Fastest Growing Industries by Imports in Australia in 2023

1. Basic Inorganic Chemical Manufacturing in Australia

Growth in Imports for 2023: 49.2%

The Basic Inorganic Chemical Manufacturing industry's performance has been highly volatile in recent years. With the industry focused on international markets, volatility in export markets has weighed on the industry's performance. Marked fluctuations in global chemical commodity prices have added to the industry's volatility.

The industry is expected to expand by an annualised 8.4% over the five years through 2022-23, to total $3.4 billion. Estimated growth of 37.9% in 2022-23, in view of record-high prices, has somewhat distorted this rate. This apparent strong performance also hides the effects of ongoing structural changes in Australia's wider industrial economy and the impact of... Learn More

2. Industrial Gas Manufacturing in Australia

Growth in Imports for 2023: 42.3%

The development of new products and technologies, growing environmental concerns and changing demand patterns among key markets have shaped industry performance. Activity in key markets, including Australia's resources, manufacturing and healthcare sectors, has also been instrumental in the industry's growth. These markets have been subject to cyclical variations.

That's why the Industrial Gas Manufacturing industry revenue is expected to contract at an annualised 6.6% over the five years through 2023-24, to $2.8 billion, disguising the industry's highly volatile performance. This includes a drop of 2.6% in 2023-24, constrained by weak demand from Australia's mining sector. Industry manufacturers suffered from soaring... Learn More

3. Cider Production in Australia

Growth in Imports for 2023: 41.2%

The Cider Production industry has declined over the past five years. Falling cider consumption and an overall decline in per capita alcohol consumption have largely driven this trend. In Australia, per capita alcohol consumption has fallen over the period, including large declines in almost every product segment except spirits. However, industry associations such as Cider Australia are using marketing efforts to promote cider for its craft qualities. As a result, although the craft cider is a small segment, it has become more prominent in recent years. However, rising health consciousness has led to greater demand for low- and no-alcohol beer... Learn More

4. Grape Growing in Australia

Growth in Imports for 2023: 38.3%

Growing conditions have pummelled grape growers and misaligned the supply of grapes with their downstream demand across all markets in recent years. Growers' reliance on irrigation varies according to their production zone. Growers in warm climate zones, like the Big Rivers region in Victoria and New South Wales, rely on irrigation more than growers in cool climate zones, where rainfall tends to be higher and less volatile. Weather patterns have been scattered in recent years, with harvests this year having to bear the brunt of La Nina.

Extreme weather events and other external factors have made grape growing considerably tricky. Revenue... Learn More

5. Nickel Ore Mining in Australia

Growth in Imports for 2023: 34.9%

Nickel ore miners faced generally positive operating conditions over the past five years, with strong pricing growth and demand being partly offset by output declines. Most nickel ore mined in Australia is processed locally into nickel concentrate by downstream smelting and refining firms, or by nickel ore mining companies that also operate their own smelters and refineries. All nickel ore mined by the industry is from Western Australia. Infrastructure projects and the production of nickel-based stainless steel goods in China drove global demand for nickel over the past five years. These factors positively affected Australian nickel exports, with domestic demand... Learn More

6. Grain Growing in Australia

Growth in Imports for 2023: 33.9%

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

7. Jewellery Manufacturing in Australia

Growth in Imports for 2023: 31.7%

The Jewellery Manufacturing industry has faced favourable operating conditions over the past five years, compared with most other Australian manufacturing industries, which are generally in decline. Industry revenue is expected to increase at an annualised 11.0% over the five years through 2022-23, to $3.6 billion. This includes an anticipated fall of 2.7% in the current year. Jewellery manufacturers have benefited from increased demand from domestic and international markets. Industry exports, which make up a significant portion of industry revenue, are expected to have grown over the five years through 2022-23. Exports are anticipated to account for 79.1% of industry revenue... Learn More

8. RTD Mixed Spirit Production in Australia

Growth in Imports for 2023: 27.2%

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

9. Functional Beverage Production in Australia

Growth in Imports for 2023: 25.9%

The Functional Beverage Production industry has grown steadily over the past decade. The two major producers, Coca-Cola Europacific Partners API Pty Ltd and Asahi Holdings (Australia) Pty Ltd, increased domestic production to compete with major imported energy drink brands Red Bull and V Energy. Sports drinks and health-related functional beverages have also become more popular with Australian consumers. Rising concerns about obesity and other health complications have made consumers more health-conscious, driving demand for these products. The fermented drinks segment, which includes products like kombucha, kefir and kvass, has been growing and supporting the industry's performance. Rising health consciousness, growing... Learn More

10. Prepared Meals Production in Australia

Growth in Imports for 2023: 24.7%

The Prepared Meals Production industry has increased its revenue over the past few years, as consumers have increasingly signed up to ready meal delivery services like My Muscle Chef and Lite n' Easy. Demand for prepared meals has been strong from time-poor consumers, as many have reduced time spent on meal preparation. Producers that promote health as a core benefit have reported strong revenue growth over the period. However, the expanding range of private-label prepared meals offered by major supermarkets has increased the availability of substitute products. Some operators have struggled to compete against private-label products launched by big brand... Learn More