Ester and other flavor component production or synthesis is a complex subject because there are so many variables taking place at the same time. You are right, ester production is related to yeast growth but not in the way you might think. The key element to yeast growth and ester production is acyl Co-A. It is necessary for both yeast growth and ester production. When it is busy with yeast growth, during the early part of the fermentation, it is not available for ester production. Ester production is directly related to biomass production. Everything that increases biomass production (intensive aeration, sufficient amount of unsaturated fatty acids, stirring) decreases ester production. The more biomass that is produced the more Co-enzyme A is used and therefore not available for ester production. Anything that inhibits or slows down yeast growth usually causes an increase in ester production: low nutrient, low O2. It has been noted that a drop in available O2 from 8 ppm down to 3 ppm can cause a four fold increase in esters.
