The global Nutritional Yeast Market is estimated to be valued at US$ 229.6 Mn or 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 food supplement that provides nutrients like vitamins and minerals to the human body. It serves as a delicious and nutritious alternative to dairy and meat for vegan diets. Nutritional yeast adds a savory, cheese-like flavor to recipes without the saturated fat and cholesterol content. Market key trends: One of the key trends driving the growth of the global nutritional yeast market is the rising vegan population and demand for plant-based foods. According to planet-based news, the global vegan food market size was estimated at US$ 24.3 billion in 2020 and is forecast to grow at a CAGR of 11% between 2020 to 2027. The increasing awareness about the health benefits of a vegan diet high in nutritional yeast is encouraging people to incorporate more vegan nutrition into their diets. This rising demand for vegan food and beverages is fueling the growth of the nutritional yeast market. Segment Analysis The global nutritional yeast market is segmented based on form, application, and region. By form, the market is divided into flakes, powder and tablets. The powder segment currently dominates the market due to its ease of use in various foods and beverages. It can easily be mixed into dishes without changing their texture or appearance. Its long shelf life also makes it suitable for commercial production of vegan foods and dietary supplements. Key Takeaways The Global Nutritional Yeast Market Size is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing vegan population and growing health awareness. Regional analysis North America leads the nutritional yeast market with the largest revenue share, followed by Europe. The U.S. and U.K. witness strong demand due to rise of veganism and plant-based food consumption. Asia Pacific is expected to grow at the fastest rate due to developing economies, increasing disposable income, and growing health consciousness. Key players 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. Key players are focused on production capacity expansion to cater to rising global demand for vegan food and dietary supplements. Read more: https://www.ukwebwire.com/nutritional-yeast-market-insights-trends/
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