by Nutritional yeast is a food product made from a fungus through the fermentation process. It is an inactive yeast used as a food ingredient and supplement containing vitamins and minerals. Nutritional yeast can provide a savory, cheese-like flavor and is commonly used by vegetarians and vegans as a replacement for dairy cheese.
The global Nutritional Yeast Market is estimated to be valued at US$ 229.6 million 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 key trends:
The increasing demand for plant-based foods and dairy alternatives has been a major trend driving the growth of the nutritional yeast market over the past few years. With rising health awareness and concerns regarding animal welfare, veganism and vegetarianism have gained widespread popularity, especially in Western nations. Nutritional yeast acts as an important cooking ingredient and cheese alternative for vegans and vegetarians. This growing consumer base opting for vegan and dairy-free diets is expected to augment the demand for nutritional yeast over the forecast period.
SWOT Analysis
Strength: Nutritional yeast is high in nutrients like B vitamins, minerals, and protein. It provides a savory, cheese-like flavor that is suitable for vegan diets.
Weakness: Nutritional yeast is unfamiliar to most consumers and its health benefits are yet to be widely recognized. The supplementation of B vitamins might not be justified for everyone.
Opportunity: Growing vegan and vegetarian population worldwide creates demand for alternatives to dairy. Nutritional yeast can provide a cheese-like taste without dairy. Popularity of plant-based diets and flexitarianism also supports market opportunity.
Threats: Other dairy alternatives like soy, almond and coconut based products compete for the same market share. Rising prices of raw materials needed for producing nutritional yeast threaten its affordability.
Key Takeaways
The Global Nutritional Yeast Market Share is expected to witness high growth over the forecast period driven by rising health consciousness.
The North American nutritional yeast market currently dominates due to rising vegan and vegetarian demographic. Europe is also a major market supported by growing popularity of plant-based diets. Asia Pacific is expected to be the fastest growing region with rising income levels and shift towards healthier lifestyles in countries like India and China.
Key players operating in the nutritional yeast market are Kothari Fermentation and Biochem Ltd, ABF ingredients, Biomin, Angel Yeast, Bob’s Red Mill, Cargill Inc., Nutreco, Alltech and Pacific Ethanol. Companies are focusing on new product launches to cater to changing consumer preferences for vegan and natural products. They are also expanding to untapped regions through strategic partnerships.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
