This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. African businesses are also quite the spenders, with stats from 2015 stating they spent USD 2.6 trillion annually. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. In South Africa. 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. 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%). Manufacturing sits at 14%. Students made up 4.7% of tourists from ‘other’ African countries compared with 0.6% from the SADC countries. Our platform is designed to help companies generate leads, shortlist suppliers, request for proposals, and identify global companies. The 10 Fastest Growing Industries in the US. South Africa’s financial sector is very sophisticated despite the country’s “emerging market” status. 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. Still, 70 percent of the African population, directly or indirectly, are actively involved in agriculture. The agricultural industry cuts across both crop and livestock farming. 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. 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. This is because of the never-ending technological inventions that have equally created a demand for technological products. Are you looking to get a piece of the pie? In 2017, this industry witnessed an upsurge of approximately 7.4% growth. Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. Are you looking to get a piece of the pie? 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. Experts say that ⅓ of the world’s gold has yet to be mined. Experts say that ⅓ of the world’s gold has yet to be mined. 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. Still, 70 percent of the African population, directly or indirectly, are actively involved 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. Added to petroleum, its other major natural resources comprise of gypsum & natural gas. According to the latest Tourism and Migration Survey, almost 3.5 million tourists passed through South Africa’s ports of entry in August 2017. 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. Please refer to the help guide of your browser for further information on cookies, including how to disable them. 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. This capital-intensive industry has undergone intense technological change and is supported by a comprehensive transport and communications infrastructure. 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. 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. It covers all aspects of business operations, from the very specific to the very generic. Since the beginning of the industrialization of this country until presen… 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. Libya stands at #1 in the list with a prediction of 10.8% economic growth in 2019, as per the data from the IMF. Industry. 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. 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. as recent reports have shown a laudable improvement. The retail market is one of South Africa’s biggest, most affluent and important sectors. . In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. 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. 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 Construction and Real estate industry: This is also another fast-growing industry in Kenya. known for their vast lands and profitable farming opportunities. This website uses cookies to improve your experience while you navigate through the website. 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. Not only is South Africa nearly self-sufficient in all major agricultural products, they are also a net food exporter. This forecast would change in the event of a deteriorating global economy. As at August 2019. The cell phone market has only three operators but there are world-class telecommunications brands as well like Siemens, Alcatel, Telecom Malaysia and Vodaphone. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. 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. There are daily improvements in technology, and technological devices are usually high in demand. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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 … 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. 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. South Africa’s strengths include an extremely high level of technical and production expertis… Transportation is also another thriving industry in Kenya. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. The face of Africa is changing and these growing industries in the continent prove it all. Textiles and apparel is also the 3rd largest employer in the manufacturing sector and their 11th largest export. : The Casino industry in Kenya is a multimillion-dollar industry. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. The ICT industry has shown consistent growth in this industry. Spending by African consumers reaches a whopping USD 4 trillion annually, with household consumption expecting to grow 3.8% by 2025. 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%). “This is mainly driven by a growing middle class. 2. 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. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. Topfacts: 1. Then look no further than these fastest growing industries in South Africa. 5 – Artificial intelligence Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. 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. Economic experts are forecasting that 2018-19 will see stronger activity in trading with a boost of specific exports. Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. Lucrative opportunities are abundant, especially in downstream processing and adding value to iron, carbon, steel, stainless steel, aluminum, platinum metals and gold. Yet since 2008, average annual GDP growth has slowed to just 1.8 percent, while unemployment has stubbornly remained at 25 percent. 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. You also have the option to opt-out of these 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. Manufacturing sits at 14%. Let’s travel together. With about 30 legal gambling facilities in Kenya, one of the household names being Casino Flamingo in Nairobi. 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. 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. “This is mainly driven by a growing middle class. I would like to congratulate all the companies featured in this report, and I 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%. Textiles contribute about 9% to the country’s GDP. South Africa’s ICT sector grew at a whopping 5%, which is 15X times faster than the entire South African economy. Wholesale, retail and catering/accommodations contribute about 15%. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. Although Africa has its challenges, there are many promising opportunities for global investors and businesses. FinTech is one of the newest and fastest emerging industries in Africa. These cookies do not store any personal information. 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 … It is mandatory to procure user consent prior to running these cookies on your website. 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. Experts forecast this will increase to USD 3.5 trillion by 2025. Many investment opportunities lie in developing access control systems/security equipment, systems, and software development in the banking and financial services sector, exporting hardware, silicon processing for fiber optics, integrated circuits, and solar cells. However, this article focuses on another bright aspect of Kenya- its fast-growing industries. Libya hosts the biggest oil reserve across the continent and is a chief contributor in international supply … The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. 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. 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. More information can be found at the CTCP website. South Africa has recently survived a recession and has come out in a pretty solid position. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. The communications tech sector contributed more than 7% to South Africa’s GDP in 2016. . 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. All around the world, this is one sector whose growth doesn’t seem to be stopping anytime soon. Must Read: The Top 10 Soap Brands in the World (2018). All of these fastest growing industries in South Africa are characterized by high growth, high profitability, and low consolidation. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. This market is promising medium to long-term growth due to the growing youthful demographic of 55 million people, as well as from its position as a springboard to the rest of sub-Saharan Africa. Long-term projections for GDP from mining forecast it to reach USD2.07 million in 2020. It covers all aspects of business operations, from the very specific to the very generic. Not to forget the private sector as well, it was reported by the Kenyan Commercial guide. There is no lack of abundance of mineral resources, resulting in mining as one of the. This year, Companies to Inspire Africa once again showcases and celebrates the businesses and entrepreneurs at the heart of this movement. Of all travelers, 74% were non-South African. The second fastest rising economy of the world, Africa has been boasting a booming economy for quite a while now. 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.” Thanks to structural changes in many African countries, productivity revolution is helping many companies to achieve greater economies of scale. Nearly 97% of tourists travel through for a holiday while the rest were either for business or school. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. A nation with a proper and planned agricultural sector usually has enough to feed its citizens, and then extra to export for revenue generation. 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