Tanzania has one of Africa's fastest-growing economies, with annual national GDP growth of nearly 7% since 2000. Tanzania is ranked seventh out of 47 Sub-Saharan African countries, with an economic freedom ranking of 60.2. Tanzania has seen an increase in investors in recent years as a result of the government's launch of the Development Vision 2025 plan, which supports the private sector and focuses on industrialization and job growth.
Tanzania was previously known primarily for Mount Kilimanjaro and Zanzibar. However, the country has seen an uptick in buyers seeking to capitalize on this developing African country over the last decade. Let us explore the business opportunities and investment ideas that will prove fruitful in Tanzania.
Related Books:- Cement, Asbestos, Ceramics, Bricks, Limestone And Construction Materials Manufacturing Technology
1. Cement Manufacturing
Cement is a crucial construction tool. It is used in nearly all constructions and comes into contact with water. If the concrete or asphalt absorbs water, leakage may result, destroying the construction. Waterproofing resin is the coating that is used to prevent water absorption. Water-proof cement is used in water tanks, sewer pipes, and a variety of other constructions such as dams and bridges.
The demand for this commodity is constantly growing due to its applicability in a wide range of building projects. Furthermore, owing to the product's uneven availability, there is a strong demand for it, and a medium to small-scale production project is feasible.
Cement exports in Tanzania are forecast to more than triple by 2025F. Tanzanian cement demand is expected to rise at a CAGR of 5%.
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1. Prawn and Shrimp Market
Prawns and shrimps thrive naturally in the brackish water of coastal areas. The prawns and shrimp are produced in a controlled atmosphere in an enclosed water body in prawn/shrimp farming. Despite the vast scale of the coast, less than 5% of it is used for prawn farming. As a result, there is plenty of space for expansion in the future.
With the general improvement in people's living standards and changing food preferences, demand for exotic products such as prawns and shrimp is at a rapid pace in our world. Aside from the domestic market, these goods have a sizable export market in Europe, the United States, Japan, and other developing countries.
In 2017, the global shrimp industry was worth more than USD 80 billion, with a demand of 9,061.6 kilo tonnes. Because of its low cost in comparison to other species such as crabs, tuna, salmon, and lobster, the demand is expected to expand rapidly in the coming years.
1. Agribusiness
Tanzania has an estimated 1,000–2,000 large-scale farms and estates with an average size of 1,100 hectares (ha), while the country's available irrigable land is 29 million ha, leaving the sector significantly underutilized.
Along with development partners and commercial agribusiness investors, the Government of Tanzania (GoT) is working to overcome these challenges by improving ties between commercial and smallholder farming and creating more open routes to market for agribusinesses.
Tanzania's Ministry of Agriculture, Food, and Cooperatives' 2025 Vision state that the country intends to establish value addition chains for raw materials and commodity outputs from primary agricultural production. Cotton fabric, processed coffee and cigarettes, sisal goods (yarn and twine), wheat flour, biscuits and pasta, beer, textiles, rolled steel, refined sugar, and other value-added products are currently available in Tanzania.
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1. Pharmaceutical Manufacturing
Tanzania's pharmaceutical industry will expand relatively steadily in the coming years, though from a small base, owing to the country's large and increasing population, as well as rising urbanization rate. As attempts to introduce universal healthcare coverage continue to bear fruit and more residents have access to affordable healthcare services, demand for drugs is expected to surge.
Tanga Pharmaceutical and Plastic Limited, one of the largest producers, has a range of cosmetic products registered under its name. Large cosmetics brands such as Estée Lauder, Unilever, and L'Oreal, as well as South brands such as Indian labels Marico and Godrej, have entered the Tanzanian market.
Suggested Link: Investment Opportunities & Business Ideas in Tanzania, East Africa - Identification and Selection of right Project, Thrust areas for Investment, Industry Startup and Entrepreneurship Projects
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