This is because of the never-ending technological inventions that have equally created a demand for technological products. It covers all aspects of business operations, from the very specific to the very generic. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. 5 – Artificial intelligence Industry. The retail market grew 2.4% in 2014 with the fastest growing segments including textiles and clothes at +3.5%, hardware by +2.6%, general stores by +2.4%, household goods by +2.3%, pharmaceuticals by +2.1% and food and drinks by +0.9%. Review our, Water Bottling Equipment Industry in South Africa, Plastic Container Industry in South Africa, The Top 10 Soap Brands in the World (2018), South African Government Saves Textile Jobs through Production Incentives Programme, Top 10 Largest Gold Producing Companies in the World (2018), best south african investment opportunities, fastest growing industries in south africa, small business opportunities in south africa. We also use third-party cookies that help us analyze and understand how you use this website. According to the latest Tourism and Migration Survey, almost 3.5 million tourists passed through South Africa’s ports of entry in August 2017. There are daily improvements in technology, and technological devices are usually high in demand. Topfacts: 1. Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. Growing in revenue by 489%, EyeSee secured a spot as one of the 500 fastest-growing tech companies in Europe, the Middle East, and Africa (EMEA region). Agriculture, including forestry and fisheries, is vital to the country’s economy as the sector grew by over 22% and contributed 4% to the country’s GDP in the first quarter of 2017. More information can be found at the CTCP website. FinTech is one of the newest and fastest emerging industries in Africa. “This is mainly driven by a growing middle class. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. as recent reports have shown a laudable improvement. “This is mainly driven by a growing middle class. Afrihost finished … Africa is the world’s fastest-growing continent for software developers. Across most sectors, these companies are growing faster and are more profitable than their global peers. Thanks to structural changes in many African countries, productivity revolution is helping many companies to achieve greater economies of scale. Natural-gas plants—which are fast to build, entail low capital costs, and have a small carbon footprint—can provide an alternative to diversify the power supply. ... one big question among industry insiders has been whether local tech ecosystems are large enough to absorb them. According to Statistics South Africa GDP – 2nd Quarter 2017, the sectors promising a lot of growth include finance/business services and real estate, which contribute around 22% towards the country’s GDP. Musical Groups & Artists in the US. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. Wholesale, retail and catering/accommodations contribute about 15%. It is highly concentrated, with Egypt and Nigeria alone accounting for one-third of total agricultural output and the top ten countries generating 75 percent. Then look no further than these fastest growing industries in South Africa. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. Despite recent challenges in South Africa and the rest of Africa, spending seems to remain the same. Africa’s 10 fastest-growing economies. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. It’s no secret that Ethiopia’s economy is booming and its economic growth has been hovering around 8-11%for over 10 years now. MAJOR INDUSTRIES IN SOUTH AFRICA . Experts forecast this will increase to USD 3.5 trillion by 2025. Über Flavour is still in start-up phase. Agriculture, including forestry and fisheries, is vital to the country’s economy as the sector grew by over 22% and contributed 4% to the country’s GDP in the first quarter of 2017. “Banking is one of the fastest growing market sectors in Mozambique,” notes DHL country head Dominique Lalous. Necessary cookies are absolutely essential for the website to function properly. Our platform is designed to help companies generate leads, shortlist suppliers, request for proposals, and identify global companies. Africa’s 10 fastest-growing economies Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. Experts forecast that the manufacturing industry will nearly double its output from $500 billion today to $930 billion in 2025, making this one of the, There are many opportunities in tourism, as it is one of the. Some 67 million tourists visited Africa in 2018, representing a rise of 7% from a year earlier, making Africa the second-fastest growing region when it comes to tourism, after Asia Pacific. Spending by African consumers reaches a whopping USD 4 trillion annually, with household consumption expecting to grow 3.8% by 2025. Situated in eastern Africa, Ethiopia has a whopping 107-million population with 30% made up of young people. Africa is home to fi ve of the world’s fastest-growing economies, and is being driven by young and growing populations. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. Afrihost finished … This year, 99 African American-led businesses made the Inc. 5000 list of the fastest-growing private companies in the country, measured by revenue growth over the past three years. known for their vast lands and profitable farming opportunities. Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. Countries like Nigeria, Angola and South Africa are experiencing a large growth in their economies due to working industries and growing sectors. Lucrative opportunities are abundant, especially in downstream processing and adding value to iron, carbon, steel, stainless steel, aluminum, platinum metals and gold. The. South Africa’s financial sector is very sophisticated despite the country’s “emerging market” status. More people are opening bank accounts, using online banking and swiping their debit and credit cards for day-to-day purchases, whereas previously cash was king.” These cookies do not store any personal information. It has registered immense growth to the point that it is now the second fastest-growing tourism industry in the world, only behind the Asia Pacific region. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. Africa’s travel and tourism industry is growing by leaps and bounds and is now ranked the second-fastest-growing industry in the world after Asia Pacific.Continued investments in the tourism sector, coupled with the enactment of policies geared towar. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. are what will help this country become a global powerhouse all while continuing to contribute greatly to Africa’s overall GDP. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. Are you looking to get a piece of the pie? Experts say that ⅓ of the world’s gold has yet to be mined. 2019-2020 Revenue Growth. Not only is South Africa nearly self-sufficient in all major agricultural products, they are also a net food exporter. This website uses cookies to improve your experience while you navigate through the website. Nearly 97% of tourists travel through for a holiday while the rest were either for business or school. The country’s economy mostly depends on its huge oil reserve and its oil revenues account for more than 50% of its total GDP. BizVibe has redefined the concept of B2B networking by helping buyers select the right supplier. Other heavy civil engineering construction. Are you curious about fastest growing industries in Kenya? The strong financial sector is built on a foundation of concrete legal and physical infrastructures that promise stable economic growth. Given the country’s vibrant public life and dynamic business sector, South Africa has no shortage of ideas, but a tone of pessimism is growing as many worry that the economy is stuck in a low-growth trap. The transition to fiber optic cables for communication, for instance, has accounted for a significant percentage in this growth. Agriculture, including forestry and fisheries, is vital to the country’s economy as the sector grew by over 22% and contributed 4% to … Transportation is also another thriving industry in Kenya. With about 30 legal gambling facilities in Kenya, one of the household names being Casino Flamingo in Nairobi. 2. 1. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. All around the world, this is one sector whose growth doesn’t seem to be stopping anytime soon. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. Historians refer to the period that followed the mining sector growth in South Africa as industrialization. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. Yet since 2008, average annual GDP growth has slowed to just 1.8 percent, while unemployment has stubbornly remained at 25 percent. African businesses are also quite the spenders, with stats from 2015 stating they spent USD 2.6 trillion annually. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. The face of Africa is changing and these growing industries in the continent prove it all. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. Within South Africa, FCBT reported that although Johannesburg, Cape Town and Durban continue to be the most popular air travel routes, the three fastest growing … Manufacturing production increased by 2% in December 2017 as compared to the previous year and sees the highest utilisation of production capacity in radio, television and communication apparatus (85.4%), petroleum and plastic products (83.5%), wood products, paper, publishing and printing (82.9%), food and beverages (82.5%) and motor vehicles, parts and accessories (82.3%). Given the fact that the Kenyan capital, Nairobi is the largest city between the Egyptian capital, Cairo and Johannesburg in South Africa, it serves as the heart of transportation of Eastern and Central Africa. The African economy mostly comprises of industry, trade, agriculture as well as human resources. One of the ke… Textiles and apparel is also the 3rd largest employer in the manufacturing sector and their 11th largest export. These industries generated impressive sales growth in 2017. The GDP from mining in South Africa is expected to be USD 2.06 million by the end of the 1st quarter of 2018. You also have the option to opt-out of these cookies. FinTech is one of the newest and fastest emerging industries in Africa. As of 2018, the country was the fastest growing in Africa, but attempts to diversify away from agriculture have caused public unrest As more opportunities for investment arise across Africa, several nations are witnessing record growth rates Libya stands at #1 in the list with a prediction of 10.8% economic growth in 2019, as per the data from the IMF. