New Report on Ethiopia's Budding Consumer Market

WASHINGTON - Feb. 9, 2015 - PRLog -- Washington, DC: In a new report titled "Ethiopia's Budding Consumer Market," Future in Focus, a strategic foresight research and consulting firm, explores the pluses and minuses of the Ethiopian market and the prospects for multinationals to do business there.

“Ethiopia is an emerging economy that has demonstrated impressive growth throughout the past decade,” according to Michael Vidikan, CEO of Future in Focus, “They are currently the fifth largest economy in Africa and are projected to become the third largest within a decade, making it an inviting target for multinationals seeking to establish a presence in Africa.”

What gives the Ethiopia market its great potential?

A large and growing population. With a population of 94 million people in 2013, Ethiopia is the second most populous nation in Africa.
Youthful public. Nearly half (44.4%) of Ethiopia’s population is under the age of 15. Nearly two-thirds (64.3%) are under age 25. And nearly three-fourths (72.7%) are under age 30.
Steady economic growth. Ethiopia’s economy has been the fastest-growing in sub-Saharan Africa for more than 10 years.
Emerging middle and upper classes. Along with seeing poverty decline, Ethiopia, like most developing economies, is seeing the emergence of a nascent middle class. In addition, Ethiopia may soon see a wealthy elite. New World Wealth projects that the number of millionaires in Ethiopia will grow faster than in any other African country: from 2,700 in 2012 to 4,700 in 2020.

Despite its attractions, however, Ethiopia does not offer a certain—or even a relatively clear—road to prosperity for multinationals looking to do business there. The great promise the Ethiopian market presents is counterbalanced by the many drawbacks and challenges that will have to be overcome. While the population is enormous, most Ethiopians are rural and very poor. While its people are young, many are uneducated and unskilled. And while the business and retail environments are slowly beginning to modernize, government regulations are hampering—or even preventing—foreign players from entering the market.

For media to obtain a full copy of the report with additional insights, forecasts, and potential business opportunities, contact Michael Vidikan at Michael@futureinfocus.com

About Future in Focus: Future in Focus delivers timely and provocative technology and consumer foresight research to Fortune 500 and government organizations, helping them see 5, 10, or even 25 years into the future. By engaging in foresight research, our clients are able to uncover emerging consumer needs and behaviors; anticipate and seize growth opportunities; define critical emerging issues shaping the future of their industry; mitigate risk; and enrich decision-making. We are putting the Future in Focus. www.futureinfocus.com