June 20, 2024
Nutritional Yeast Market

Nutritional Yeast Market is Estimated to Witness High Growth Owing to Rising Demand from Vegan Food Products Industry

Nutritional yeast is a species of yeast (Saccharomyces cerevisiae), which is grown for its beneficial properties. Nutritional yeast has a cheesy, nutty flavor and can be a great dairy and gluten-free substitute. It has gained popularity in vegan cuisine for lending a cheesy flavor and creamy texture to dishes. Nutritional yeast is a complete protein that provides vitamin B12, riboflavin, niacin, and other vitamin and minerals.

The global nutritional yeast market is estimated to be valued at US$ 264.5 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the nutritional yeast market are Capgemini, Tata Consultancy Services Limited, HCL Technologies Limited, Fujitsu, Sensiple, Nityo Infotech, Locuz, CtrlS Datacenters Ltd, Cybage Software Pvt. Ltd, Sensible, and Cerebra Integrated Technologies Ltd. These players are investing in innovative production technologies to cater to the rising demand for nutritional yeast.

The rising vegan population worldwide presents significant growth opportunities for players in the nutritional yeast market. According to estimates, the global vegan population tripled between 2014 to 2018, with North America and Europe having the highest number of vegans. The health and environmental benefits associated with veganism are driving this transition. This augurs well for the nutritional yeast market.

Globally, the nutritional yeast market is expected to witness significant expansion in Europe, North America, and Asia Pacific regions. Strategic collaborations with food processing companies and new product launches fortified with nutritional yeast are helping leading companies increase their footprint in international markets.

Market drivers

The surge in demand for vegan food products is a major driver propelling the nutritional yeast market. As awareness about veganism rises, more people are adopting vegan diets and opting for plant-based alternatives to dairy. Nutritional yeast, with its cheesy taste and high nutritional value, is increasingly being used as a vegan cheese and dairy substitute in recipes. This factor is boosting demand for nutritional yeast.

PEST Analysis

Political: The Nutritional Yeast Market Demand is regulated by various food safety and standards regulations set by governing bodies. Manufacturers have to abide by the guidelines for production, packaging, and distribution of nutritional yeast products.

Economic: Rising disposable incomes, growing health awareness, and expanding vegan population are fueling the demand for healthy and natural nutrient sources like nutritional yeast. Its consumption as a protein and vitamin supplement provides economic benefits.

Social: Growing popularity of plant-based diets and veganism is boosting the adoption of nutritional yeast. People are increasingly relying on nutritional yeast and its usage in cooking due to its health benefits as a non-dairy substitute.

Technological: Leading manufacturers are investing in advanced processing technologies to increase production efficiency and offer innovative yeast-based food products. New fortification techniques help enhance the nutritional value of yeast extracts.

The nutritional yeast market in North America accounts for the largest share in terms of value owing to rising health concerns and shifting dietary preferences. The region has seen increased consumption of nutritional yeast as a dairy alternative and seasoning. Europe is also a major geographical region concentrated in nutritional yeast production and consumption driven by growing vegan population.

Asia Pacific is emerging as the fastest growing regional market for nutritional yeast. Countries like India, China, and Japan are witnessing amplified demand for nutritional and probiotic supplements. Rapid urbanization, economic growth, and exposure to Western trends of healthy eating have catalyzed nutritional yeast usage in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it