Market Trends of Africa Spice and Herb Extracts Industry
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.
