Euromonitor International Ltd

Euromonitor International Ltd

December 03, 2013 04:00 ET

Africa Boasts Seven of Top Ten Fastest Growing Economies

CHICAGO, ILLINOIS--(Marketwired - Dec. 3, 2013) - Euromonitor International today published a new White Paper called "Business Challenges and Opportunities in Africa", focusing on growth in Africa for fast moving consumer goods (FMCG) companies.

Seven of the 10 fastest-growing economies worldwide are African: Ethiopia, Mozambique, Tanzania, Congo, Ghana, Zambia and Nigeria. However, the paper encourages companies to look at the continent as a collection of diverse countries and to avoid a 'one size fits all' approach.

"High economic growth, coupled with a much-improved business environment is now making Africa an increasingly attractive hub for international FMCG companies," said Lois René Berman, Research Manager and a co-author of the paper.

The retail sector is considered one of the 'hottest' industries in Africa, surpassing that of natural resources extraction. Indeed, Euromonitor International research shows store-based retail sales in countries such as Nigeria and Kenya are expected to experience double-digit value increases in 2013, 19% and 13%, respectively.

An increase in urban communities is driving this growth in retail and becoming a focal point for African development, with companies using urban centres as a springboard into the wider market. Supermarkets have spread fast in Southern and Eastern Africa, already proliferating beyond middle-class big city markets into smaller towns and poorer areas, such as townships in South Africa. However, in Algeria, Morocco and Cameroon, independent small grocers make up around 60% of all distribution channels.

Sakina Balde, Senior Research Analyst and co-author also mentioned, "With increases in both GDP and disposable income, and a large, growing, youthful population, Africa appears ideal for product introduction and expansion."

These are just some of the trends highlighted in the "Business Challenges and Opportunities in Africa" white paper written by Euromonitor International's Research Manager, Lois René Berman and Senior Research Analyst Sakina Balde. For further insights, please see:

About Euromonitor International

Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have over 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.

We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.

Euromonitor International is headquartered in London, with regional offices in Chicago, Singapore, Shanghai, Vilnius, Sao Paulo, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.

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