Selbyville, Delaware, May 03, 2022 (GLOBE NEWSWIRE) — According to the report by Global Market Insights Inc., the Africa Food Ingredients Market was estimated at USD 1.70 billion in 2021 and is likely to be valued at more than $2.30 billion by 2028, progressing at a CAGR of 4.5% from 2022 to 2028. The report provides a detailed assessment of the competitive scenario, market size & estimates, drivers & opportunities, top winning strategies, wavering market trends, and major investment pockets.
Food ingredients are convenient and help food makers produce a wide range of foods that are appetizing, safe, nutritious, uniform, and tasty. They are used in small quantities and are considered beneficial in supporting nutrition delivery, maintaining product quality & freshness, extending shelf-life of food products, reducing food waste, and so forth. High usage of food ingredients across the food & beverage sector in Africa is likely to augment market growth over the forecast period.
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Acidulants are utilized in food & beverage items as they offer various functional benefits as a preservative for microbial control, chelating agent, gelling, buffers, flavoring agent, and coagulating agent. It mainly serves as a pH stabilizer in food products and extends the product’s shelf life. Growing emphasis of food & beverage products on increasing the shelf life and quality of products would bolster product adoption. Owing to these factors, the acidulants product segment, which surpassed USD 98.0 million in revenue in 2021, is projected to grow at a rate of approximately 5.5% through the assessment timeframe.
Meanwhile, the Africa food ingredients industry share of the flavors & enhancers product segment is anticipated to depict a CAGR of around 5.0% over the review timeline. Escalating product usage in non-alcoholic beverages and innovative food products is set to boost segmental growth in the coming years.
Key reasons for Africa food ingredients market growth:
- High utilization in bakery & confectionary items.
- Growing uptake of acidulants in the food & beverage sector.
- Increased product usage in dairy & frozen dairy products.
- Rising application of flavors & enhancers in non-alcoholic beverages.
2028 forecasts show ‘bakery & confectionery’ segment retaining its dominance:
From the application perspective, the Africa food ingredients industry share from the bakery & confectionery segment was valued at over USD 352 million in 2021 and is estimated to exhibit robust expansion at a rate of around 5% through the study timespan. Food ingredients are extensively utilized in bakery & confectionary products as they offer enhanced taste and texture, better quality, and increased shelf life. Rising consumption of baked products, such as bread, toast, cakes, and cupcakes, on account of growing demand for ready-to-eat food and mounting interest in confectionary items by millennials is slated to foster segmental outlook.
Ethiopia to maintain top status in terms of revenue:
By country, the Ethiopia food ingredients market exceeded a valuation of USD 163.5 billion in 2021 and is expected to progress at above 5% CAGR between 2022 and 2028. Increased consumption and production of dairy products in Ethiopia is propelling the demand for food ingredients, such as antioxidants, thickeners, and emulsifiers, to enhance the flavor and shelf life of these products. In addition, shifting preferences towards wheat- & flour-products like pizzas, pasta, biscuits, and cereals, are impelling the uptake of food ingredients, which is likely to fuel regional market development.
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Impact of COVID-19 pandemic on Africa food ingredients market:
The onset of COVID-19 adversely affected Africa, which was already struggling with poverty as well as food insecurity. COVID-associated mortality, supply chain disruptions, unemployment, and depreciation of currency value were some major factors that compounded food shortage in Africa. However, prevalent vaccination drives, along with formulation of effective strategies to improve food security across the continent, have been helping the market regain its pre-pandemic growth momentum in recent years.
Leading market players:
Some prominent players in the Africa food ingredients market are Koninklijke DSM NV, Givaudan SA, Archer Daniels Midland Company (ADM), DuPont de Nemours, Inc., Kerry Group, and Ajinomoto Co., Inc., among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, US, is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.