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. According to the World Travel and Tourism Council, tourism contributes about 7% of the GDP and employment in South Africa. Another thing that is making the ICT industry thrive is the market for cell phones. South Africa’s electricity shortage has constrained growth, and, despite new capacity, another shortfall is projected between 2025 and 2030. Libya hosts the biggest oil reserve across the continent and is a chief contributor in international supply … . A nation with a proper and planned agricultural sector usually has enough to feed its citizens, and then extra to export for revenue generation. Africa is fast becoming one of the most respected continents due to its growing economies and sectors. Wholesale, retail and catering/accommodations contribute about 15%. Africa is known to take advantage of their growing youthful population and is forecasted to have the largest urbanization rate, surpassing China and India by 2034. 2. The communications tech sector contributed more than 7% to South Africa’s GDP in 2016. Looking through the past years we can obviously notice that Africa has greatly evolved. https://www.seekcapital.com/blog/fastest-growing-industries Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. Since the beginning of the industrialization of this country until presen… Manufacturing Industries; This is one of the fast-growing industries in South Africa, these industries focus on the production of various chemicals, clothing materials, spare parts for various automobile, insecticides, electronics, footwear, and … More information can be found at the, Financial, real estate and business sector services are the pillar of South Africa’s economic growth and made it on our list as one of the. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Fastest Growing Industries in the US by Revenue Growth (%) in 2021. Experts forecast that the manufacturing industry will nearly double its output from $500 billion today to $930 billion in 2025, making this one of the fastest growing industries in South Africa. It may come as a surprise that the Casino Industry is included, but it is actually a fact that this industry is fast growing. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. As at August 2019. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. Meanwhile, South Africa only imports about USD 1.97 million worth of vegetables, fresh or chilled (2016). Founded in 2007, Keaton operates two coal mines that fuel power plants owned by the troubled national electric utility, Eskom, and provide anthracite for export to locales as distant as Brazil. South Africa’s ICT sector grew at a whopping 5%, which is 15X times faster than the entire South African economy. There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. The second fastest rising economy of the world, Africa has been boasting a booming economy for quite a while now. Textiles and apparel accounted for 14% of manufacturing in South Africa and is their 2nd largest source of tax revenue. The fastest growing industries were analyzed in terms of (1) increase in employment over the next 10 years; (2) compound annual rate of change in employment; and (3) change in the value of industry output. Textiles contribute about 9% to the country’s GDP. According to Statistics South Africa GDP – 2nd Quarter 2017, the sectors promising a lot of growth include finance/business services and real estate, which contribute around 22% towards the country’s GDP. Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. This year, Companies to Inspire Africa once again showcases and celebrates the businesses and entrepreneurs at the heart of this movement. In South Africa. The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Connect with Leading African Textiles Suppliers on BizVibe. The JSE’s fastest-growing company derives its income, perhaps ironically, from digging in the dirt. However, as of 2013 Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023. Long-term projections for GDP from mining forecast it to reach USD2.07 million in 2020. Additionally, EyeSee is the 10 th fastest-growing Belgian company on the list, keeping the ranking it assumed in Deloitte’s 2018 fast 50 list. However, this article focuses on another bright aspect of Kenya- its fast-growing industries. An insight into the Growing Industries in Africa for 2018! As per the market reports, the continent is forecasted to witness a rise in GDP by 6%+ annually between 2013 & 2023. Kenya is easily among the most popular countries in East Africa, thanks to its reputation for churning out some of the finest runners in the world. The ICT industry has shown consistent growth in this industry. Still, 70 percent of the African population, directly or indirectly, are actively involved in agriculture. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. Students made up 4.7% of tourists from ‘other’ African countries compared with 0.6% from the SADC countries. . There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. Experts say that ⅓ of the world’s gold has yet to be mined. In many countries on the continent, access to financial services is very poor. The country’s cell phone market is also the 4th fastest growing in the world at a rate of 50% per year. It is mandatory to procure user consent prior to running these cookies on your website. There is no lack of abundance of mineral resources, resulting in mining as one of the. Discover Suppliers | Target Prospects | Browse 10M+ CompaniesTry for Free>>. Are you looking to get a piece of the pie? Manufacturing has always been a dominant industry and sectors such as agro-processing, automotive, chemicals, technology, and electronics, metals, textiles, clothing and footwear are helping the country to become a new potential global powerhouse. Then look no further than these. Not to forget the private sector as