The Africa soy protein ingredients market is estimated to register a CAGR of 7.6% during the forecast period (2018 – 2023). There is a substantial demand for healthy diet amidst growing incidences of chronic disease in Africa, this has also given considerable push for soy protein ingredients. The increasing standards of living coupled with growing awareness regarding the safety and health aspects of animal-based proteins have prompted consumers to turn their attention towards meat substitutes.
The trend of health and wellness that has been spanning across the globe can be witnessed in Africa as well. The continent of Africa is characterized by a huge low-income population for whom quality protein, analogous to meat, is highly desirable, which otherwise is limited to specific occasions. Patients infected with HIV, which is widespread in the African continent, require twice the amount of protein intake compared to the uninfected individuals to help them cope and live longer. Additionally, the region has a vast population that is lactose intolerant, which presents a potential of a huge consumer base. The soy protein ingredient market in Africa is anticipated to have slow growth in this region due to lack of awareness. However, ongoing celebrity endorsements and awareness programs initiated by various soy associations are anticipated to up the ante. The soy protein ingredient market also faces challenges from other available protein options in the market.
The Africa soy protein ingredients market is segmented based on type, application and country. The Africa soy protein ingredients is expected to have robust growth with demand majorly coming from South Africa. The meat alternatives segment accounts for major share followed by bakery applications. Soy ingredients are increasingly used by the supplement industry, in capsules and tablets, as well as by the functional foods industry for manufacturing bars, bread, breakfast cereals, dairy products, and beverages. In Africa, South Africa is the largest market for soy protein. Growing population, increased levels of awareness and disposable income have made this region an area of immense potential and opportunities.
The major players in Africa soy protein ingredients market include - AFGRI, ADM, Cargill, CHS, DuPont, Futurelite, Kerry, Sojaprotein, ProSoy, and Wilmar.
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