If you're a growth investor, then you're in luck. The Australian share market is home to a good number of companies that appear well-placed to grow their earnings at a very strong rate over the 2020s.
And while there are plenty of growth shares that I would buy today, five that stand out in particular to me are listed below.
Here's why I think these are the five best ASX growth shares to buy right now:
a2 Milk Company Ltd (ASX: A2M)
The first ASX growth share to consider buying is a2 Milk Company. This leading fresh milk and infant formula company has been a consistently strong performer over the last few years thanks to the expansion of its fresh milk footprint internationally and the unquenchable appetite for its infant formula in China. And while the pandemic is causing short term headwinds, I expect its growth to accelerate when it passes. Especially given its modest market share in China and its growth through acquisition opportunities.
Afterpay Ltd (ASX: APT)
Another growth share to buy is Afterpay. Due to the increasing popularity of its buy now pay later platform and its global expansion, I believe this payments company is well-positioned for growth over the 2020s. In respect to its expansion, Afterpay has just launched in Canada, acquired its way onto mainland Europe, and is testing the waters in Asia. Combined with its $5 trillion opportunity in the United States, the future looks bright for the company.
Altium Limited (ASX: ALU)
Altium is an electronic design software provider and another growth share I would buy. Thanks to its key Altium Designer product and its exposure to the rapidly growing Internet of Things and AI markets, I believe Altium can grow its revenue and earnings at a very strong rate over the next few years. Together with its other growing businesses, I believe the company is well-placed to achieve its revenue target of US$500 million by FY 2025/2026.
Appen Ltd (ASX: APX)
Another quality ASX growth share to buy is Appen. It is a leading developer of high-quality, human-annotated training data for machine learning and artificial intelligence. With these markets forecast to grow materially over the next decade, I'm confident Appen is in a strong position to continue its impressive form for the foreseeable future.
Pushpay Holdings Group Ltd (ASX: PPH)
A final growth share to buy is Pushpay. It is a fast-growing donor management and community engagement platform provider for the faith sector. Although this is bit of a niche market, it is a very lucrative one. Management is aiming to win a 50% share of the medium to large church market in the future. This is estimated to be worth US$1 billion in revenue to Pushpay at present. Given the quality of its platform, I believe it can achieve this and more.
