Africa is a resource-rich continent. Recent growth has been due to growth in sales in commodities, services, and manufacturing. … In 2013, Africa was the world’s fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023.
A 2010 report by McKinsey and another report released by the African Development Bank (AfDB) in 2011 both agree that Africa’s middle class has grown into a significant consumer pool. The market is growing even faster now. It’s also one of the fastest growing middle class populations in the world. According to the AfDB report, the current size of the continent’s middle class is over 350 million people.
Another (more recent) report on Africa’s middle class released by the Standard Bank Group shows that most middle class households in Africa spend between $15 and $115 a day. This is an indication that Africans who fall into the ‘middle class’ category have more disposable or ‘extra’ income to spend. When people have more money to spend, they eat more (because they can afford it) and their lifestyles are very likely to change. It’s no surprise that obesity (excess body weight) is a common feature in countries and regions with significant disposable household income. The United States and Australia are good examples in this regard.