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2021-02-12
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Africa
Africa is one of the fastest growing consumer market in the world. In recent years, its household consumption has increased even faster than the GDP. Also, the average annual GDP growth has consistently outpaced the global average. In the era of increasing population, urbanization rates, rapid spread of access to the internet and mobile phones on the continent, Africa’s emerging economies present exciting opportunities to expand its retail and distribution channel.
In fact, consumer expenditure in Africa has grown at a compound annual rate of 3.9 percent since 2010 and reached $1.4 trillion in 2015. This figure is expected to reach $2.1 trillion by 2025 and $2.5 trillion by 2030. Also, in 2030, if the Continental Free Trade Area (CFTA) is properly implemented, a single continental market for goods and services will be operational, offering corporations different points of entry to the continent and a potential market of 1.7 billion people.
Although the GDP fell from % .5 to 3.4 between 2010 and 2015, Africa’s overall growth is rebounding. After East Asia and Middle East, Africa is ranked third in terms of real growth. Africa have been fastest in the world in increasing income and labor productivity. But, in terms of purchasing power parity, sub-Saharan Africa’s growth rates are less impressive, with per capita income levels at less than one-third that of any other world region. Africa has shown notable gains since about 2000, but the global mean level of income increased far more rapidly and now stands at approximately four times that of the African mean.
Nigeria is the largest consumer market in terms of total volume in Africa, worth $370 billion in 2013, followed by Egypt, South Africa, Algeria, Angola, Morocco, Sudan, and Kenya. At the same time, the fastest-growing market is Angola, where expenditure increased at a compound annual growth rate (CAGR) of 34 percent between 2000 and 2013 alone. Increased spending among households in Nigeria will likely amount to nearly $200 billion between 2015 and 2025, or 30 percent of Africa’s overall consumption growth over this period.
On the Basis of Product Type
On the basis of Distribution Mode
On the Basis of Distribution Channel
On the basis of Target Audience
We conducted interviews with the Consumers (B2C Vs B2B), Home Appliances Manufacturers, Brands, End User Industry Verticals, Contractual Suppliers, Product Managers, Consultants, Decision Makers, VPs, Executives, Sales Managers, Regional Sales Head, C-level Executives, etc.
Growth Drivers
Challenges
Opportunities
Due to entry of the multinational companies like Walmart, the competition is increased significantly but, Africa’s market is still less saturated and developed than that of other countries, thus it gives an opportunity for growth across the continent. In the continent as a whole, already 11 countries account for roughly 80 percent of total wealth and consumer spending: South Africa, Egypt, Nigeria, Morocco, Algeria, Sudan, Angola, Kenya, Ethiopia, Tunisia, and Ghana. All of these countries have exhibited marked growth in household consumption, particularly in the post-2005 period, although growth in Nigeria, Egypt, and South Africa has significantly outpaced all other markets.
Future Prospects
From the perspective of international producers and retailers, therefore, the appeal of Africa’s consumer market already exists, and several ongoing developments on the continent bolster the region’s growth potential in the coming years. Production of consumer goods in Africa remains cost-competitive when compared to other regions. Studies of African consumers show that they tend to be entrepreneurial, ambitious, well-informed, and disproportionately heavy users of the Internet and mobile technology. Africans are also more likely to prefer international products than in markets such as China and India. African consumers also appear to have more brand loyalty than their Asian counterparts, preferences that are commonly shared within families and social groups, and they are willing to make sacrifices for more durable, high-quality products, even when doing so requires saving and pooling resources.
The report analyses and includes complete detailed chapter of 50-70 pages about the short term & long terms impact of COVID-19 outbreak on each segment of "Africa Consumer Durables Market" along with government measures to support the sector. It also showcases the current market landscape during COVID, impact of the virus on leading companies, expected demand schedule and supply chain in the industry and other various major factors. This will help you identify those companies that may benefit from this pandemic as well as those that will lose out.
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