Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Fastest Growing Industries by Imports in Australia in 2024
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View a list of the Top 25 fastest growing industries by importsGrowth in Imports for 2024: 361.2%
Refined gold volumes are anticipated to total 283.5 tonnes in 2023-24, down from 293.0 tonnes in 2018-19. Despite strong gold demand, refining volumes dropped off as production was hamstrung by border closures and restrictions.
Surging gold prices and lithium hydroxide production have outweighed reduced refined gold volumes, leading to strong revenue growth. Industry revenue is anticipated to increase at an annualised 18.1% over the five years through 2023-24, to total $52.9 billion. Much of this surge was in 2022-23, due to the rapid expansion of lithium hydroxide processing. Growth is expected to drop to 2.7% in 2023-24, as gold prices ease... Learn More
Growth in Imports for 2024: 141.0%
Grain growing in Australia is export-oriented and produces wheat, barley, canola, other grains and oilseeds. Revenue has fluctuated over the past five years, due to volatile weather conditions, global grain prices and crop supplies. Revenue is expected to grow at an annual average rate of 17.3% over the five years through 2022-23, to reach an estimated $27.7 billion. As Russia is a major producer of fertiliser, a key industry input, its price has significantly risen in 2021-22 due to the Russia-Ukraine conflict. Industry profitability has therefore fallen over the period as purchase costs have increased. However, higher output volumes due... Learn More
Growth in Imports for 2024: 38.1%
Australia is the world's largest bauxite producer, accounting for approximately 30% of global output, and ahead of China, Guinea and Brazil. Bauxite production in Australia is projected to reach 103.9 million tonnes in 2021-22, up from 84.9 million tonnes in 2016-17. Expansion projects at several bauxite mines have contributed to this strong growth in production over the past five years, increasing mine output to meet higher demand. While most bauxite mined in Australia is locally processed into alumina, exports are estimated to account for 42.7% of the industry's revenue in the current year. In contrast, competing bauxite imports are negligible.
A... Learn More
Growth in Imports for 2024: 19.3%
Citrus Fruit, Nut and Other Fruit Growers have been able to take advantage of Australian's healthier eating habits and have been lucky enough to capitalise on ideal growing conditions. Growers sell their produce to food wholesalers, retailers, processors and other markets. Industry revenue has juiced up by 4.8% over the five years to 2022-23, to $5.1 billion. Ideal climate, temperature and other weather conditions across the bulk of Australia's orchards over recent years have rapidly expanded production. However, weak export revenue throughout the pandemic limited revenue growth. Revenue will spring up by 1.1% this year, as export disruptions ease.
Cost pressures... Learn More
Growth in Imports for 2024: 17.3%
Wicker and fibreglass furniture manufacturers have faced challenging conditions over the past few years. Revenue is expected to decline at an annualised 4.4% over the five years through 2022-23, to $308.7 million. Over that period, manufacturers have contended with substantial price competition from less costly imports. Strong competition from wooden, plastic and steel furniture has also slowed revenue growth. Rising interest rates and muted building construction during the COVID-19 pandemic have further weakened demand for industry products, as consumers usually purchase furniture for newly built homes. As a result, industry revenue is anticipated to decline by 3.4% in the current... Learn More
Growth in Imports for 2024: 16.0%
Aircraft manufacturers and repairers are dealing with the seismic shock of the COVID-19 pandemic on the wider aviation sector. Domestic manufacturers hold a unique position in the supply chain, as they export components for major airlines, which are assembled overseas and then imported back into Australia. During periods of COVID-19 travel restrictions, commercial airlines placed fewer orders and required less maintenance, repair and overhaul (MRO) services. Revenue is expected to fall at an annualised 4.5% over the five years through 2022-23, including an anticipated 8.6% rebound in the current year, to hit $3.4 billion.
As air travel activity stabilises, airlines will... Learn More
Growth in Imports for 2024: 13.4%
Revenue for the RTD Mixed Spirit Production industry is expected to decline at an annualised 1.2% over the five years through 2023-24, to $1.2 billion. Consumption of RTD beverages has risen over the past five years, with new product development driving growth at the expense of other alcohol products, such as cider. However, and rising domestic demand has been increasingly met by imported products, which has hindered industry revenue growth, increased competition and reducing industry margins.
Marketing campaigns and a range of new products have boosted industry revenue over the past five years. These new products entered the market either with... Learn More
Growth in Imports for 2024: 13.3%
The Petroleum Refining and Petroleum Fuel Manufacturing industry has faced highly volatile conditions over recent years, as the COVID-19 pandemic wreaked turmoil on global energy supply chains. The global situation filtered down to Australia's petroleum market, contributing to the closure of two of Australia's last four remaining oil refineries. BP closed its refinery in Kwinana, while ExxonMobil shut down the Altona refinery. The closures resulted in these two energy giants leaving the industry altogether. Both the closed refineries were converted into import terminals, which meant that they directly intensified import competition in the industry. Overall, industry revenue is expected fall... Learn More
Growth in Imports for 2024: 13.0%
Egg farmers have faced volatile trading conditions over the past five years. They've benefited from rising per capita egg consumption over the period, as consumers have increasingly opted for eggs as an alternative to red meat as a source of protein. An overall increase in egg production has also benefited the industry. However, slow growth in prices has limited growth in industry revenue over the period. Consequently, industry revenue is expected to increase at an annualised 4.0% over the five years through 2022-23, to $1.1 billion. This trend includes an expected growth of 15.9% in the current year, with production... Learn More
Growth in Imports for 2024: 12.1%
Operators in the Mango Growing industry have faced mixed conditions over recent years. Despite tough international trading conditions, domestic demand has remained largely reliable for growers. Rising health consciousness has strengthened demand in the domestic market, both in downstream sales directly to consumers, and to food and beverage manufacturers. Favourable growing conditions in 2019-20 significantly boosted mango output. Even so, the Russia-Ukraine conflict and the COVID-19 pandemic have significantly affected the price of key inputs and labour availability. Unfavourable agricultural conditions in 2022-23 have also limited revenue. Overall, industry revenue is expected to climb at an annualised 3.3% over the... Learn More
Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Biggest Industries by Employment in Australia in 2024
VIEW ARTICLEBased on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Biggest Industries By Revenue in Australia in 2024
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