Africa, with a population of 1 billion and 340 million people, is anticipated to reach 1 billion and 700 million with an increase of 25.9 percent in 2030. The continent stands out as a significant market gaining importance worldwide each passing day.
The African Continental Free Trade Agreement, which became effective as of January 01, 2021, created a free trade market worth 3.3 trillion dollars. Companies serving the SHOES & LEATHER industry must benefit from this favorable atmosphere in a sustainable manner.
AFRICA IN NUMBERS
A market that has grown 5 times larger in the last 13 years
Export that has grown 7 times larger in the last 13 years
Trade volume that has reached 186.5 billion dollars in the last decade
While the trade volume was worth 5.4 billion dollars in 2003, it was 25.3 billion dollars in 2020.
While the export volume was worth 2.1 billion dollars in 2003, it was 15.2 billion dollars in 2020.
About SHOES & LEATHER Industry
The clothing and footwear industry is gradually growing in Sub-Saharan Africa, and its potential is worth approximately 30 billion dollars.
African countries hold 15% of the global cattle population and 25% of the global sheep population and perform 15% of the global leather production.
Africa will be the next attraction for luxury fashion throughout the world. European brands have already started to invest in some countries, like Nigeria, to make their presence felt, which makes local entrepreneurs and talents take the stage.
There will be key points in some countries, such as Nigeria, Somalia, and South Africa, for significant matters, including manufacturing, design, sales, and export.
The Moroccan market has experienced the highest increase in exports, from 3 million and 365 thousand dollars to 8 million and 155 thousand dollars, with a rise of 142% in the quarter period of 2021.
Exports to Libya increased from 6 million and 844 thousand dollars to 11 million and 58 thousand dollars, with a rise of 62% in 2021.
Tunisia has experienced the most remarkable rise in leathercraft products. Exports to the country rose from 520 thousand dollars to 2.2 million dollars.