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 Experiences—a analysis division inside MarketResearch.com that gives skilled overviews on greater than 500 market segments—this text spotlights a spread of quick rising industries within the U.S. to observe in 2023 and past.
A few of these industries gained recent momentum on the heels of disruptive new applied sciences, whereas others have been sturdy performers for years. Take a look at the record beneath and see if any of those industries shock you.
1. Automotive Batteries
Because of the proliferation of hybrid and electrical automobiles (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, based on a latest report Automotive Batteries: United States.
“As the marketplace for HEVs has developed, this phase has had an more and more giant influence on automotive battery demand,” based on Freedonia Focus Experiences. “These automobiles — particularly EVs — have a tendency to make use of costly batteries in comparison with these utilized in typical automobiles, and progress in HEV utilization is a vital driver of enlargement within the automotive battery market.”
2. Pet Dietary supplements
One other scorching progress market is pet dietary supplements, which gained huge demand as shoppers grew to become extra involved about well being and wellness in the course of the pandemic. A increase in cannabidiol (CBD) merchandise additionally contributed to market enlargement.
Sustaining its exceptional momentum for 2 consecutive years, the pet complement market achieved a formidable double-digit progress fee in 2022, rising 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 of optionally available purchases, the pandemic revealed a shift in notion amongst pet house owners. Many now see pet dietary supplements as important and proceed to purchase them regardless of inflationary circumstances.
3. Movement Photos
The marketplace for pet dietary supplements could also be rising at a quick fee, however it’s miniscule in measurement compared to the US movement image and video business, which was an estimated $97.8 billion in worth in 2022. Because of the ongoing enlargement in streaming platforms and related income all through the business—plus value will increase because of inflation—the US movement and movie business is projected to develop to $153 billion in 2027, rising at a 9.3% annual progress fee in the course of the forecast interval, based on Movement Photos & Video: United States.
“As well as, these suppliers will additional broaden into untapped and more and more rich international markets, which can enhance royalty funds,” the report explains.
4. Credit score Playing cards
One other huge market with a excessive progress fee is general-purpose bank card and debit card funds, which is anticipated to hit a price 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 essential caveat that might weigh available on the market: “This progress forecast doesn’t account for the influence of attainable bank card regulation, which may depress bank card progress; or attainable 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 Alternate options
Within the meals and beverage sector, dairy and egg options is a vibrant market to observe, with many new product introductions, rising availability, rising shopper adoption, and vital 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, based on Dairy & Egg Alternate options: United States.
Lately, as folks have grow to be more and more conscious of their well being and the atmosphere, there was a noticeable shift in direction of plant-forward diets and using plant-based options for dairy and eggs.
6. Plant and Cultured Cell-Primarily based Meat Alternate options
Issues about sustainability and animal welfare are additionally driving the marketplace for plant and cultured cell-based meat options, which is projected to rise 8.4% yearly between 2022 and 2027 to achieve $2.6 billion. This market will even profit from new product introductions, wider availability, and enhancements to style and texture.
In Plant & Cultured Cell-Primarily based Meat Alternate options: United States, Freedonia Focus Experiences explains that though plant-based beef is at the moment a big product class, this phase is already saturated. Because of this, plant-based hen is anticipated to characteristic essentially the most product introductions within the coming years.
7. IT Technical Consulting Companies
Within the tech business, IT technical consulting providers is anticipated to keep up sturdy progress. U.S. revenues from IT technical consulting providers are forecast to broaden 8.2% per 12 months to 2026, the quickest improve amongst varied segments in IT providers.
“Company initiatives aiming to replace infrastructure, together with cloud options, will bolster positive aspects,” based on IT Companies: United States. “Such transitions are extremely sophisticated, requiring quite a lot of experience to hold out effectively. Demand for IT safety consultants will even help positive aspects, as cyber threats proceed to emerge.”
8. Buses
Buses could not leap to thoughts as a progress business, however the demand for buses within the U.S. is anticipated to rise 8.1% per 12 months, 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 change 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 observe is motor coaches, which can profit from a restoration within the tourism and journey sector as issues over COVID-19 loosen up.
9. E-Commerce
Already an enormous business—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 price of $1.4 trillion in 2026, based on E-Commerce: United States.
E-commerce retailers are set to reap the rewards of the enduring pattern of residence procuring, 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 fee as nicely. U.S. retail gross sales of pet services 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 business sectors “will proceed to learn from the pandemic-heightened concentrate on well being and wellness, which ought to serve to bolster all ‘premium well being’ segments by motivating pet house owners to keep up proactive measures towards preventive well being.”
Further Rising Industries to Watch
This text options knowledge on 10 booming industries to observe within the U.S. in 2023, however you might have an interest to find out about just a few different prime contenders which have an annual progress fee above 6%. These embody fairly a range: medical providers, knowledge processing and internet hosting, corrugated bins utilized in e-commerce, US music manufacturing, and farm tractors, amongst others.
The place to Be taught Extra
For extra in-depth data, you should definitely discover the complete assortment of experiences by Freedonia Focus Experiences, which offer recent, unbiased evaluation on all kinds of markets and industries. Revealed in 20-30 pages, these experiences assist readers shortly perceive your entire market and the place it’s headed subsequent, with data on market measurement and business output; segmentation; market drivers, constraints, and key indicators; and segment-by-segment outlooks in five-year forecasts. Experiences could be bought individually or by a subscription.
In regards to the Creator: Sarah Schmidt is a Managing Editor at MarketResearch.com, a main supplier of worldwide market intelligence services.
