Africa Spice and Herb Extracts Industry

Africa Spice and Herb Extracts Market Analysis

The Africa Spice and Herb Extracts Market is expected to register a CAGR of 3.1% during the forecast period.

• Rising food applications of spices and herbs in products such as dressings andmarinadesby food manufacturers isboosting the market growth of the ingredients in the region.
• The market is also driven by factors such as the growing number of innovative product launches, a risingnumber of consumers preferring packaged food products and increased preference for botanical or herbal flavors among consumers.

Africa Spice and Herb Extracts Market Trends

Increased Imports of Spices to South Africa

South Africa is dependent on spices imports to cater to the market demand in the country. According to the International Monetary Fund (IMF), the amount of spices imported in South Africa have almost doubled over the years. This is because the demand for the spices is high in the African market including Kenya, Ethiopia, and Mauritius. However, factors such demand and supply imbalance and low agricultural GDP per capita compared to other countries in the world have made Africa to rely on food and ingredient imports including herb and spice extracts from countries like India. Thus, the increased imports of spices have enabled the African region to cater to the local market demand.

Food Application Witnessed Largest Share

The food application segment witnessed largest market share owing to the evolving food industry in Africa. Consumers have gradually started spending more on food products owing to the growth in population and urbanization trend. Global interest and investments of international food companies coupled with changing food tastes of consumers due to western influence is aiding to the development of food in the region. Thus, the evolving food industry in the region is positively impacting food companies to use more herb and spice extracts in their products to suit the changing palates of consumers. This, in turn, will enable more manufacturers to enter into the market and offer products for food and beverage applications, thereby contributing to market growth.

Africa Spice and Herb Extracts Industry Overview

Africa spice and herb extracts market is consolidated, owing to existence of few players holding majority of share in the market. Some of the key players in the market are Döhler GmbH, Kalsec Inc., and KerryInc. Major players are opting for expansion strategies to expand their reach while focusing on producinghighly purest and finest quality ingredientswithout any contaminations. They are investing in R&D activities to introduce ingredients in new flavors that are natural and safe for consumption. This, in turn, will increase sales of their ingredientsamong food and beverage companies in the region while garnering market dominance.

Africa Spice and Herb Extracts Market Leaders