Another has been engineered to make polyester polymers. Those polymers could then be used in a 3-D printer to generate new plastic parts.
So if a tool was lost on a spacewalk, a new one could simply be printed from the molecules extracted from waste.
"If astronauts are going to make journeys that span several years, we'll need to find a way to reuse and recycle everything they bring with them," said Dr Mark Blenner, of Clemson University. "Atom economy will become really important."
Researchers hope the project will eventually allow astronauts to live for large amounts of time in space.
Already Nasa and the European Space Agency are planning to establish bases on the Moon and further afield, but being in space for years at a time will require far more recycling of waste.
Elon Musk, the SpaceX founder, has laid out plans for a colony on Mars within the next 50 years, and has warned that humans will need to leave Earth to avoid a "doomsday event" such as an asteroid strike.
For now, the engineered yeast strains can produce only small amounts of polyesters or nutrients, but the scientists are working on boosting output. They're also looking into applications on Earth, in fish farming and human nutrition.
The research was presented at the American Chemical Society's annual meeting.