Regardless of looming financial challenges, a wide range of U.S. industries are projected to develop at a quick tempo within the subsequent 5 years.
Drawing on present knowledge from Freedonia Focus Studies—a analysis division inside MarketResearch.com that gives professional overviews on greater than 500 market segments—this text spotlights a spread of quick rising industries within the U.S. to look at in 2023 and past.
A few of these industries gained contemporary momentum on the heels of disruptive new applied sciences, whereas others have been robust performers for years. Try the listing beneath and see if any of those industries shock you.
1. Automotive Batteries
Because of the proliferation of hybrid and electrical autos (HEVs), the demand for automotive batteries within the U.S. is anticipated to surge at a 12% annual improve, rising from a base of $7.2 billion in 2021 to achieve $12.8 billion in 2026, in line with a current report Automotive Batteries: United States.
“As the marketplace for HEVs has developed, this phase has had an more and more giant impression on automotive battery demand,” in line with Freedonia Focus Studies. “These autos — particularly EVs — have a tendency to make use of costly batteries in comparison with these utilized in standard autos, and progress in HEV utilization is a crucial driver of growth within the automotive battery market.”
2. Pet Dietary supplements
One other sizzling progress market is pet dietary supplements, which gained huge demand as shoppers turned extra involved about well being and wellness throughout the pandemic. A increase in cannabidiol (CBD) merchandise additionally contributed to market growth.
Sustaining its exceptional momentum for 2 consecutive years, the pet complement market achieved a powerful double-digit progress charge in 2022, growing by 10.5% to surpass the $1.0 billion milestone, as reported by Pet Dietary supplements: United States.
Whereas pet dietary supplements are often thought-about optionally available purchases, the pandemic revealed a shift in notion amongst pet homeowners. Many now see pet dietary supplements as important and proceed to purchase them regardless of inflationary situations.
3. Movement Footage
The marketplace for pet dietary supplements could also be rising at a quick charge, however it’s miniscule in measurement compared to the US movement image and video trade, which was an estimated $97.8 billion in worth in 2022. Because of the ongoing growth in streaming platforms and related income all through the trade—plus worth will increase attributable to inflation—the US movement and film trade is projected to develop to $153 billion in 2027, rising at a 9.3% annual progress charge throughout the forecast interval, in line with Movement Footage & Video: United States.
“As well as, these suppliers will additional broaden into untapped and more and more rich world markets, which is able to increase royalty funds,” the report explains.
4. Credit score Playing cards
One other huge market with a excessive progress charge is general-purpose bank card and debit card funds, which is anticipated to hit a worth of $13.7 trillion in 2026, with annual positive aspects of 8.9% from $9.8 trillion in 2022, as reported in Credit score Playing cards: United States. Visa, Mastercard, American Categorical, and Uncover are the main manufacturers on this area.
Nonetheless, the report shares an vital caveat that might weigh in the marketplace: “This progress forecast doesn’t account for the impression of doable bank card regulation, which may depress bank card progress; or doable inroads made by account-to-account transfers, a fee methodology anticipated to achieve traction in 2023 that might depress each bank card and debit card fee worth progress.”
5. Dairy and Egg Options
Within the meals and beverage sector, dairy and egg alternate options is a vibrant market to look at, with many new product introductions, growing availability, rising shopper adoption, and important product enhancements. Retail gross sales of plant-based dairy and egg merchandise will rise 8.9% yearly between 2022 and 2027, reaching $9.6 billion, in line with Dairy & Egg Options: United States.
Lately, as folks have turn out to be more and more aware of their well being and the setting, there was a noticeable shift in direction of plant-forward diets and using plant-based alternate options for dairy and eggs.
6. Plant and Cultured Cell-Primarily based Meat Options
Issues about sustainability and animal welfare are additionally driving the marketplace for plant and cultured cell-based meat alternate options, which is projected to rise 8.4% yearly between 2022 and 2027 to achieve $2.6 billion. This market can even profit from new product introductions, wider availability, and enhancements to style and texture.
In Plant & Cultured Cell-Primarily based Meat Options: United States, Freedonia Focus Studies explains that though plant-based beef is at present a big product class, this phase is already saturated. Because of this, plant-based rooster is anticipated to function essentially the most product introductions within the coming years.
7. IT Technical Consulting Companies
Within the tech trade, IT technical consulting companies is anticipated to keep up robust progress. U.S. revenues from IT technical consulting companies are forecast to broaden 8.2% per yr to 2026, the quickest improve amongst numerous segments in IT companies.
“Company initiatives aiming to replace infrastructure, together with cloud options, will bolster positive aspects,” in line with IT Companies: United States. “Such transitions are extremely sophisticated, requiring an excessive amount of experience to hold out effectively. Demand for IT safety consultants can even assist positive aspects, as cyber threats proceed to emerge.”
8. Buses
Buses could not bounce to thoughts as a progress trade, however the demand for buses within the U.S. is anticipated to rise 8.1% per yr, reaching 56,200 models in 2026 from a base of 38,000 models in 2021, per Buses: United States.
“Bus gross sales will develop quickly as operators exchange growing old fashions after delaying bus purchases, faculties throughout the US buy new buses, and demand for electrical, hybrid, and compressed pure gasoline/liquefied pure gasoline (CNG/LNG) buses (notably transit buses) climbs,” the report states.
A high-growth phase to look at is motor coaches, which is able to profit from a restoration within the tourism and journey sector as issues over COVID-19 calm down.
9. E-Commerce
Already a large trade—valued at $956 billion in 2021—e-commerce is anticipated to proceed its sturdy progress path with annual positive aspects of seven.7% to achieve a worth of $1.4 trillion in 2026, in line with E-Commerce: United States.
E-commerce retailers are set to reap the rewards of the enduring development of dwelling purchasing, together with rising ranges of disposable revenue and simpler entry to credit score for shoppers. Conventional bodily shops will additional leverage e-commerce to spice up gross sales and supply prospects the selection of retailer pickup or returns, as they proceed to refine their omnichannel methods.
10. Pet Merchandise and Companies
Pet dietary supplements was already highlighted above as a progress market, however the broader pet market is anticipated to advance at a wholesome charge as effectively. U.S. retail gross sales of pet services and products is projected to complete $192 billion in 2027, representing annual will increase of seven.3% from $135 billion in 2022, as reported by Pet Merchandise & Companies: United States.
The report explains that each one main pet trade sectors “will proceed to profit from the pandemic-heightened concentrate on well being and wellness, which ought to serve to bolster all ‘premium well being’ segments by motivating pet homeowners to keep up proactive measures towards preventive well being.”
Extra Rising Industries to Watch
This text options knowledge on 10 booming industries to look at within the U.S. in 2023, however it’s possible you’ll have an interest to find out about a number of different high contenders which have an annual progress charge above 6%. These embrace fairly a spread: medical companies, knowledge processing and internet hosting, corrugated containers utilized in e-commerce, US music manufacturing, and farm tractors, amongst others.
The place to Be taught Extra
For extra in-depth data, you’ll want to discover the total assortment of reviews by Freedonia Focus Studies, which offer contemporary, unbiased evaluation on all kinds of markets and industries. Revealed in 20-30 pages, these reviews assist readers shortly perceive the whole market and the place it’s headed subsequent, with data on market measurement and trade output; segmentation; market drivers, constraints, and key indicators; and segment-by-segment outlooks in five-year forecasts. Studies could be bought individually or by a subscription.
Concerning the Writer: Sarah Schmidt is a Managing Editor at MarketResearch.com, a main supplier of worldwide market intelligence services and products.
