Future Market Insights analysis projects that in 2023, Korea’s yeast market will be valued at approximately USD 66.06 million. Yeast use and production in the nation are expected to grow at a pace of 11.6% annually over the next ten years. The analytical report also projects that by 2033, the net revenue from yeast sales to the local industries will be close to US$ 198.3 million.
Key Insights on the Yeast Sector of Korea
- The introduction of international bakery chains and cafes, along with their growing popularity among Korean people, is driving the demand for yeast in Korea.
- With an 8% CAGR in yeast consumption in Korea between 2018 and 2022, the net worth of the yeast industry reached US$ 59.16 million in 2022.
- Yeast is now more important than ever in Korea, serving as a crucial component for health and nutrition benefits.
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Korea’s Top 5 Major Trends Affecting Yeast Demand
- The demand for yeast, a necessary component for bread and pastries, has surged in Korea as more people bake and cook at home.
- In Korean cuisine, bread has become a mainstay, indicating a movement in the eating habits of the general public toward Western culinary customs.
- The food and dairy sectors use large amounts of yeast to make a variety of baked items and dairy products.
- In Korea, a large range of yeast products are easily accessible, including fast yeast, sourdough starters, and active dry yeast.
- The increased acceptance of plant-based, vegetarian, and vegan diets, along with other lifestyle changes, has led to an increase in the usage of yeast.
Competitive Landscape
The competition among yeast manufacturers in Korea intensified in the last five years with the emergence of many regional sellers with improved quality, convenience, and adaptability of yeast. The extension of online retail channels and delivery services in Korea has certainly played a significant role in this notable growth of regional yeast suppliers.
Yeast suppliers in Korea are distinguishing their product lines to help customers experiment with various baking methods and recipes. So, new entrants can significantly impact consumer preferences and choices in the country by effectively marketing and promoting their unique yeast products, thus influencing the industry.
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Recent Developments in Yeast Indstry in Korea
In South Korea, a “zero-sugar” popularity is growing up for soju, the national alcoholic beverage prepared from yeast and rice. Lotte Chilsung Beverage Company reported that 100 million 360-ml bottles of its diet brand Chum Churum Saero were sold in the first seven months following the debut in September 2022. Also, in response to the surge in sugar-free Soju, HiteJinro Company revived its long-running blockbuster Jinro product line in early 2023.
In July 2021, Lallemand Animal Nutrition Company revealed its plan to build a new office in Seoul, South Korea, as part of its ongoing efforts to improve customer service and innovate. The company is dedicated to providing specialized natural microbial products and services that optimize animal health and performance. It, produces, and sells high-value yeast and bacterium products, such as probiotics, silage inoculants, and yeast derivatives, using solid research, demonstrated outcomes, and expertise. The administration of fodder, and animal nutrition are expected to gain from these creative methods and boost the yeast sales in Korea.
Key Players for Yeast in Korea
- Angel Yeast Co., Ltd.
- CJ Bio Korea
- Lesaffre Korea
- DSM Korea
- Kerry Korea
- Bio-Tech Korea Co., Ltd.
- Innova Biosciences
- Novozymes Korea
- AB Enzymes Korea
- Danisco Korea
- Lallemand Korea
- Biospringer Korea
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Key Segments Covered in Korea Yeast Industry Survey
By Yeast Type:
- Baker’s Yeast
- Bi-ethanol Yeast
- Feed Yeast
- Wine Yeast
- Brewer’s Yeast
By Form Type:
- Dry Yeast
- Fresh Yeast
- Instant Yeast
By Key Cities/Provinces:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
- Rest of Korea
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