well, it was reported by the Kenyan Commercial guide. There are many opportunities in tourism, as it is one of the fastest growing industries in South Africa. The 10 Fastest Growing Industries in the US. . The market created throug… As of 2018, the country was the fastest growing in Africa, but attempts to diversify away from agriculture have caused public unrest As more opportunities for investment arise across Africa, several nations are witnessing record growth rates South Africa has recently survived a recession and has come out in a pretty solid position. The retail market is one of South Africa’s biggest, most affluent and important sectors. It covers all aspects of business operations, from the very specific to the very generic. Investment growth will also happen in 2019 on the assumption that business confidence will continue to increase and policy uncertainty will continue to fade. Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. The industrial sector of the economy of South Africa began with diamond mining in the last half of the 19th century. Manufacturing sits at 14%. Although Africa has its challenges, there are many promising opportunities for global investors and businesses. The South African Electrolytic Corrosion Committee (SAECC) states that this country’s ICT market was worth an estimated USD 42.6 billion (R468.4-billion) in 2013 with IT accounting for USD15.08 billion and communications technology accounting for USD27.18 billion. Let’s travel together. Based on these transformations and the support from African Growth and Opportunity Act (AGOA), there are many opportunities abound within the textile and apparel industry in South Africa, everything from natural and synthetic fiber production to non-woven fabric, spinning, weaving, tufting, knitting, dyeing, and finishing. Manufacturing sits at 14%. “Banking is one of the fastest growing market sectors in Mozambique,” notes DHL country head Dominique Lalous. Added to petroleum, its other major natural resources comprise of gypsum & natural gas. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. The cell phone market has only three operators but there are world-class telecommunications brands as well like Siemens, Alcatel, Telecom Malaysia and Vodaphone. South Africa’s strengths include an extremely high level of technical and production expertis… Agriculture is widely relied upon around the world. As for the average rate, it’s 5.85% and it ranges from 1981 to 2017, with 13.9% being the most economic growth that this country has seen, with-11.10% being the lowest rate recorded. . Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. 169.9%. In 2016, South Africa exported USD 29.1 million worth of vegetables, fresh or chilled, to countries like the U.K (31%), the Netherlands (26%) and France (4.2%). The Construction and Real estate industry: This is also another fast-growing industry in Kenya. Manufacturing has always been a dominant industry and sectors such as agro-processing, automotive, chemicals, technology, and electronics, metals, textiles, clothing and footwear are helping the country to become a new potential global powerhouse. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. The fastest growing industries in South Africa are what will help this country become a global powerhouse all while continuing to contribute greatly to Africa’s overall GDP. Companies: YDE (1995 – 2007), Über Flavour (2014 – present) Turnover : YDE had a turnover of R160 million at the time of its sale to the Truworths Group. Please refer to the help guide of your browser for further information on cookies, including how to disable them. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. 79 Figure 5.1 Africa has an opportunity to triple historical manufacturing output growth rates, and to double output, in 10 years Potential revenue growth from African manufacturers by 2025. But opting out of some of these cookies may have an effect on your browsing experience. [email protected]. Agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 billion annually. Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. These cookies will be stored in your browser only with your consent. The size of the virtual reality industry has practically doubled each year, from being worth $6.1bn in 2016 to $14.1bn in 2017. The fastest growing economy in Africa 2018 has a name, and it’s Ethiopia. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. This category only includes cookies that ensures basic functionalities and security features of the website. Sub-Saharan Africa saw the world’s fastest rate of new broadband connections between 2008 and 2015, and mobile data traffic across Africa is expected to … It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. Financial, real estate and business sector services are the pillar of South Africa’s economic growth and made it on our list as one of the fastest growing industries in South Africa. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. More people are opening bank accounts, using online banking and swiping their debit and credit cards for day-to-day purchases, whereas previously cash was king.” The market’s rapid growth making it an extremely successful and fast growing industry not only to be in, but also to invest in. In many countries on the continent, access to financial services is very poor. Shortly after the discovery of diamonds here, gold deposits were also located, leading to the serious growth and development of the mining sector. 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