As a businessman, the most important thing you need to do is understand your market. You cannot purport to be preparing for a great future if you are not familiar with the wants and needs of your target customers. That being said, today we would like to give you a bit of market intelligence regarding the top 9 fastest moving consumer goods in Africa (FMCGs).
Why is this kind of information important? By knowing what goods consumers are looking for it will be easier to tailor your business to meet these needs as you deepen your market reach. So now without further ado, we sample out the 9 kinds of goods that top the list of local consumer’s needs.
9. Alcoholic Beverages
According to a past study by the World Bank alcohol takes up 1.6% of household consumption expenditure in Africa. Perhaps you might want to consider venturing into wines & spirit, club, pub and entertainment industry to take a slice of this billion-dollar industry.
8.Tobacco
Despite growing health concerns related to smoking, tobacco is one of the most demanded goods by African consumers taking up about 1.8% of household budgets. Opening a smoke shop or adding cigarettes to your line of products can be a profitable endeavor if recent trends are anything to go by.
7.Personal Care
From cosmetics, fragrances, oral care, bath and shower products to child care items, the personal care industry in Africa takes up a significant 2.8% of the average African household consumption budget. If you’re looking to capitalize on this think about baby diapers, hair care products, beauty products, barber shops and salons.
6.Dairy Products
Demand for dairy products in developing countries, Kenya included, is growing with rising incomes, changes in diets, urbanization and population growth. According to the Food and Agriculture Organization of the United Nations (FAO), this offers a great opportunity for potential entrepreneurs to enhance their livelihood through increased production. . Dairy products gobble up 3% of household consumption expenditure.