The world is your oyster, unless you want to own a DVD store, according to IBISWorld. Picture: Thinkstock Source: ThinkStock
IT’S a great time to be in gemstones or online shopping, but if you dream of starting your own video store, look out.
That’s according to the latest list of industries set to fly and fall in 2014 released by research company IBISWorld.
General manager Karen Dobie said it’s forecast to be a great year for diamond and gemstone mining, which is set to receive a 24 per cent boost taking revenue to $821.9 million, amid strong demand from South-East Asia.
“High-quality stones as a share of total output is expected to increase, which will have a positive impact on total industry revenue,” she said.
Superannuation funds will also be big business as sharemarkets return to levels seen before the financial crisis. The sector is expected to grow 23 per cent to take revenue to $356.6 billion due to the increased super guarantee and stable labour market.
“Characterised by a growing labour force, the conditions in our employment market mean more people are contributing to superannuation than before,” Ms Dobie said.
Aussie super funds are in for a good year as sharemarkets recover and the labour force stays steady. Picture: Thinkstock Source: ThinkStock
Organic farmers will also be in for a boost as organic products become more mainstream. Revenues in the sector are expected to rise nearly 14 per cent to more than $707 million.
“A broader selection of organic foods in supermarkets, independent retailers and markets should assist in increasing sales and driving revenue for primary producers. This will include more private-label organic products available at lower pricepoints”, Ms Dobie said.
Online shoppers and internet publishing are also expected to take off as people increasingly live their lives online.
The online retailing sector will rise 13 per cent to become a $13.2 billion industry while internet publishing will grow by 11 per cent to become a $1.7 billion sector, IBISWorld forecasts.
Organic farming is set to be a high growth area in 2014. Picture: Thinkstock Source: Supplied
However it’s not such a rosy picture for other industries, with some set to experience major downturns.
Video and DVD hire shops will suffer due to competition online with the industry contracting 15 per cent to $534.2 million, while sugar cane growers will also have it tough due to extreme weather conditions.
After years of booming mineral exploration, this sector will shrink nearly 8 per cent as the Chinese economy slows down and companies shift their focus from exploration to production.
Newspaper publishing will also take a hit with more people getting their news online, IBISWorld reports.
Horse and dog racing will also suffer, with $1.6 billion in revenue down nearly 4 per cent on the previous year due to tighter regulations and falling attendance.
IBISWorld’s industries set to rise in 2014
• Diamond and gemstone mining
• Superannuation funds
• Organic farming
• Online shopping
• Internet publishing and broadcasting
Industries set to fall in 2014
• Video and DVD hire outlets
• Sugar cane growing
• Mineral exploration
• Newspaper publishing
• Horse and dog racing