Senegal Economy
Senegal has a well-diversified economy, which is characterized by a high reliance on imports, a low rate of exports, and a very small local market. Moreover, 60% of the population now works in agriculture, which accounts for less than 17% of the country's GDP. Dakar, like most other West African capitals, is engulfed by informal traders, who control a large portion of the labor market.
Despite a continuous fall and stagnation in prior years, Senegal's economic development has improved since 2016. Even though the country has not always been a popular investment destination, owing to decades of political stability, it remains far more appealing to a large number of international investors and economic prospects.
The majority of Senegalese workers are employed in the fishing and agriculture industries, although other sectors such as tourism and industry are beginning to expand. Furthermore, various areas may be explored, and the country's investment prospects remain quite promising.
Let us dive into the opportunities entrepreneurs can explore in Senegal!
1. Marine Business
The European market for fish and seafood is increasing considerably and provides enormous prospects for providers. A rising percentage of European customers is increasing their diet of fish.
As a seafood provider, Senegal enjoys competitive benefits. This is due to its relatively excellent quality, the ability to enhance more, and the tale to be told.
The market demand for Senegalese fish is rising quite much. This gives fish and seafood enterprises in Senegal significant prospects.
Related Books- Agriculture, Agro Based, Bakery, Wood, Ice Cream, Chocolate Cereal Food, Confectionery, Dairy, Farming, Fisheries, Food & Beverages, Fruits, Meat, Milk, Oils & Fats, Snacks, Spices, Vegetables, Flowers, Rice, Wheat, Corn, Tobacco And Tobacco Products
2. Agribusiness
The typically sunny and seasonal Senegalese farming. In 2008, around three-quarters of the country's workforce was employed by the agriculture industry. The great majority of farmers are farmers, who combine cash and subsistence crops (millet, sorghum, maize, and rice), and also have some cattle. Senegal is the most food-influenced country in western Africa after Mauritania.
The cereals and most of its milk, vegetable oil, and food processed are imported by Senegal at 70 percent. The second-largest net importer of rice in Africa after Nigeria continues to be Senegal, largely from Asia. In 2008, 600,000 tonnes of rice were imported from Senegal.
3. Medical Equipment Business
Dakar is the first rich health center in western Africa to invest in new and improved equipment in both the public and commercial sectors. There will thus be an opportunity for pharmaceutical providers and medical equipment to reach this attractive market.
The country of western Africa has witnessed an increase in the number of public, commercial, and mobile health facilities in recent years, boosting healthcare needs.
Related Projects:- Surgical, Medical Plastics, Medical Disposables, Disposable Medical Products used in Hospitals
A worldwide popular industry is the supply of medical equipment and consumables (non-medical equipment). Senegal has recently seen significant expansion in this commercial sector.
Indeed, the coronavirus pandemic, which necessitated the use of Personal Protective Equipment (PPEs), had a crucial role in motivating individuals to begin selling medical equipment and consumables.
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4. Dried Fruits Business
The dried fruit market is expected to grow at a CAGR of 4.90 percent from USD40.116 billion in 2019 to USD53.439 billion by the end of 2025, from a market size of USD40.116 billion in 2019.
The market for dried fruit is being driven by a shift in customer choice for healthy and nutritious meals as a result of rising obesity and an aging population. Furthermore, rising demand for dried fruit has been spurred by greater acceptance of healthful packaged foods and widespread use of dried fruit in the dairy, bread, snack, and confectionery sectors.
The growing trend of on-the-go snacking has accelerated the market's rise in recent years. Dried fruits have become a popular healthy snack due to characteristics such as low perishability and portability.
At NPCS, we strive to make the market selection an easy and straightforward process for any entrepreneur or start-up. Our expert team has compiled a list of profitable projects for entrepreneurs looking to diversify or venture, based on their dexterity and decades of expertise in the industry. In the industrial world, NIIR PROJECT CONSULTANCY SERVICES (NPCS) is a trusted brand for providing advanced strategic consultancy services. Engineers, architects, specialists, accounting advisors, economic researchers, and architecture specialists with vast expertise in relevant industries make up the NPCS team.
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