Africa products are in are gaining high demand across the world. A recent report shows that as of 2021, 65% of goods exported to the European Union are essential goods like food, raw materials, and fuels.
The US is the largest market importer in the world. In 2018 the world power spent an estimated $2.6 trillion on imports. Unfortunately, Africa’s import sales to the US were just 1.4%. This signifies that Africa is not extending its potential to countries outside the EU.
According to the Economist, expensive safety standards, a lack of investors and favourable trade schemes EU play a significant role in the current state exports from Africa.
Without further ado, here are the five African products with high demand worldwide.
1 . Cobalt
The republic of Congo produces 40% of the world’s cobalt. It is a chemical element that mined earth’s crust and used to manufacture lithium-ion batteries for electric vehicles, laptops and mobile phones. The demand for cobalt is rising, as it is considered the future fuel.
2. Shea Butter
Shea butter can be found in most beauty products. The global beauty industry is worth $511 billion. Shea butter makes lipsticks and lip balms, moisturisers, emulsions, and conditioners. The shea tree can be found in 21 countries across Africa.
Coffee is the third most consumed beverage in the world after water and tea. It is in high demand across the globe. Africa’s leading coffee producers are Ethiopia, Uganda, Côte d’Ivoire, Tanzania, and Kenya.
4. Palm oil
Palm oil is very vital in the beauty industry. It’s used in making soaps, shampoo, mascara, foundation, concealer, lipsticks, eyes shadows and sunscreen. Large quantities of Palm oil can be found in Nigeria Ghana. Cameroon, Benin and Kenya.
The Netherland is the second largest importer of cocoa in the world. West Africa makes up about 60% of the total world’s cocoa exports. Cocoa bean is mostly grown in Ivory Coast, Ghana, Nigeria, and Cameroon. It is a major ingredient in making chocolates and other confectioneries.