Africa Food Hydrocolloids Market is projected to grow at a CAGR of 4.14% during the forecast period (2020-205).
Key Highlights
- The increase in consumer preference for convenience foods indirectly contributes to the growing demand for hydrocolloids required as stabilizers, binding agents and thickening agents in convenience food products. The processed food market is driven by the greater need for convenience due to the busy lifestyles of consumers. This, in turn, increases the demand for hydrocolloids.
- - In African countries like Nigeria the food and beverage market remains viable for investment in spite of the challenges of high energy cost and volatile raw material prices. Thus, driving the food ingredients market including hydrocolloids.
Key Market Trends
Increasing Application In Beverage Sector
Acidified protein drinks, such as fruit juice and milk- or yogurt-based beverages, alternative milk, and juice drinks, carbonated soft drinks, energy drinks, and others tend to be the highest users of hydrocolloids in the region. Some of the popular hydrocolloids with increasing applications in the beverage sector include gellan gum, xanthan, and pectin. In African countries like Nigeria, the fast-growing population brings a continuing demand for soft drinks, especially as the climate is quite hot, which in turn is propelling the growth market studied at a faster pace. According to German Engineering Federation, in 2016 Nigeria was the fourth largest country with the highest consumption of soft drinks after the United States, China, and Mexico, which has resulted in increasing demand for stabilizing and texturing food ingredients including hydrocolloids.
South Africa Remains the Largest Market in the Region
The growing food industry along with the overall food retail sector in South Africa has a major role to play in the growth of the thickeners segment for hydrocolloids. Besides this, it is the changing consumer preference favoring the dense ready-to-eat products is another key factor driving the overall growth of the segment. Product innovation in hydrocolloids is majorly focused in the bakery and confectionery market of the country, owing to increasing per capita consumption. Although gelatin is widely used consumers demanding vegan and Kosher labels are enabling companies to look at natural derived systems to meet the demand.
Competitive Landscape
The Africa food hydrocolloids market is fragmented and includes several global and domestic food ingredient companies. Some of the key market players include Cargill, Incorporated, Kerry Group plc, Cp Kelco, Ingredion Incorporated, Koninklijke DSM N.V., REDA Food, and others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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