According to the report published by Allied Market Research, the global instant dry yeast market was estimated at $619.5 million in 2020 and is expected to hit $1.27 billion by 2030, registering a CAGR of 7.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Key players operating in the global carob market have adopted developmental strategies such as new product launch to strengthen their foothold in the market, in terms of value sales. They emphasize on continuous innovation in formulate product to gain a competitive edge in the global market and to boost the demand for instant dry yeast.
Furthermore, according to the opinions of top-level CXOs, innovation is the key for the growth of the instant dry yeasts market. Rise in demand for various types yeasts including instant dry yeast from target customer makes way for the manufacturers to come up with innovation. This is anticipated to boost the growth of the instant dry yeasts market.
Manufacturers are focusing on displaying the transparency of ingredients, which are added in the products, as majority of the consumers are shifting their preference toward products by reading the labels..
The CXOs further added that rise in internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs. These online platforms are one of the easiest ways to create awareness about the specifications and features of organic ingredients among the target customers. Hence, tapping into such markets is expected to create opportunities for instant dry yeasts market expansion.
Expansion of the food & beverage industry, rise in demand for convenience foods, increasing demand for bakery products, and changes in lifestyle and food habits drive the growth of the global instant dry yeast market. On the other hand, several storage constraints of yeast impede the growth to some extent. However, change in dietary patterns, consumption of processed foods, and increase in investments by small- & mid-sized food product manufacturing companies are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Due to frequent lockdown practices, the food services sector which includes fast food chains, hotels and restaurants were heavily impacted, which in turn, hampered the demand for instant dry yeast, thereby impacting the global market negatively.
- However, as the global situation is getting ameliorated, the market is projected to recoup soon.
- The global instant dry yeast market is analyzed across packaging type, distribution channel, end user, and region.
Based on distribution channel, the convenience stores segment accounted for around one-third of the total market share in 2020, and is expected to rule the roost by 2030. The e-commerce segment, however, would garner the fastest CAGR of 8.8% throughout the forecast period.
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Based on end user, the household segment contributed to more than one-fourth of the total market revenue in 2020, and is projected to lead the trail by 2030. The QSR segment, on the other hand, would exhibit the fastest CAGR of 8.4% during the forecast period.
Based on region, the market across Europe held the major share in 2020, garnering nearly two-fifths of the global market. The market across Asia-Pacific, however, would manifest the fastest CAGR of 8.3% throughout the forecast period. The other provinces discussed in the report include North America and LAMEA.
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The key market players analyzed in the global instant dry yeast market report include Lesaffre, Hagold Hefe Gmbh, Asmussen Gmbh, Angel Yeast, Keliff’s, ACH Food Companies, Inc, Fleischmann’s Yeast, LALLEMAND Inc, AB Mauri Food, and Pakmaya. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
Key Take Away
- By packaging type, the bottle segment is estimated to witness the significant growth, registering a CAGR of 7.6% during the forecast period.
- In 2020, depending on distribution channel, the supermarket/hypermarket segment was valued at $379.2 million, accounting for 28.4% of the global instant dry yeast market share.
- By end user, the household segment is estimated to witness the significant growth, registering a CAGR of 8.3% during the forecast period.
- In 2020, the U.K. was the most prominent market in Europe, and is projected to reach $122.7 million by 2030, growing at a CAGR of 6.9% during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.