South Africa is one of the largest economies in Africa. The economy of the country is depending upon various sectors including agriculture, fisheries and mining. However, in last decade due to rapid industrialization, globalization and infrastructure development, manufacturing and processing sector of the country has expanded rapidly. South Africa protein industry is one of the largest markets in the Africa region. The demand of protein is mainly driven by increase in health consciousness among the consumers and rising awareness about the health advantages of protein in daily diets. South Africa contributes around 57% of total Africa plant protein market, the revenue of which is presently estimated at $409.93 million in 2018. Soy protein is among the most popular protein in the country which is followed by pea protein, rice protein and wheat protein.
Major drivers of growing plant protein industry in South Africa includes increasing population adopting vegan and vegetarian lifestyle, growing concern about health issues due to rising cases of obesity, overweight, cancer and cardiovascular diseases and high demand of highly nutritious food and supplement products. The market is forecasted to grow at a CAGR of 6.5% during 2018 to 2023, to attain the market size of $560.62 million by 2023. The application of plant protein types across food and dietary supplements share highest market value which is followed by beverages, animal feed, nutraceuticals and others. The application of emerging protein types is still very low across various industry segments as the awareness among the consumers is very low. However, due to continuous research and development over the years, its usage across various products is estimated to expand rapidly during next decade.
The popularity of whey protein in South Africa is very high because of high protein content, easy availability of milk and highly developed whey protein extraction process. Moreover, emerging protein types such as insect protein and fish protein is also growing rapidly due to increase in demand of sustainable protein. All these alternative protein types would pose major restraints to the plant protein market. However, rising demand of specialized and customized protein and growing research to develop commercially viable plant protein extraction process would provide significant boost to the plant protein market of South Africa. There are not many local players involved in the production of plant protein, but due to steadily rising awareness about sustainable protein source, number of new entrants are expected to increase which would intensify the competition in the industry in coming years.
Key Deliverables
Major drivers of growing plant protein industry in South Africa includes increasing population adopting vegan and vegetarian lifestyle, growing concern about health issues due to rising cases of obesity, overweight, cancer and cardiovascular diseases and high demand of highly nutritious food and supplement products. The market is forecasted to grow at a CAGR of 6.5% during 2018 to 2023, to attain the market size of $560.62 million by 2023. The application of plant protein types across food and dietary supplements share highest market value which is followed by beverages, animal feed, nutraceuticals and others. The application of emerging protein types is still very low across various industry segments as the awareness among the consumers is very low. However, due to continuous research and development over the years, its usage across various products is estimated to expand rapidly during next decade.
The popularity of whey protein in South Africa is very high because of high protein content, easy availability of milk and highly developed whey protein extraction process. Moreover, emerging protein types such as insect protein and fish protein is also growing rapidly due to increase in demand of sustainable protein. All these alternative protein types would pose major restraints to the plant protein market. However, rising demand of specialized and customized protein and growing research to develop commercially viable plant protein extraction process would provide significant boost to the plant protein market of South Africa. There are not many local players involved in the production of plant protein, but due to steadily rising awareness about sustainable protein source, number of new entrants are expected to increase which would intensify the competition in the industry in coming years.
Key Deliverables
- Market trends since 2014 and five year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects and competition pattern
- Insights on growth potential of the market
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Table of Contents
1. Introduction
2. Summary
3. Industry Dynamics
4. Market Size and Forecast
5. Competitive Analysis
6. Company Profiles
Appendix
Companies Mentioned
- DuPont
- ADM
- Cargill
- Bunge
- Mead Johnson
- CHS
- Scoular
- Roquette Freres Le Romarin
- Burcon NutraScience
- MGP Ingredients
- Axiom Foods
- Tate & Lyle Plc
- Fonterra
- Kerry
- Omega Protein Corporation
- Glanbia PLC
- Beneo-Pa
