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These are the industries set to boom this year. Give me a high five if you are mining diamonds, selling online or growing organic food


While we have been settling into the new year (some of us are still struggling to write the correct date on our checks), the business information analysts over at IBISWorld have been poring over their various surveys and analyses, finding hidden patterns and trends.

Now, after crunching the numbers, they have revealed the five industries expected to soar this year, and the reasons why they will soar, in case you think these are just off-the-top wild guesses.

So let’s get straight into it…

1. Diamond and gemstone mining

How well is it expected to perform?

This is forecast to grow by 24 per cent over 2014 to $821.9 million, earning it the top spot.

Did Rihanna anticipate this when she sung, “Shine bright like a diamond in the sky…”?

Why is it expected to perform this well?

The biggest push for this sector will come from the underground Argyle Diamond Mine in Western Australia, which was previously under development, finally starting production.

There’s also strong demand from South-East Asia thanks to the rising median incomes.

Lastly, the continued weakening of the Aussie dollar is expected to come with a silver lining for these guys, supporting revenue generated from US-denominated sales of diamonds.

2. Superannuation funds

How well is it expected to perform?

Revenue in the Australian superannuation sector is forecast to grow in 2014, as markets worldwide return to levels similar those of the good old days before the financial crisis.

The industry is expected to grow by 23 per cent and rake in total revenue of $356.6 billion.

Why is it expected to perform this well?

In July 2013, the Federal Government increased the super guarantee charge percentage to 9.25 per cent, and this will rise even more by a further 0.25 per cent in July 2014. This is good news for the sector because it means that contributions income will increase.

Plus, with our growing labour force, more people are contributing to superannuation than before.

3. Organic farming

How well is it expected to perform?

Organic farming could see a 13.7 per cent increase in revenue over 2014 to $707.7 million.

Why is it expected to perform this well?

More people will buy organic produce this year for these three simple reasons:

  • higher levels of household disposable income, more of us can afford it
  • growing health consciousness, more of us are watching out waistlines
  • increasing environmental awareness, more of us care about our planet’s future

4. Online shopping

How well is it expected to perform?

Forecast to grow by 12.3 per cent in 2014 to reach $13.2 billion in revenue, the online shopping sector will offer consumers more products to choose from at prices lower than ever before. We already told you, online shopping just can’t stop booming!

Why is it expected to perform this well?

Increasing internet penetration, particularly in rural areas, will bring more consumers to the online marketplace – partly thanks to the rollout of the National Broadband Network (NBN).

Basically, there will be more people using the internet. And the more people there are using the internet, the more people there will be shopping on the internet, it’s that simple.

Plus, more traditional brick-and-mortar retailers are taking their stores online to remain competitive, with their shopfronts as convenient locations for both pick-up and returns.

5. Internet publishing and broadcasting

How well is it expected to perform?

This industry is forecast to grow by 11.4 per cent in 2014 to $1.7 billion.

Why is it expected to perform this well?

Just like its internet shopping cousin, internet publishing and broadcasting will also benefit greatly from the increasing internet penetration – partly from the ongoing NBN rollout.

Furthermore, the ease of setting up internet publishing and broadcasting operations makes it viable for current publishers to transition print models to online or combine the two, and for new publishers to start their journey straightaway in the online world.

Well there you have it, we can only wait and see if they will live up to their forecasts. Now for the other side of the coin, let’s see who will not be smiling too often this year.