The Fastest-Growing Industries in Australia
Are you looking to start a new business? If so, it’s interesting to know the fastest-growing industries so that you choose a business that has a strong chance of success in the coming months and years. Choose a failing industry and it won’t be long before the dream is over and you’re back in your old job.
Maybe you’re just intrigued to know the best-performing industries in Australia right now. Either way, we have all the information you need. It’s important to note that the information in this guide has been compiled in 2021. In truth, any information compiled before this year isn’t going to be entirely accurate because of the pandemic and how this has shifted consumer behaviors.
Without further ado, here are the fastest-growing industries in Australia!
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Manufacturing
For those who have kept an eye on the Australian economy over the years, you’ll know that manufacturing has always played a pivotal role. Well, in 2021, despite the massive changes after a global pandemic, this fact is still true.
According to some estimates, manufacturing alone contributes 6% of the country’s gross domestic product (GDP). Additionally, the industry has created 800,000 jobs in recent years, and it continues to grow after the pandemic. Of all the manufacturing output in the world each year, Australia contributes $100 billion.
However, don’t think that the manufacturing industry has remained the same through the pandemic. Two large changes have swept through the industry:
- Digitization
- Automation
If any business is to enter the manufacturing field, they need to utilize both digitization and automation if they’re to succeed. Without these two steps, the business will get left in the dark ages. Manufacturing has always been a competitive, fierce market (especially on a global scale), and those able to adopt new technology effectively will enjoy the biggest rewards.
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Healthcare (Telehealth)
Australia has always had a strong healthcare industry, and experts believe that the aging population contributes to this. Additionally, the Australian healthcare system is advanced, innovative, and offers a positive experience to all customers. One field that has grown exponentially through the pandemic is telehealth — the idea of receiving medical care from the comfort of your own home.
The interesting thing about telehealth is that systems were relatively poor before the pandemic. Yet, the MBS (Medicare Benefits Schedule) was eventually expanded, and this opened opportunities for patients. During the pandemic, people didn’t want to risk themselves or others by visiting a physical location. Now, they’re accustomed to the convenience of telehealth, and this is why the niche will continue to grow.
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Gaming (Online)
As a diverse industry, the pandemic also caused people to look for games to pass time and stay entertained. As we come out the other side, habits have developed, and people will still look for gaming opportunities. As well as traditional video games, this includes e-sports, mobile games, casino games, and similar services.
Every year, the online gaming industry employs more and more people. The whole industry is expected to keep growing until at least 2026.
Why keep an eye on this industry? Because technological developments are only making it more interesting.
Rice Growing
While online gaming is a relatively new industry, next we have one of the oldest in the country — rice growing. According to some estimations, revenue growth in this industry is over 400%, while the market size is just about to reach $200 million. Interestingly, for people wanting to start a business, there’s no single player in the market with a market share of over 5%. With this in mind, there’s room to enter and enjoy success.
Unfortunately, one of the biggest problems with rice growing is the requirement of rainfall. In some areas of Australia, relying on rainfall is never a wise idea. Therefore, businesses need to make contingency plans to account for dry periods. Back in 2019–20, many farmers were forced into reconsidering their strategies after the Murray-Darling Basin drought. This being said, the industry is growing again (excuse the pun!).
Technology
Naturally, the technology industry is growing. Compared to all other industries in this list, this is the one that perhaps evolves and changes the quickest. The good news for up-and-coming businesses is that there are dozens of niches in which to get involved…and they’re all growing.
Examples of fields in the technology industry include robotics, data analytics, artificial intelligence, 3D printing, and cloud computing. Every year, companies push the capabilities of 3D printing just that little bit further. Meanwhile, machine learning and artificial intelligence models can now automatically improve social media ads with little input from humans.
Just like manufacturing, the technology industry in Australia contributes around 6% of the country’s GDP, and yearly revenue is now over $120 billion. There are a few reasons why the technology industry is booming in Australia, but it’s hard to ignore the immigration policy. Australia welcomes talented employees from China, India, the Philippines, and other countries.
Sports Betting
Not so long ago, the government in Australia legalized sports betting. Suddenly, sports fans could bet on their favorite sporting occasions after looking through the window at the party for so long. Now that sports betting is legal, there’s no stopping the industry in terms of growth.
Australians love their sport, and they’re passionate about their favorite teams. Thankfully, many reliable and professional companies filled this new market, and this means a positive betting experience for all. Consumers have lots of betting services that provide security, safety, markets, odds, and lots of fun.
When sports betting was first permitted in Australia, people quickly spent over $200 billion in a single year. In 2018, growth continued, and spend increased to over $240 billion. While the pandemic might have slowed growth, since there was very little live sport, it’s expected to pick up again as sports around the world returns to normal. Australians love both sport and gambling, so this industry will continue to be included on lists such as this for a long time.
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Renewable Energy
Consumers are paying more attention to their carbon footprint with each year that passes, and they choose companies that take social responsibility seriously. With demand increasing, companies are increasing their investment in renewable energy. Australia is lucky enough to have wind power, wind turbines, hydro energy, and various other solutions.
Walk around your local street and you’ll see that more homes are having solar panels installed while cars use renewable energy. One thing that the renewable energy sector has going for it is the support of the Australian government. Naturally, the government has certain green initiatives and goals to meet.
By 2050, the government expects many states to produce no carbon emissions. In 2019, around 19% of all energy originated from a renewable source. One year later, experts suggest that this percentage is nearly one-quarter. Australia is now on a par with some of the leading green countries, such as the UK where around one-quarter of electricity is produced by wind turbines.
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Online Grocery Shopping
If any business wants to succeed in 2021, they need an online presence. While a website encourages sales, even a Facebook page boosts credibility, offers advertising opportunities, and allows for communication with customers. Most niches have now realized this fact, and it’s actually the grocery stores that have benefitted the most.
Once again, we turn to the pandemic as the chief cause of this change in consumer behavior. As people were forced to stay at home, they didn’t want to risk visiting a physical grocery store. Instead, they had food delivered to their doors. While the world has opened somewhat, people who previously wouldn’t have even considered online grocery shopping now love the convenience and value of such services.
Although predictions are changing frequently, some say that around half of all people who switched to online grocery shopping won’t go back to physical stores. Therefore, the niche is growing rapidly (and it deserves a place on this list).
Read More: Has the Pandemic Changed the Way Australians Spend and Live?
Other Growing Industries in Australia
Elsewhere, many other agriculture industries lead the way when it comes to growth in Australia. For example, this includes pulse growing, cereal grain wholesaling, cotton growing, and grain growing. Aside from this, men’s clothing sales have experienced a boost this year of 33%. Also, people are spending more on online baby products and this has generated a revenue boost of 29%.
As we continue to emerge from COVID, these are the industries that will carry Australia to brighter times!
