Africa Spice and Herb Extracts Market Size
| 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 |
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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 Market Trends
This section covers the major market trends shaping the Africa Spice & Herb Extracts Market according to our research experts:
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
Döhler GmbH
McCormick & Company, Inc.
Kalsec Inc.
Kerry Inc.
Olam International
*Disclaimer: Major Players sorted in no particular order
Africa Spice and Herb Extracts Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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3.1 Market Overview
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Application
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5.1.1 Food Application
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5.1.2 Beverage Application
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5.1.3 Pharmaceuticals
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5.2 By Geography
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5.2.1 South Africa
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5.2.2 Kenya
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5.2.3 Rest of Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Share Analysis
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6.4 Company Profiles
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6.4.1 Dohler GmbH
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6.4.2 McCormick & Company, Inc.
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6.4.3 Kalsec Inc.
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6.4.4 Kerry Inc.
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6.4.5 Olam International
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6.4.6 Sensient Technologies
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6.4.7 Cape Herb and Spice
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 Research 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.
What years does this Africa Spice and Herb Extracts Market cover?
The report covers the Africa Spice and Herb Extracts Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Spice and Herb Extracts Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Spice and Herb Extracts in Africa Industry Report
Statistics for the 2024 Spice and Herb Extracts in Africa market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Spice and Herb Extracts in Africa analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
