With a projected population of 1.4 billion by 2025, Africa will be a market almost as large as the combined markets of the Americas and Europe, currently at 1.8 billion. Organizations that intend to remain relevant in the consumer goods space cannot afford to ignore the so-called Dark Continent’s growing markets. With a compound annual GDP growth rate of 4.9% between 2000 and 2008, Africa has outperformed not only the world average growth rate but also that of Europe and Latin America. Over the last 15 years, GDP per household has more than doubled across the continent. Today, around 85 million African households earn at least US$5,000 annually, and per capita income in the continent stands at US$1,880.
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