The African Market
Africa represents a rapidly growing continent with 1 billion consumers growing at 2.25X the rate of rest of the world. The continent offers promising upper-middle class markets such as South Africa, and a growing international tourism sector. Sub-Saharan Africa attracts $23B in tourism receipts per annum from hungry international travels, and tourism is a critical growth industry from many African nations. Some of the least food secure countries in the world are also in Africa. The market for beef and milk protein is approximately $70B. Per capita protein consumption is growing at 4%.
South Africa has 53M consumers, with an upper and middle-class market of 5M consumers. More than 10M tourists arrive in South Africa each year, representing 85% of Sub-Saharan Africa’s tourism receipts. The per capita GDP is $13,000 (80% of the world average) and number 5 on the World Bank’s ease of doing business index.
Nigeria has 186M consumers, with an upper and middle-class market of 15M consumers