Market Size of Africa Spice and Herb Extracts Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Africa Spice and Herb Extracts Market Analysis
Africa spice and herb extracts market is expected to register a CAGR of 3.1% during the forecast period (2020-2025).
- 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 Industry Segmentation
Africa spice and herb extracts market is segmented by application which includes food, beverage and pharmaceutical. The study also involves the analysis of the main regions such as South Africa, Kenya and rest of Africa.
| By Application | |
| Food Application | |
| Beverage Application | |
| Pharmaceuticals |
| By Geography | |
| South Africa | |
| Kenya | |
| Rest of Africa |
Africa Spice and Herb Extracts Market Size Summary
The Africa spice and herb extracts market is experiencing growth driven by the increasing use of these ingredients in food applications such as dressings and marinades. This trend is supported by a rise in innovative product launches and a growing consumer preference for packaged foods and botanical flavors. The market is characterized by a reliance on imports, particularly in South Africa, due to high demand and supply imbalances. Countries like India play a crucial role in supplying these extracts to meet the local market needs. The evolving food industry in Africa, influenced by population growth, urbanization, and western culinary trends, is further propelling the demand for spice and herb extracts, encouraging more manufacturers to enter the market.
The market is consolidated, with a few key players like Döhler GmbH, Kalsec Inc., and Kerry Inc. holding significant shares. These companies are focusing on expansion strategies and investing in research and development to produce high-quality, natural ingredients. Their efforts aim to cater to the changing consumer tastes and enhance their market presence. The increasing interest and investment from international food companies are also contributing to the market's growth, as they adapt their offerings to suit the evolving preferences of African consumers. This dynamic environment is expected to continue fostering the development and expansion of the spice and herb extracts market in the region.
Africa Spice and Herb Extracts Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Application
-
2.1.1 Food Application
-
2.1.2 Beverage Application
-
2.1.3 Pharmaceuticals
-
-
2.2 By Geography
-
2.2.1 South Africa
-
2.2.2 Kenya
-
2.2.3 Rest of Africa
-
-
Africa Spice and Herb Extracts Market Size FAQs
What is the current Africa Spice and Herb Extracts Market size?
The Africa Spice and Herb Extracts Market is projected to register a CAGR of 3.10% during the forecast period (2024-2029)
Who are the key players in Africa Spice and Herb Extracts Market?
Döhler GmbH, McCormick & Company, Inc., Kalsec Inc., Kerry Inc. and Olam International are the major companies operating in the Africa Spice and Herb Extracts Market.
