while preparing vegan dishes such as pasta, pizza, salad dressings, and spreads. It adds nutty, cheesy taste without the dairy ingredients in vegan recipes.
The global Nutritional Yeast Market is estimated to be valued at Us$ 229.6 Mn in 2023 and is expected to exhibit a CAGR Of 6.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global nutritional yeast market is witnessing high growth owing to rising consumer preference for vegan food products. As per several surveys, more than 10% of the population in developed countries now identify themselves as vegans or vegetarians, and flexitarian diet trends are also increasing. As many people avoid dairy-based products due to lactose intolerance, gluten sensitivity, ethical reasons or general wellness goals, demand for plant-based substitutes such as nutritional yeast has increased significantly over the years. Nutritional yeast is high in vitamins like B12 and protein, adding nutritional value to vegan diets. Moreover, with its cheesy, savory taste, it enhances the sensory experience of vegan meals. Thus, the rapidly expanding global vegan population is expected to drive market growth during the forecast period. In addition, improving awareness regarding various health benefits of nutritional yeast is also fueling its uptake across various food applications like snacks, seasonings, and ready-to-eat vegan meals. Key manufacturers are constantly innovating product offerings by introducing new flavors to cater to evolving consumer demands.
SWOT Analysis
Strength: Nutritional yeast is a rich source of nutrients like vitamin B12, fiber, and protein which make it a popular vegan substitute for dairy and meat products. It has gained popularity among health-conscious consumers as it is linked to several health benefits like boosting immunity and gut health. Due to its favorable taste and high nutritional value, it is widely used as a seasoning to add cheesy and buttery flavors in various recipes.
Weakness: Nutritional yeast has a distinct flavor profile which some consumers may find unappetizing. It also contains glutamic acid which can cause headaches for sensitive individuals. There is low brand awareness about nutritional yeast as an ingredient among mainstream consumers.
Opportunity: With the rise of veganism and flexitarian diets, there is immense scope to promote nutritional yeast as an essential vegan cooking ingredient. It can be marketed as a versatile seasoning for making plant-based cheese sauces, dips, and spreads. Growth in plant-based food products present an opportunity to incorporate nutritional yeast as a key ingredient.
Threats:Availability of alternative vegan dairy products and meat substitutes poses competition to nutritional yeast. Price fluctuation of raw materials needed for producing nutritional yeast may increase its production cost.
Key Takeaways
The Global Nutritional Yeast Market Demand is expected to witness high growth over the forecast period driven by increasing health consciousness among consumers. The global nutritional yeast market is estimated to be valued at US$ 229.6 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the market currently owing to the large population base and high consumption of nutritional yeast products in countries like India and China. The regional market is estimated to grow at the fastest pace during 2023-2030 on back of rising vegan culture and growing health awareness in the developing economies of Asia Pacific.
Key players operating in the nutritional yeast market are focusing on new product development to expand their portfolio. For instance, brands are developing flavored nutritional yeast like barbecue and chipotle to appeal to different tastes. Companies are also advertising their products as a nutrient-dense superfood through social media campaigns and sponsorships to boost brand awareness. Strategic acquisitions can help larger players to enhance their regional presence especially in emerging Asian countries.
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