Vegemite (/ˈvɛdʒɨmaɪt/ VEJ-ə-myt) is a dark brown Australian food paste made from leftover brewers' yeast extract with various vegetable and spice additives developed by Cyril P. Callister in Melbourne, Victoria, in 1922.egemite is salty, slightly bitter, malty, and rich in umami – similar to beef bouillon.