Africa Market Research

Market Landscape in Africa

Africa is a continent with large potential and diversity, with a dynamic and constantly changing market landscape. Africa is home to 1.4 billion people and has an abundance of natural assets, which offers a unique potential for businesses and investors. In 2023, Africa’s GDP is estimated to be around 3.1 trillion U. S. dollars. To add on, the African continent is projected to have increased growth in the years to come. Thus, the African market would be a consideration for businesses and investors to conduct market research on.

Key Sectors in Africa

Agriculture

Agriculture is a key sector in the continent. This continent holds 60% of the global arable land. In 2021, the industry represented 17% of the Sub-Saharan economy. The agricultural sector produces cereals, roots & tubers, and meat, among others.

The agricultural sector is also advancing along with developments in technology. In fact, the agritech industry has been demonstrating its growth in the African region.

Natural Resources

Africa boasts a variety of natural resources such as:

Oil (petroleum, natural gas, crude oil)
Metals and minerals (iron, uranium, copper)
Precious metals and minerals (Gold, Diamonds, Platinum)

This continent contains about 30% of the global mineral reserves, 12% of the global oil reserves, and 8% of the global natural gas.

Leading African Countries

Nigeria, South Africa, and Egypt are the three leading economies in this continent.

Nigerian Market Landscape

In 2022, Nigeria had a GDP of 477 billion USD, which was the highest in the continent. It is the most populous country in Africa, with around 206 million people in 2020. The country’s key economic sectors include mining, manufacturing, trade, and telecommunications.

According to Startupblink, a global startup ecosystem mapping and research center, Nigeria is one of the best countries in West Africa to set up a startup. Lagos, a city known as the cultural and commercial center of Nigeria, is dubbed as Africa’s Silicon Valley.

South African Market

South Africa recorded a GDP of about 405 billion USD in 2022. The key economic sectors in this country are mining, transport, energy, manufacturing, tourism and agriculture. In 2021, South Africa was the biggest global exporter of several metals and minerals such as platinum, manganese ore, chromium ore, precious metal ore, and titanium ore.

GLOBAL ANGLE’s market research capabilities in Africa

GLOBAL ANGLE’s presence in the African continent is demonstrated by the wide range of B2B market research we have conducted and our local talent of market researchers.

Our market research services in Africa include:

We also conduct business consulting services such as digital marketing and employer of record in African countries.

Contact GLOBAL ANGLE for your African-based market research enquiries.

Case Studies

We have conducted market research in African countries such as Nigeria, Tanzania, Egypt on various industries. Read more about some of our market research experiences here: