Africa Pea Protein market is projected to grow at a CAGR of 4.7% during the forecast period 2020-2025.
- Pea protein is being hailed as the new preferred protein due to its nutritional qualities and it looks set to play an increasingly important role in food formulation and fortification in Africa. At less than one-third of the price of whey powder, and compared to soy protein, pea protein is a healthy alternative with great benefits and usability.
- Given the ease of production and environmentally viable sourcing methods, pea proteins are projected for high returns. The availability of raw materials and land for production help in projecting this region not just as a demand source, but also for profitable production methods
Key Market Trends
Increasing Demand for Plant Protein based Products
The demand for plant proteins in Africa has increased, owing to the need for protein, growth of the population, a rising economy, growing health concerns among consumers, and innovation in plant proteins, which are some of the driving factors for the plant protein market in Africa. Sportspersons, health-conscious and weight-conscious individuals, and other adult age groups are the main consumers of plant protein. Various infant formula products enriched with plant proteins, protein bars, and drinks have covered the major market in the region.?
South Africa holds a Prominent Share in the Market Studied
Manufacturers in South Africa are constantly embracing open innovation to gain cost-leadership and fixed suppliers in the early development stage.? Changing consumer lifestyles and rising healthcare expenditure are also playing a vital role in the growth of the pea protein market. Moreover, the flourishing growth of the retail sector is escalating the growth of the market.?Moreover, consumers’ concerns over clean labels, ease of digestion, the need for avoiding allergy-causing substances, and sustainability among the public are driving the demand for pea proteins, in the country.
Roquette, The Scoular Company, and Axiom Foods are some of the many companies with major market shares in the segment. Companies are focused on setting up their manufacturing units in the market due to rising consumer demand. New entrants, in spite of heavy competition from major players, are targeting potential markets due to the high profits associated with the industry. Companies have engaged in extensive scientific research in order to identify better varieties and economically feasible processes.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support