Madagascar's economy is a consumer economy backed by the wellestablished agriculture sector, developing tourism, textiles, and mining industries of Madagascar. Malagasy farming grows staple tropical plants such as rice and manatees as well as cash crops, including vanilla and coffee. The good news is that it is not difficult to start a viable company with basic skills and capital in Madagascar.
Malagasy tries its hands on several attractive market prospects as the economy transforms. Let us see what are the best profitable businesses in Madagascar!
Start a Business in Madagascar, Click Here
1. Textile Business
Madagascar is the largest in textiles exports to the EU and seventh in the US among Sub-Saharan African countries. The garment and clothing industry with 400,000 employees was the largest formal employer as of December 2019, with half of it in the export processor region (EPZ). To generate hundreds of thousands of new jobs, the industry is ready to provide low-cost qualified labor and processing plants to restore the confidence of U.S. buyers and to make full use of duty-free exports to the US through the AGOA.
Related Projects:- Textile, Apparel, Clothing, Denim wear, Innerwear, Lingerie, Hosiery, Denim Jeans, Readymade Garments and Under Garments Industry.
Exports of Malagasy apparel grew from 60 million dollars in 1995 to 586 million dollars in 2018. It accounts for about 75% of exports to production, 20% of overall exports, and 5% of GDP. Moreover, the textile industry is the country's second-largest source of formal jobs and foreign currency.
2. Agribusiness
The economy is mostly driven by agriculture, including fisheries and forestry, accounting for about one-third of GDP and employing 70% of the workforce. Rice is Madagascar's primary subsistence crop and has a significant role in farming. Madagascar has extremely potential for rice production and it is possible to further grow more than a dozen huge rice basins into genuine "rice baskets" for the country as a whole.
Related Videos- Profitable Agriculture Based Project Ideas & Small Scale Project Outlines
At present, almost 1 million ha, representing 30% of the agricultural area, are under irrigation. Nearly 1,5 million ha is irrigable capacity. In 2009, 78 percent of the total area of rice was irrigated by rice. In addition to the regeneration and extension of the irrigated rice sector, there is strong potential for increased yields as well as increased crop intensity and diversification.
3. Guar Gum Business
From 2017-2022 the guar gum market is planned to expand to USD 1,15 billion by 2022 by a CAGR of 7.9 percent. Increasing use of guardians due to their multifunctional properties increasing customer awareness of good food is the leading driving force on the market. Even in various sectors, such as dairy, oil & gas, and pharmaceutical products, guar gum is being used increasingly. It carries out a broad variety of functions, including the purpose of reducing friction, taping, thickening, stabilization, and gelling.
Due to its extensive use in the oil & gas industry as a component of hydraulic friction, the gelling agent feature of guar gum has the highest proportion.
4. Dairy Processing Business
There are about 1.9 million milk cows in the country and they produce around 291 kg/year/cow. Dairy farming systems are familiar and mainly semi-intensive, which is why milk production is higher than in Western Africa. The national volume of milk is approximately 543,062 tonnes per year. The generation of milk in the farm is often eaten. Just 7.774tons of milk (around 31percent milk powder, 31percent condensed/evaporated milk, and 26percent milk) are imported annually from Madagascar. Most of the local milk is sold by handmade milk in the local market. Milk is consumed about 26 kg per human per year every day. Thus, a lucrative business for starting up!
Related Books:- Milk Processing, Dairy & Dairy Products, Poultry Industries
At NPCS, we strive to make a business choice for any contractor/startup an easy and convenient decision. Our specialist team has developed a list of lucrative projects for business people who want to diversify or undertake by building upon its dexterity and decades of experience in the sector. This list is regularly updated to provide you with a regular dose of new opportunities.
PM_Art2021
Tags
#DetailedProjectReport #businessconsultant #BusinessPlan #feasibilityReport #NPCS #entrepreneurindia #startupideas #InvestmentOpportunities #StartupBusiness #BusinessOpportunities #MadagascarBusiness #TextileBusiness #DairyBusiness #agriculturebusiness
