Fastest Growing Businesses Industries In Africa
Africa is the second-fastest-growing and most lucrative payments and banking sector in the world, only behind Latin America.Over 500 financial technology companies are based on the continent, with the majority in Nigeria, South Africa, and Kenya.
Africa is gaining grounds in the business world, through some major industries which are fast rising and making waves in different African countries.
These industries include the following industries as outline in this article,but are not limited to these, because there are still so many other industries,springing up from different African countries,and they are gainnig grounds and dominating the business world.
Agritech
Agri-tech is the use of technology for farming that is developed to improve efficiency and profitability. While most commonly used in horticulture and agriculture, agri-tech is also found in forestry, aquaculture and viticulture.
The food industry is one of the sectors on the continent with an increasing growth percentage, with many investors profiting from its resources. Business Standard reports that the food industry in Africa saw growth of 3.6% in 2020–21 and 3.9% in 2021–22.
The demand for packaged and processed meals is skyrocketing, and there is a significant increase in the consumption of frozen and dairy products. Other growth-related causes include the expansion and innovation of the food and beverage industry.
E-Commerce Business
Ecommerce is a method of buying and selling goods and services online. The definition of ecommerce business can also include tactics like affiliate marketing. You can use ecommerce channels such as your own website, an established selling website like Amazon, or social media to drive online sales.
African businesses in e-commerce are expanding quickly as a result of innovation and technological advancement. Businesses in this sector enable the online trade of products and services between people and companies.
Africa’s real estate market worth is anticipated to reach USD 180 billion by 2025, according to Vanguard Newspaper. The report also revealed that funding for African eCommerce projects reached over USD 256 million in 2021, an increase of 40% from 2020.
Africa Business Communities said that by 2025, the e-commerce sector is anticipated to produce USD 46.1 billion in annual sales.
Logistics Business
Logistics companies help their clients move goods from one place to another. Some cover the entire journey from pick-up to delivery to the end-user, while others help with part of the process—such as transportation, warehousing, packaging, shipping, or even disposal.
In many African nations, the logistics industry is profitable and growing at a quick pace. No matter where they operate—in Mauritius, South Africa, Ethiopia, Ghana, Kenya, or Nigeria—entrepreneurs reap huge financial benefits.
Africa’s logistics market, according to Market Watch, increased from millions to multi-million dollars between 2017 and 2022. According to Sawya reports, the Suez Canal in Egypt brought in USD 704 million in revenue in July 2022, an increase from the USD 531.8 million reported in July 2021.
With the rise of delivery companies collaborating with both traditional and online merchants, the industry is successful in many African countries.
Real Estate Business
Real estate is defined as the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made.
Real estate is a form of real property. It differs from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm equipment.
Due to Africa’s substantial population, there is a considerable demand for both commercial and residential real estate. The Nigerian real estate market expanded by 1.77% in 2021 and 10.84% in the first quarter of 2022, according to Nairametrics. USD 10 billion, or an 8% increase, was generated by the Egyptian real estate industry in 2021.
Nairametrics projects that Egypt’s real estate market would rise by 6.5% in 2022. Kenya’s real estate market increased by 5.2% in the third quarter of 2021, and 5.9% growth is anticipated in 2022. African entrepreneurs profit by leasing, purchasing, and renting out commercial and residential properties, making the real estate industry one of the most lucrative in the continent.
Conclusively,any Aspirant of business in Africa can grow and build on any of this industries and expand because of the growing pace of these industries in the African continent.
Africa has produced a lot of prominent business icons in the business world through these industries and still expanding it's impact through the help of these sky rocketing business adventures.