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. Based on distribution channel, the convenience stores segment held the major share in 2020. By region, on the other hand, Asia-Pacific would cite the fastest CAGR by 2030.
Portland, OR, Oct. 18, 2021 (GLOBE NEWSWIRE) -- 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.
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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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.
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