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The bioethanol yeast market has observed swift growth over the years and is projected for further expansion. Going from a size of $17.81 billion in 2023 to an estimated $20.14 billion in 2024, the market is anticipated to showcase a compound annual growth rate CAGR of 13.1%. Catalysts for this growth can be traced back to an increase in demand for renewable energy, positive government policies and mandates, rising environmental concerns, expansion of biofuel production facilities, and advancements in yeast strain development.
What Lies Ahead For The Bioethanol Yeast Market?
The bioethanol yeast market is predicted to continue its rapid growth trajectory in the forthcoming years, growing to $33.99 billion in 2028 at a CAGR of 14.0%. The drivers for such notable growth can be attributed to a continued focus on renewable energy, biofuel blending mandates, innovative advancements in fermentation technology, global expansion of the biofuel industry, and strategic market collaborations and partnerships. Additionally, the forecast period will be marked by increased collaborations for research and development, exploration of co-fermentation strategies, adoption of next-generation sequencing NGS, expansion of the market in developing regions, and regulatory support for biofuel initiatives.
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What Are The Key Drivers Triggering The Growth Of The Bioethanol Yeast Market?
One of the principal growth drivers the bioethanol yeast market is experiencing is the increased consumption of bakery products and alcoholic beverages. Bakery products and alcoholic beverages require fermentation from bioethanol yeast, thereby boosting the market demand. Bread and rolls, for example, made from yeast-leavened dough, utilize bioethanol yeast for flavor, texture, and enhanced nutrition. Moreover, alcoholic beverages such as beer, whisky, and wine utilize yeast fermentation to increase their alcohol content. This trend has been corroborated by the US Bureau of Labor Statistics and the Government of Canada's report outlining the rise in expenditure on alcoholic beverages and retail sales of baked products, respectively.
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Who Are The Major Players In The Bioethanol Yeast Market?
Key industry players operating in the bioethanol yeast market include Kagome Co. Ltd., Cargill Incorporated, Archer-Daniels-Midland Company, Associated British Foods plc, Ohly, Koninklijke DSM N.V, Kerry Group plc, POET LLC, Groupe Soufflet, Green Plains Inc., Lesaffre, Novozymes A/S, Angel Yeast Co. Ltd., Alltech, and many more.
What Are The Emerging Trends In The Bioethanol Yeast Market?
Prominent companies in the bioethanol yeast market are increasingly focusing their efforts on research and development for product innovations to maintain their market position. A case in point is the Denmark-based biotechnology company, Novozymes A/S, which launched Innova Quantum, a complete fermentation solution, in October 2021. The new robust yeast solution comprises cutting-edge yeast and custom-made enzyme solutions, offering a 2-3% increase in ethanol yield and a lower requirement for nutritional supplements than other similar yeast varieties.
How Is The Bioethanol Yeast Market Segmented?
The bioethanol yeast market report segments the market based on type, genus, form, and application:
1 By Type: Yeast Extract, Autolyzed Yeast
2 By Genus: Saccharomyces, Kluyveromyces
3 By Form: Active, Instant, Fresh
4 By Application: Food, Animal Feed, Biofuel, Cleaning And Disinfection, Other Applications
Which Regions Dominate The Bioethanol Yeast Market?
In 2023, Europe emerged as the largest region in the bioethanol yeast market, while Asia-Pacific is anticipated to be the fastest-growing region in the global bioethanol yeast market during the forecast period. The bioethanol yeast market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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