In my last column, we discussed why I think African supermarkets are a great way to invest in the African growth story.

Today, we’ll take a look at another industry whose fortunes have soared along with those of Africa’s consumers – its breweries.

I like to monitor the performance of beer companies because beer sales indicate changes in disposable income better than just about any other product I know.

Beer’s an affordable luxury. It’s one of the last things people give up when times are hard, and it’s one of the first things they indulge in when their wallets get fatter.

Therefore, if you notice a brewer’s revenue start to soar, there’s a good chance that other consumer-oriented industries are about to boom too.

Let’s see which of Africa’s brewers have tapped into the strongest growth of late.

To determine the continent’s fastest-growing breweries, I computed each one’s annualized sales growth rate over the five most recently reported fiscal years. I then adjusted this rate for currency depreciation against the dollar to help correct for the impact of inflation.

Ready to see the top five? Then sit back, crack open a cold one, and we’ll count them down.

5. Tanzanian Breweries (five-year sales growth rate: 12.0 percent)

The proud brewer of Kilamanjaro Lager traces its history all the way back to 1930. In the intervening years, it built up a collection of five breweries, including one that specializes in producing sorghum beer.

TBL has a huge market to play in. On average, Tanzanians drink nine liters of beer per year. In neighboring Kenya, per capita consumption is more than five times that volume.

Unfortunately, unless you’re Tanzanian, it’s not presently possible to buy the company’s stock because foreigners already hold more than the government-mandated quota of 60 percent of outstanding shares. But you can get some exposure to the company through global brewing giant SABMiller (SAB), which owns 36 percent of the company.

4. Bralirwa (Four-year sales growth rate: 12.3 percent)

Bralirwa is Rwanda’s largest brewer and soft drink bottler, boasting roughly 80 percent of the local beverage market. It also exports its popular Primus Lager to Burundi, the Democratic Republic of Congo, and Uganda.

The company has grown its earnings at an average rate of nearly 50 percent over the past five years in spite of the fact that it imports almost all of its ingredients.

In January 2011, Bralirwa became the first local company to list on the Rwandan Stock Exchange. You can buy its shares there, or content yourself with a more indirect holding via Heineken’s 75 percent stake.

3. Zambian Breweries (five-year sales growth rate: 12.9 percent)

Perhaps the most impressive thing about Zambrew’s 12.9 percent sales growth rate is that it may be just the tip of the iceberg. The company will soon triple the production capacity of its main brewery, allowing it to serve many more thirsty Zambians. Sales have also been helped by management’s decision to reduce the cost of its non-alcoholic drinks, allowing it to capture nearly 60 percent of that market.

Investors can pick up shares of the company via the Lusaka Stock Exchange.

2. Cervejas de Moçambique (five-year sales growth rate: 13.8 percent)

Would you like to spend some time in Mozambique? If so, make sure you sample a Laurentina Preta, one of Africa’s most awarded beers. It’s just one of a whole line of Cervejas de Moçambique products that quench an increasing number of Mozambicans’ thirsts. The company controls 92 percent of the rapidly growing country’s beer market.

It recently rolled out a cassava-based brew to a warm customer reception.

The company trades on the sleepy Mozambique Stock Exchange, but it’s probably easier to get exposure to the company through its parent company, SABMiller.

1. Delta Corporation (Three-year sales growth rate: 30.9 percent)

Zimbabwe’s largest brewer, Delta has been far and away the most exciting growth story among African brewers the last few years. Hamstrung by a hyper-inflationary economy until 2010, the company’s sales simply shot through the roof when the country adopted the U.S. dollar, advancing at an average pace of 31 percent annually.

The company’s outlook may be dimmed somewhat by the recent presidential election results, but so long as there’s a steady hand on the economy’s tiller, Delta should continue to sell increasing amounts of beer.

Interested in picking up some shares? You’ll need a Zimbabwean brokerage account.

None of the above brewers operate in markets where beer consumption is anywhere close to that of Kenya’s, a market where the largest brewer still grew sales at a 7 percent clip over the past five years. So, I’m willing to wager that there will be lots more impressive growth to toast five years from now.

Cheers!

Ryan Hoover is an investment analyst with Africa Capital Group and the founder of InvestingInAfrica.net.