Manufacturing.

Snapshot

• ~11–12% of GDP, ~10% of formal employment, capacity utilisation ~52–55% (CZI 2024).
• Dominated by food & beverages (~40% of sector output), then plastics/chemicals, building materials, textiles, paper & packaging, light engineering.
• Cluster geography: Harare (Workington, Southerton, Graniteside, Msasa), Bulawayo (Belmont, Kelvin), Mutare, Gweru, Kwekwe (steel, ferrochrome).

Sub-sectors

Food & beverages

• The most profitable manufacturing sub-sector with EBITDA margins 18–30% for category leaders (Delta, Innscor, Dairibord, National Foods).
• Beer, sorghum beer, soft drinks, dairy, bread, edible oils, snacks, processed meats.

Building materials

• Cement: PPC Zimbabwe, Lafarge (Khayah Cement post 2022 sale), Sino-Zim Cement.
• Steel: Manhize integrated mill (Tsingshan) changes the game from net-import to potential net-export by 2027.
• Roofing & tiles: Turnall (asbestos legacy converting to fibre-cement), Macdonald Bricks.

Plastics & packaging

• Megapak, Nampak Zimbabwe, Treger Group's Proplastics — PET bottles, HDPE pipes, crates.

Textiles & clothing

• A shadow of its former self post-2000s liberalisation; Archer Clothing, Paramount Garments, Cotton Printers survive. AfCFTA opens a route back if input costs drop.

Chemicals & fertilisers

• Chemplex group (Zimphos, Dorowa, Sable Chemicals): phosphate, AN/urea blending.
• ZFC, Windmill: NPK blends.
• Schweppes Zimbabwe: beverage concentrates.

Pharma

• CAPS Holdings (revived), Plus Five, Datlabs Group: generic drugs; capacity ~30% of national essential medicines demand.

Light engineering & EV

• Quest Motors (assembly), Willowvale Motor Industries (semi-knocked-down), Deven Engineering, Tregers Group (steel products).
• EV pilot: First Capital Bank financed assembly trials; charging-network white space.

Profitability and scale

Challenges

• Electricity: gas + coal feedstock for fertilisers; tariffs spike margins.
• Imports under-cutting via Beitbridge informal channels (esp. cooking oil, soaps).
• Forex allocation through auction system slows raw-material imports.
• High working capital cost (35%+ rates).
• Skill flight on technical roles (boilermakers, electricians, food scientists).
• Aging machinery (median plant age 20+ yrs in many factories).

Advantages

• AfCFTA + SADC tariff access if Rules of Origin met.
• Strong domestic brands with consumer loyalty.
• Innscor, Delta, Old Mutual, NMB, FBC actively underwrite supplier finance.
• Special Economic Zone incentives (e.g., Sunway City).

Example companies

• Delta Corporation (ZSE): Africa's most cash-generative beverages business by margin; AB InBev minority stake.
• Innscor Africa (ZSE): holding co for National Foods, Colcom, Irvine's, Profeeds, Natpak, Probottlers.
• National Foods (ZSE): flour, maize meal, snacks, rice.
• Dairibord (ZSE): processed dairy + non-dairy beverages.
• PPC Zimbabwe: cement, part of PPC group (JSE).
• CAPS Holdings: revived pharma.
• Probrands: Innscor FMCG arm.

Opportunity hooks

• Edible-oil crushing (soya, sunflower) — ~70% of edible oil is still imported.
• Wheat milling + baking ingredients localisation.
• Solar inverter and battery assembly (kits already imported from China).
• EV component packaging and battery-pack assembly (downstream of lithium beneficiation).
• Halal-certified processed foods for the Gulf market via Vic Falls airport cargo.