Investing in agriculture is one of the smartest decisions anyone can make these days. The agricultural sector is among the flourishing sectors globally. For example, agriculture, food, and other related industries contribute 5.4% to the United States’ gross domestic product (GDP) and offer 10.4% of U.S. employment.
In Africa, the average for 2022, based on 44 countries, was 16.63%. The good thing is that any black person with basic knowledge of farming and manufacturing operations can launch a profitable agriculture business. Continue reading to find out the five most lucrative businesses to start.
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Across Africa and the world, cassava has several uses. It has always been a source of food and livelihood for millions across the African continent.
For example, around 90% of Nigerian families consume cassava products daily. Commercial caramel, wheat flour, garri, and animal feed are a few of the common products made out of cassava.
In 2021, the US imported around $112M in Cassava. This made them the 6th largest importer of Cassava in the world. As the world’s population grows, the demand for cassava products will continue to increase. This high demand will make cassava farmers make more money. With that in mind, you should consider cassava farming when investing in agriculture.
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Cocoa farming remains one of the oldest and most profitable agricultural business. Before the oil boom, cocoa was among the major foreign exchange products.
Despite oil receiving high attention, the global demand for cocoa remains high. This is due to its role as the main ingredient for chocolate and other beverages.
In 2022, global chocolate consumption was 8.13 million tons. With the usefulness of cocoa, you can see why cocoa is a profitable farm product to invest in. The good thing about cocoa is that it doesn’t only generate good income, but it matures faster than most crops. Check these guides on Amazon if you would love to learn about the international cocoa trade.
Honey Bee Farming
Investing in bee keeping is another profitable agriculture business to consider as a black person. This agricultural business is perfect for people who don’t have a lot of start-up capital and aren’t allergic to bee stings.
If you have a little space in your backyard, you can start honey bee farming. All that’ll be required is to build or buy the hive and get the bees. However, it’s important to confirm with local laws first before launching.
The good thing is that you can easily find the materials that you’ll need for your bee farming on Amazon. Protective clothing, a hive tool, and honey extraction equipment are a few of the common tools to run the business.
Honey is among the oldest sweeteners on earth. Plus, it has many uses and health benefits.
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Oil Palm Farming
Palm oil is one of the most essential and widely used vegetable oils across Africa and the world. And it’s extracted from the fruit of oil palm trees.
This farm product is used in biofuel production, cosmetics, and cooking. For example, most of Nigeria and other African dishes are prepared using palm oil. Over the years, oil palm farming has proven to be a profitable business.
Raising domestic birds like chickens, ducks, turkeys, and geese to farm eggs or meat for food is poultry farming. It’s probably one of the most profitable agricultural businesses you can do as a black person, irrespective of where you live in the world.
Chicken matures fast, which allows you to make good money within a short time. It means your capital won’t be tied down for long. With its global market projected to hit $487.39 Bn by 2027 at a growth rate of 6.5%, the market is always there, waiting for people to take advantage of it.
Due to high egg demand, its price increased by over 70% in 2022 in the US. You can see why poultry farming can be a lucrative agricultural business to venture into.
In general, there’s a surge in the agricultural industry globally. As a black entrepreneur, you can survey your locality and figure out the agricultural needs that you can fill based on the five profitable agricultural businesses discussed here.
Investing in agriculture is one of the sure ways to move away from depending on the government for jobs.
To learn how to start and grow your farming business, check these books on Amazon.
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