10 Booming Industries within the U.S. to Watch in 2023 and Past

Chart with arrows to represent growing industriesRegardless of looming financial challenges, quite a lot of U.S. industries are projected to develop at a quick tempo within the subsequent 5 years.

Drawing on present information from Freedonia Focus Studies—a analysis division inside MarketResearch.com that gives knowledgeable overviews on greater than 500 market segments—this text spotlights a variety of quick rising industries within the U.S. to look at in 2023 and past.

A few of these industries gained recent momentum on the heels of disruptive new applied sciences, whereas others have been robust performers for years. Try the record 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 enhance, rising from a base of  $7.2 billion in 2021 to succeed in $12.8 billion in 2026, in keeping with a current report Automotive Batteries: United States.

“As the marketplace for HEVs has developed, this phase has had an more and more massive impression on automotive battery demand,” in keeping 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 vital driver of growth within the automotive battery market.”

2. Pet Dietary supplements

One other scorching progress market is pet dietary supplements, which gained monumental demand as customers turned extra involved about well being and wellness through 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 formidable 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 non-obligatory 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 Photos

The marketplace for pet dietary supplements could also be rising at a quick charge, however it’s miniscule in dimension compared to the US movement image and video business, 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 business—plus value will increase because of inflation—the US movement and film business is projected to develop to $153 billion in 2027, rising at a 9.3% annual progress charge through the forecast interval, in keeping with Movement Photos & Video: United States.

“As well as, these suppliers will additional increase into untapped and more and more rich international markets, which can enhance royalty funds,” the report explains.

4. Credit score Playing cards

One other large market with a excessive progress charge is general-purpose bank card and debit card funds, which is anticipated to hit a price of $13.7 trillion in 2026, with annual beneficial properties of 8.9% from $9.8 trillion in 2022, as reported in Credit score Playing cards: United States. Visa, Mastercard, American Specific, and Uncover are the main manufacturers on this area.

Nevertheless, the report shares an essential caveat that would weigh in the marketplace: “This progress forecast doesn’t account for the impression of potential bank card regulation, which might depress bank card progress; or potential inroads made by account-to-account transfers, a fee methodology anticipated to realize traction in 2023 that would depress each bank card and debit card fee worth progress.”

5. Dairy and Egg Options

Within the meals and beverage sector, dairy and egg 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 keeping with Dairy & Egg Options: United States.

In recent times, as individuals have develop into more and more conscious of their well being and the atmosphere, there was a noticeable shift in direction of plant-forward diets and the usage of plant-based 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 options, which is projected to rise 8.4% yearly between 2022 and 2027 to succeed in $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 presently 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 business, IT technical consulting companies is anticipated to keep up robust progress. U.S. revenues from IT technical consulting companies are forecast to increase 8.2% per yr to 2026, the quickest enhance amongst varied segments in IT companies.

“Company initiatives aiming to replace infrastructure, together with cloud options, will bolster beneficial properties,” in keeping with IT Companies: United States. “Such transitions are extremely sophisticated, requiring a substantial amount of experience to hold out effectively. Demand for IT safety consultants can even help beneficial properties, as cyber threats proceed to emerge.”

8. Buses

Buses might not leap to thoughts as a progress business, 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 substitute growing older fashions after delaying bus purchases, faculties throughout the US buy new buses, and demand for electrical, hybrid, and compressed pure fuel/liquefied pure fuel (CNG/LNG) buses (significantly transit buses) climbs,” the report states.

A high-growth phase to look at is motor coaches, which can profit from a restoration within the tourism and journey sector as considerations over COVID-19 chill out.

9. E-Commerce

Already a large business—valued at $956 billion in 2021—e-commerce is anticipated to proceed its strong progress path with annual beneficial properties of seven.7% to succeed in a price of $1.4 trillion in 2026, in keeping with E-Commerce: United States.  

E-commerce retailers are set to reap the rewards of the enduring development of house purchasing, together with rising ranges of disposable earnings and simpler entry to credit score for customers. Conventional bodily shops will additional leverage e-commerce to spice up gross sales and provide clients 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 properly. U.S. retail gross sales of pet services and products is projected to whole $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 every 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 homeowners to keep up proactive measures towards preventive well being.”

Further Rising Industries to Watch

This text options information on 10 booming industries to look at within the U.S. in 2023, however chances are you’ll have an interest to study a couple of different high contenders which have an annual progress charge above 6%. These embrace fairly a range: medical companies, information processing and internet hosting, corrugated packing 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 complete assortment of experiences by Freedonia Focus Studies, which offer recent, unbiased evaluation on all kinds of markets and industries. Revealed in 20-30 pages, these experiences assist readers rapidly perceive all the market and the place it’s headed subsequent, with data on market dimension and business output; segmentation; market drivers, constraints, and key indicators; and segment-by-segment outlooks in five-year forecasts. Studies might be bought individually or via a subscription.

New Call-to-action

In regards to the Writer: Sarah Schmidt is a Managing Editor at MarketResearch.com, a main supplier of worldwide market intelligence services and products. 

Leave a Reply

Your email address will not be published. Required fields are marked *