In a continent brimming with potential and confidence in its capabilities, African consumers have once again revealed their penchant for non-African brands over local products.
According to the 14th annual 2024 Brand Africa Report, conducted by GeoPoll in partnership with Brand Africa, African brands, though making a modest impact, only hold a 14% share of the top 100 admired brands list in Africa for the second consecutive year.
The report indicates that despite 64% of Africans expressing confidence in the continent’s potential, the loyalty towards non-African brands remains resolute. European brands continue their dominance with a 37% share in the top 100 list while North American brands account for 28% and Asian brands stand with a 21% share. Nike, Adidas, Samsung, Coca-Cola, and Apple have continued to hold their positions as the top five most admired brands in Africa.
However, the shift to African brands is slowly taking shape. Leading the pack of African brands are household names like MTN, Dangote, Trade Kings, Glo, DStv, and Ethiopian Airlines.
Proudly representing their countries, South Africa and Nigeria emerge as the frontrunners with five brands each in the top 100 list while other notable contributions come from countries like Kenya, Ethiopia, Zambia, Zimbabwe, and Tanzania. For example, Kenya’s Equity Bank leads in the financial services sector, followed by Standard Bank, ABSA, FNB, and UBA.
The findings of the report highlight the shifting preferences of African consumers. While non-African brands still enjoy a stronghold, there is a growing sense of confidence in local brands. This gradual shift indicates a positive trajectory for African brands in the competitive market landscape.
Initiatives such as the African Continental Free Trade Area (AfCFTA) offer promising prospects for the growth and visibility of African brands on a global scale.
As the African market evolves, these insights serve as a compass for brands to navigate the changing tides of consumer loyalty.
The Brand Africa rankings not only reflect the current scenario but also serve as a crucial tool for forecasting future trends in brand allegiance.
With the continent’s unwavering confidence in its potential, the stage is set for African brands to rise and shine in the fiercely competitive market landscape.
