An insight into the Growing Industries in Africa for 2018! And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. [email protected]. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. Libya hosts the biggest oil reserve across the continent and is a chief contributor in international supply … 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 forecast would change in the event of a deteriorating global economy. However, this article focuses on another bright aspect of Kenya- its fast-growing industries. I would like to congratulate all the companies featured in this report, and I Across most sectors, these companies are growing faster and are more profitable than their global peers. Still, 70 percent of the African population, directly or indirectly, are actively involved in agriculture. Not to forget the private sector as well, it was reported by the Kenyan Commercial guide. Experts say that ⅓ of the world’s gold has yet to be mined. 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. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. 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 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. FinTech is one of the newest and fastest emerging industries in Africa. 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. Musical Groups & Artists in the US. 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%. It covers all aspects of business operations, from the very specific to the very generic. 2019-2020 Revenue Growth. . 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%. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. 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. With about 30 legal gambling facilities in Kenya, one of the household names being Casino Flamingo in Nairobi. Historians refer to the period that followed the mining sector growth in South Africa as industrialization. : The Casino industry in Kenya is a multimillion-dollar industry. Although Africa has its challenges, there are many promising opportunities for global investors and businesses. 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. Still, 70 percent of the African population, directly or indirectly, are actively involved in … Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. The 10 Fastest Growing Industries in the US. 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. 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. Of all travelers, 74% were non-South African. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. 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. 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. Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. 2. Textiles and apparel accounted for 14% of manufacturing in South Africa and is their 2nd largest source of tax revenue. There is no lack of abundance of mineral resources, resulting in mining as one of the. 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 … known for their vast lands and profitable farming opportunities. These cookies will be stored in your browser only with your consent. In this regard, players can find any online casino in Kenya on. “Banking is one of the fastest growing market sectors in Mozambique,” notes DHL country head Dominique Lalous. 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%). The fastest growing economy in Africa 2018 has a name, and it’s Ethiopia. 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. The cell phone market has only three operators but there are world-class telecommunications brands as well like Siemens, Alcatel, Telecom Malaysia and Vodaphone. Other heavy civil engineering construction. 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. 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. The agricultural industry cuts across both crop and livestock farming. The. In many countries on the continent, access to financial services is very poor. Our platform is designed to help companies generate leads, shortlist suppliers, request for proposals, and identify global companies. Africa is fast becoming one of the most respected continents due to its growing economies and sectors. 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%. 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. Textiles and apparel is also the 3rd largest employer in the manufacturing sector and their 11th largest export. Are you curious about fastest growing industries 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. South Africa’s ICT sector grew at a whopping 5%, which is 15X times faster than the entire South African economy. 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. The JSE’s fastest-growing company derives its income, perhaps ironically, from digging in the dirt. 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. Shortly after the discovery of diamonds here, gold deposits were also located, leading to the serious growth and development of the mining sector. South Africa’s electricity shortage has constrained growth, and, despite new capacity, another shortfall is projected between 2025 and 2030. But opting out of some of these cookies may have an effect on your browsing experience. It is mandatory to procure user consent prior to running these cookies on your website. are what will help this country become a global powerhouse all while continuing to contribute greatly to Africa’s overall GDP. According to the latest Tourism and Migration Survey, almost 3.5 million tourists passed through South Africa’s ports of entry in August 2017. 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. 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. Students made up 4.7% of tourists from ‘other’ African countries compared with 0.6% from the SADC countries. 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. One of the ke… The transition to fiber optic cables for communication, for instance, has accounted for a significant percentage in this growth. “Banking is one of the fastest growing market sectors in Mozambique,” notes DHL country head Dominique Lalous. This capital-intensive industry has undergone intense technological change and is supported by a comprehensive transport and communications infrastructure. 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%). 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. As at August 2019. You also have the option to opt-out of these cookies. “This is mainly driven by a growing middle class. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. Lucrative opportunities are abundant, especially in downstream processing and adding value to iron, carbon, steel, stainless steel, aluminum, platinum metals and gold. There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. Textiles contribute about 9% to the country’s GDP. BizVibe has redefined the concept of B2B networking by helping buyers select the right supplier. Industry. Wholesale, retail and catering/accommodations contribute about 15%. 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. Experts forecast this will increase to USD 3.5 trillion by 2025. Manufacturing sits at 14%. Afrihost finished … Agriculture is widely relied upon around the world. Transportation is also another thriving industry in Kenya. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. Africa is home to fi ve of the world’s fastest-growing economies, and is being driven by young and growing populations. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. These cookies do not store any personal information. Connect with Leading African Textiles Suppliers on BizVibe. Since the beginning of the industrialization of this country until presen… All of these fastest growing industries in South Africa are characterized by high growth, high profitability, and low consolidation. 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. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. Experts say that ⅓ of the world’s gold has yet to be mined. FinTech is one of the newest and fastest emerging industries in Africa. Libya stands at #1 in the list with a prediction of 10.8% economic growth in 2019, as per the data from the IMF. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. 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 … The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Looking through the past years we can obviously notice that Africa has greatly evolved. 2. Long-term projections for GDP from mining forecast it to reach USD2.07 million in 2020. 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. Are you looking to get a piece of the pie? South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. . In many countries on the continent, access to financial services is very poor. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. . 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 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. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. 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. We also use third-party cookies that help us analyze and understand how you use this website. 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.” 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). When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. This year, Companies to Inspire Africa once again showcases and celebrates the businesses and entrepreneurs at the heart of this movement. 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. The country’s cell phone market is also the 4th fastest growing in the world at a rate of 50% per year. The strong financial sector is built on a foundation of concrete legal and physical infrastructures that promise stable economic growth. The communications tech sector contributed more than 7% to South Africa’s GDP in 2016. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. 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. Agriculture, including forestry and fisheries, is vital to the country’s economy as the sector grew by over 22% and contributed 4% to … as recent reports have shown a laudable improvement. 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. To function properly market for cell phones working industries and growing populations of these fastest growing technology.. S largest economy, growth in Sub-Saharan Africa is expected to be mined other major natural resources comprise gypsum. 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