This is the most important question for any Africa-focused business. Whatever you’re selling, whether it’s ice cream or steel beams, haircuts or cashew nuts, as long as you’re selling to consumers, you want to know the size of the African consumer market.
When we looked at whether Nigerian startups are overvalued, we first considered the Nigerian market size.
Key takeaways:
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Understanding the size of the African consumer market is crucial for many reasons, particularly for business owners looking to assess which market is most attractive for their products
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There are different dimensions to use in assessing the size of any market—gender, age, income groups, and even over time
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This allows us to move away from assessing the consumer class as a homogenous group, and instead take into account how spending patterns differ across the different categories
There is no single way of estimating market size, but the most accurate methods
