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Africa Food Ingredients Market size worth over USD 2.30 billion by 2028

  • Published Date: April 29, 2022

According to a new research report by Global Market Insights Inc., the Africa Food Ingredients Market size is set to surpass USD 2.30 billion by 2028 Owing to the growing popularity of convenience food and rapid expansion of the beverage industry.

The increasing population of working women and rising household incomes should enhance processed & convenience food demand, thus favoring industry growth. Growing RTE food, sauces, and packaged food demand owing to the convenience factor is boosting the food ingredient market sales. Additionally, growing diet consciousness and increasing prevalence of diabetes has stimulated the requirement for nutritional and fortified food & beverages. Rising consumer inclination toward nutritional products including multi-grain bread, yogurts, energy, and dairy-based drinks will foster market growth over the projected time period.

Rising consumers awareness pertaining to the health benefits offered by low-calorie sweeteners will foster sweeteners demand in the food ingredients market

Sweeteners product accounts for a significant share and is anticipated to reach over USD 1.05 billion by the year 2028. Sweeteners are food ingredients that offer sweetness to food & beverages. Low-calorie sweeteners offer various health benefits such as weight maintenance & reduction, diabetes management, reduces dental caries, and the risks associated with obesity. Thus, rising awareness pertaining to the benefits offered by low-calorie sweeteners is escalating the Africa food ingredient market revenue.

Growing concern regarding the high prevalence of obesity is encouraging health-conscious consumers to opt for zero or low-calorie sweeteners, which in turn, drives product demand. The increasing inclination of consumers toward low-calorie beverages, including low-calorie drinks and diet coke, and low-calorie foods, such as ice cream, yogurt, and grain-based desserts is boosting the sweeteners demand. Increasing demand for confectionary & bakery products including ice creams, cakes, candies, jellies, and chocolates is also driving the food ingredient market share in Africa.

Surging demand for nutritious products due to rising health awareness is anticipated to boost the product demand from food & nutrition application

Food & nutrition application should grow with CAGR 4.5% over the anticipated period and reach a value of USD 611.5 million by the end of 2028. The requirement for food products enriched with functional food ingredients surged during the COVID-19 pandemic owing to rising awareness among people regarding following healthy dietary habits. Thus, growing consumer attention towards the consumption of nutrition-rich food products that offer health benefits surged requirement for functional food ingredients.

Consumers are actively seeking preventive care practices, resulting in an increased demand for nutrition products & supplements. These nutrition products often use added flavor, color, and sweeteners to enhance their taste & texture, thus escalating the Africa food ingredient market growth. Additionally, consumers are willing to pay higher prices for food products enriched with healthy ingredients.

Browse key industry insights spread across 300 pages, 265 market data tables and 42 figures & charts from the report “Food Ingredients Market Size By Product (Flavors & Enhancers {Natural, Artificial}, Sweeteners, Food Emulsifiers {Mono, Di-Glycerides & Derivatives, Lecithin, Stearoyl Lactylates, Sorbitan Esters}, Acidulants {Citric Acid, Lactic Acid, Fumaric Acid, Phosphoric Acid, Tartaric Acid, Malic Acid}, Shelf -Life Stabilizers, Food Colorants {Natural, Synthetic}, Enzymes, Hydrocolloids {Xanthan Gum, Starch, Guar Gum, Carrageenan}, Preservatives {Natural, Artificial [Antimicrobial Agent, Antioxidants, Chelating Agent]}), By Application (Bakery & Confectionery, Food & Nutrition, Beverages, Dairy & Frozen Desserts, Sauces & Dressing), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market 2022- 2028in detail along with the table of contents:

Increased demand for processed & convenience food in Nigeria should propel food ingredients market

Nigeria food ingredients market reached a value of over USD 296.5 million in the year 2021 and is anticipated to grow with CAGR of around 5% through 2028. Rapid economic development along with growing middle-class population have escalated processed & convenience food demand, thus, boosting product demand. Establishment of new food production companies in the country owing to low production cost and availability of labor is propelling the product demand.

An increasing number of restaurants, fast-food chains, delivery apps, and retail stores have led to increased demand and sale of convenience food products, which is expected to boost the food ingredients demand during the forecast period. Due to the increasing urbanization, the consumption of convenience food, such as snacks, cereals, chips, tortillas, popcorn, and fast foods, is on the rise, further propelling the food ingredient market growth. Also, high production of maize in Nigeria which is used in the production of sweeteners is driving the market.

Makor players in Africa food ingredients industry are implementing multiple strategies including mergers & acquisitions, collaborations, partnerships, and expansion of production capacities to sustain their position in the market. The major players include Givaudan, Ajinomoto Group, DuPont, Kerry Group, DSM, and ADM which play a significant role in the market. Companies in the market are expected to form joint ventures and enhancements in their existing distribution channels for a wider consumer reach over the forecast period.

Authors: Kunal Ahuja, Sarita Bayas