Market research in Guinea
The country’s vast mineral and ore deposits have very great potential and could allow Guinea to greatly benefit economically. Specifically, the country holds around 35% of the world’s bauxite reserves, which is a mineral with very high aluminum content. Furthermore, its reserves hold about 4 billion tons of iron ore, in addition to large amounts of gold and diamond.
Guinea is located in West Africa, and shares borders with Senegal, Sierra Leone, Liberia, Côte d’Ivoire, and Mali. Guinea is a country in a strategic location, and has a rich history. However, the country faced considerable struggles and hardship in the 20th century, which resulted in long-lasting political and social instability, lasting until its first free and fair presidential elections in 2010. Since then, international investment and development has been strongly facilitated.
New mining projects, port expansion, tourism investment, and infrastructure development allowed for growth and increased demand for goods and services. However, both the Ebola outbreak in 2014, and low global commodity prices meant Guinea was not able to truly capture the potential presented by its large iron ore deposits.
Why conduct market research
Guinean consumers tend to prefer imports from Europe and the US, but lower costs make products and services from Asia and the Middle East more attractive. GNI per capita is under 1000 USD, which makes consumers attentive to prices and low-cost items more successful. However, these metrics are steadily improving as a result of a developing economy, more stable political climate, and increasing foreign investment.
Economic growth is strongly driven by energy, mining, and agriculture, and could therefore benefit from diversification. It should be noted that sustained efforts are being made by the government to increase diversification by facilitating foreign investment.
Representative market data
Conducting market research in Guinea can prove to be challenging. Despite the recent investment and projects, infrastructure remains limited. This means conducting effective and accurate market research in Guinea is either costly or incomplete. Furthermore, corruption poses another hurdle in the goal of painting an accurate picture of the Guinean marketplace.
However, at Sagaci Research, we are able to provide you with the necessary tools to succeed and leverage your ideas to maximize your potential. Here are some of our offerings:
Market research methods in Guinea
You can receive detailed answers from our Online Panel with an incredible turnaround time using our Guinean panel. Gain a deeper understanding of consumers in Guinea. Click here for more information.
You will have access to a unique, in-depth report about the consumption habits of your target consumers in Guinea. Pick from a list of over 140 items that interest you and download your report today! Gain access here.
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