SAN FRANCISCO, Nov. 3, 2021 /PRNewswire/ -- The global bioethanol yeast market size is expected to reach USD 32.67 billion by 2028, registering a CAGR of 14.04% over the forecast period, as per the new report by Grand View Research, Inc. The market is driven by the rising awareness about sustainable alternatives over petrochemical feedstock, such as biofuels, coupled with the rapidly expanding food and beverages industry.
Key Insights & Findings:
In terms of volume, the baker's yeast product segment accounted for a prominent share in the market in 2020 and is expected to witness steady growth over the forecast period
The cleaning & disinfection segment is projected to register the fastest CAGR over the forecast period due to the increasing cleaning and disinfection activities amid the COVID-19 pandemic
In2020, North America accounted for the highest revenue share of the global market due to increased focus on biofuel production coupled with household hygiene practices
Increasing mergers & acquisitions and new product development activities by key industry participants are anticipated to pave way for higher product demand worldwide
There is a rising demand for bioethanol yeasts-based disinfection and sanitation products at present owing to the surging requirement to improve hygiene in hospitals, offices, and other public places to inhibit the spread of the infectious COVID-19 disease among staff and patients. The market is also driven by the rising awareness among people about personal hygiene. Furthermore, governments in Europe and North America have implemented stringent regulations for the use of chemical-based formulations, which is expected to boost the product demand, thereby supporting market growth.
However, the product cost is majorly dependent on raw material prices. The costs associated with the procurement of raw materials directly influence the overall cost of bioethanol yeast production. The prices of feedstock, such as corn, gasoline, crude oil, wheat, and soybean oil, are the major factors affecting the product costs. The supply-demand dynamics of the global market are expected to fluctuate owing to the rising demand and shortage of supply. The product is application-specific, which prompts companies to majorly adopt value-based pricing. Bioethanol yeast is composed of similar materials but with different areas of application, it needs to be treated differently as it provides an opportunity for manufacturers to increase their margins without increasing their production costs.
Moreover, the growth of the bakery sector in Europe, especially in Germany, as the country is the largest consumer of rolls and bread in the world, is anticipated to positively impact the product demand over the forecast period. In terms of supply and demand at a global level, manufacturers are inclined toward raw material procurement as the key raw materials used in product manufacturing are crop residues. These products are already in a state of oversupply, they also attract demand from other markets, such as biofuel and biogas generation, which negates the overcapacity of raw material availability.
Grand View Research has segmented the global bioethanol yeast market on the basis of basis of product type, application, and region:
Bioethanol Yeast Product Type Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Petrochemicals Market– The global petrochemicals market size is estimated to reach USD 860.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028.
Yeast Ingredients Market– The global yeast ingredients market size is expected to reach USD 3.5 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 8.0% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.