Very popular in Australia, vegemite is a paste made from yeast extract, with veggie and spice flavors added. The yeast extract is a byproduct of beer manufacture. It's an extremely good source of Vitamin B, too. Enthusiasts usually eat Vegemite -- and the similar British product Marmite -- on toast. Vegemite is salty with a consistency similar to peanut butter. It can also be used to enhance the flavor of soups, stews and gravies.