Fastest Growing Industries by Imports Global in 2023

1. Global Footwear Manufacturing

Growth in Imports for 2023: 49.9%

Global footwear manufacturers have benefited from solid consumer spending in developed economies combined with rapidly growing emerging economies in recent years. But, sudden changes in how consumers shopped worldwide following the COVID-19 pandemic shifted the industry's trajectory. Drops in global consumer spending and lockdowns dropped production at manufacturing facilities. Even as some economies reopened, supply chain snags slowed footwear production globally, while heightened input costs for everything from cotton to rubber and crude oil increased production costs. Uneven economic recoveries, recession concerns and inflation pressures continue to strain industry performance despite strong spending rebounds in some regions. In all, industry-wide... Learn More

2. Global Commercial Aircraft Manufacturing

Growth in Imports for 2023: 19.0%

The Global Commercial Aircraft Manufacturing industry is involved in manufacturing, rebuilding and maintaining planes, helicopters, aircraft engines and various aircraft components and subsystems for the commercial market. Over the five years to 2022, industry revenue is expected to decline at an annualized rate of 3.1% to $298.3 billion. The outbreak of COVID-19 (coronavirus) has led to reduced sales due to lower demand from downstream markets and supply chain issues. The industry experienced a partial recovery in 2021 due to improvements in the global economy and worldwide efforts to constrain the spread of the disease. However, the full recovery is yet... Learn More

3. Global Military Shipbuilding & Submarines

Growth in Imports for 2023: 18.8%

The Global Military Shipbuilding and Submarines industry has continued to expand amid rising geopolitical tensions. The US, other Western governments and Asian countries continue to be the largest markets for military shipbuilders. Despite the pandemic's effects, revenue has remained steady, as contracts were already placed beforehand.

The United States, the largest market for the industry, has increased spending on shipbuilding and conversion as it has sought to maintain its ability to project power abroad, protect trade lanes and defend allies. Meanwhile, some of the biggest surges in naval expenditures have come from developing nations (China, Russia, India and East Asian countries).... Learn More

4. Global Cheese Manufacturing

Growth in Imports for 2023: 13.6%

The value of global cheese manufacturing has expanded through the end of 2023, primarily as a result of stable demand for dairy products, improved per capita consumption of cheese worldwide and continued product innovation. Overall, IBISWorld estimates that global cheese manufacturing revenue has strengthened at a CAGR of 7.1% to reach $158.1 billion through the end of 2023, boosting 4.8% in 2023 alone. While global cheese manufacturers endured volatility through the end of 2023, they managed to remain fairly resilient amid COVID-19 disruptions during the latter half of the period. Strong global growth in recent years has greatly bolstered global... Learn More

5. Global Spirits Manufacturing

Growth in Imports for 2023: 10.4%

The Global Spirits Manufacturing industry has benefited from premiumization trends in both developed and emerging economies over the past five years. Emerging markets like China and India have picked up the slack from declines in Eastern Europe resulting from political tensions and government intervention. Spirit consumption in emerging markets has flourished alongside population growth and urbanization, while consumers in developed economies have spent more on spirits by trading up to premium products. The rising trend of ready-to-drink cocktails has fueled growth in developed economies, staving off competition from substitute beverages like wine and beer. Over the past five years, revenue... Learn More

6. Global Handbag & Purse Manufacturing

Growth in Imports for 2023: 9.8%

Demand for global handbag manufacturers has decreased throughout 2023, as uncertain macroeconomic conditions have caused demand for industry goods to fall. For instance, since the industry's products are considered discretionary goods, consumers will likely be more reluctant to purchase goods during periods of economic uncertainty. Overall, industry revenue has been declining at a CAGR of 2.3% over the past five years, and is expected to total $161.6 billion in 2023, when revenue will rise an estimated 0.9%. As a result of the pandemic, the prices of many key raw materials have increased, subsequently causing industry profit to decrease.

Asia and Europe... Learn More

7. Global Biotechnology

Growth in Imports for 2023: 6.7%

The Global Biotechnology industry comprises a large range of companies engaged in diverse activities, such as biopharmaceutical development, genetic mapping for livestock breeding and the development of pest-resistant crops. Industry companies also span across a spectrum of operational models. Some small, dedicated biotechnology companies are research and development (R&D) intensive and operate primarily with venture capital, grants, initial public offerings and collaborative agreements. Conversely, large, diversified companies hold significant in-house R&D resources and well-established production, commercialization and distribution processes. This industry contributed to the generation of the COVID-19 (coronavirus) vaccine. Despite rapidly expanding interest in biotechnology over the five years... Learn More

8. Global Military Aircraft & Aerospace Manufacturing

Growth in Imports for 2023: 5.7%

The Global Military Aircraft and Aerospace Manufacturing industry has grown slightly over the five years to 2022. Just prior to the current period, high levels of debt, underperforming economies and reduced involvement in combat operations forced most Western nations to reduce their spending on defense. However, increasing geopolitical tensions as well as a new administration in the United States resulted in a rebound in the industry, as the country started to increase defense spending, including more purchases of industry products such as military aircraft, missiles, satellites, radars and avionics. As a result, the industry is expected to grow at an... Learn More

9. Global Fruit & Vegetable Processing

Growth in Imports for 2023: 5.6%

The Global Fruit and Vegetable Processing industry has steadily grown as a result of favorable consumer trends across the world. Increased global disposable income has driven demand toward healthier and more convenient processed foods in developed countries such as the United States and the United Kingdom, where consumer trends have been slightly shifting. However, unlike the case for developed countries, this income growth has fomented demand for processed foods in developing countries such as China. The industrialization of industry-relevant activities in these countries has also improved distribution and production capacity to the benefit of the global industry. Overall, industry revenue... Learn More

10. Global Household Cooking & Appliance Manufacturing

Growth in Imports for 2023: 5.0%

Buoyed by rising demand for industry products among developing economies, the Global Household Cooking and Appliance Manufacturing industry is expected expand over the five years to 2021. Coupled with the effects of the COVID-19 (coronavirus) pandemic, operators have endured rising competition as brand owners are expected to continue outsourcing manufacturing operations to improve efficiency and achieve a lower cost of production. Due to increasing demand for products with an emphasized function of sterilization, the decline in industry revenue in 2020 is expected to be cushioned. Consequently, with the economy projected to recover, IBISWorld expects industry revenue will increase at an... Learn More