Last updated: Aug 28, 2026
Doing Business in Madagascar: Market Entry, GTM Strategy & Growth Potential
Why Expand into Madagascar
The population of Madagascar is 33,522,052, and is growing at the rate of 2.34%. The GDP per capita, which represents the potential spending power of the people, is $2,106, measured on a purchasing power parity (PPP) basis to allow comparison with other countries.
33.38% of Madagascar’s population lives in urban areas. 55.85% of the population is of working age (15-59). 18.68% of the population has internet access and 6.12% has 5G mobile coverage. These factors are important for digital-first businesses to keep in mind.
The Accuracast International Growth Index ranks Madagascar #138 overall for market attractiveness, no change from last year’s position.
How we can help you grow in Madagascar:
Accuracast offers a comprehensive range of international digital marketing services to support brands looking to grow their presence in Madagascar. Whether you need an international SEO agency, an international advertising agency, or an international social media marketing agency specialising in Madagascar, we’ve got you covered.
Madagascar's International Growth Stats
| International Growth Pillar | Score |
|---|---|
| Market Demand | 43.34 |
| Purchasing Power | 38.09 |
| Digital Readiness | 40.16 |
| Financial Infrastructure | 61.31 |
| Regulatory Complexity | 53.33 |
| Setup Cost & Friction | 45.31 |
| Digital Search Demand | 37.63 |
| Cross-Border Activity | 48.35 |
| Overall Score | 41.67 |
| Score Change | 1.29 |
| Overall Rank | 138 |
| Rank Change | 0 |
Digital Search Demand
37.63%
Purchasing Power
38.09%
How Digitally Mature is the Market in Madagascar
The digital search demand score for Madagascar is 37.63.
Go-To-Market Strategy Considerations for Madagascar
The purchasing power score for Madagascar is 38.09, and the country scores 40.16 for digital readiness.
Financial & payment infrastructure
In terms of financial infrastructure, Madagascar scores 61.31.
Regulatory & business setup friction
From a business expansion point of view, Madagascar scores 53.33 for regulatory complexity and legal restrictions. This is reverse-scored, meaning the higher the score, the easier it is to navigate local regulation.
The score of 45.31 indicates the costs and friction associated with setting up a business presence in Madagascar.
Madagascar market attractiveness change
Compared to last year, the overall International Growth Index score for Madagascar has changed 1.29 points, but this wasn’t sufficient to change its ranking from 2025, so Madagascar still ranks #138 in 2026.
Most Popular Social Media Platforms in Madagascar:
- YouTube
- TikTok
What Are the Risks of Expanding into Madagascar
While new market expansion can be exciting, it is important to also consider the risks when entering a market like Madagascar.
How Does Madagascar Compare to Other Top Markets?
| International Growth Pillar | Madagascar Score |
|---|---|
| Market Demand | 43.34 |
| Purchasing Power | 38.09 |
| Digital Readiness | 40.16 |
| Financial Infrastructure | 61.31 |
| Regulatory Complexity | 53.33 |
| Setup Cost & Friction | 45.31 |
| Digital Search Demand | 37.63 |
| Cross-Border Activity | 48.35 |
| Overall Score | 41.67 |
| Score Change | 1.29 |
| Overall Rank | 138 |
| Rank Change | 0 |
| United States Score |
|---|
| 53.39 |
| 71.03 |
| 93.01 |
| 81.18 |
| 64.5 |
| 27.2 |
| 43.46 |
| 69.58 |
| 60.79 |
| 1.2 |
| 3 |
| 0 |
View market attractiveness data for other countries ranked like Madagascar:
International Growth Index
Methodology
The Accuracast International Growth Index ranks countries according to their potential for international expansion. The ranking for Madagascar is based on an overall score that’s calculated from a combination of the eight pillars of scoring listed above, which are based on 34 composite indicators such as digital demand, economic opportunity, market accessibility, digital maturity and regulatory complexity in Madagascar. This provides a quick and easy way for businesses to compare Madagascar against other countries and prioritise growth markets.
Learn more about the eight pillars and ranking methodology to get a better understanding of the scores above and their implications for your business.
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