Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Fastest Growing Industries by Exports in the US in 2024
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View a list of the Top 25 fastest growing industries by exportsGrowth in Exports for 2024: 35.0%
Demand for meal replacement product manufacturers' core customer base, which includes recreational athletes and adults seeking to lose weight, has remained strong during the current period. Although many consumers have reduced discretionary expenditures in response to the unfavorable economic environment during COVID-19, industry revenue still increased in 2020 as consumers sought convenient and nutritious foods to manage weight and supplement diets. So, industry-wide revenue has increased at a CAGR of 3.1% over the past five years – including an estimated 1.7% increase in the current year – and is expected to total $6.1 billion in 2023, while profit decreased to... Learn More
Growth in Exports for 2024: 31.2%
The industry produces a variety of non-citrus fruits and tree nuts for sale to fresh, processing and export markets. Although this industry has benefited from increased demand from wineries and exports, downward pressure due to supply chain disruptions caused by the COVID-19 pandemic and Russia's invasion of Ukraine has had greater impact on revenue growth. Industry revenue has fallen at a CAGR of 4.8% to $22.6 billion over the last five years as a result, including a 9.4% decline in 2023 alone.
Supply chain interruptions have not only increased the cost of producing fruit and nuts, but also the prices consumers... Learn More
Growth in Exports for 2024: 25.4%
The Hybrid and Electric Vehicle Manufacturing industry has boomed as the use of renewable energy sources surged in popularity. Hybrid electric vehicles (HEV) and electric vehicles (EV), including plug-in electric vehicles (PEV) and plug-in hybrid electric vehicles (PHEV), have seen a dramatic rise in sales amid elevated oil and gas prices. With concerns about the environment, new entrants continue to flood in looking to establish market share. New government incentives and infrastructure funding have increased the accessibility of electric and hybrid vehicles domestically. Industry-wide revenue has increased at an annualized 29.6% to $88.8 billion over the past five years, including... Learn More
Growth in Exports for 2024: 18.4%
Shipbuilders design, build and repair ships and other vessels for military and commercial clients. Long project lead times, primarily for defense contracts, have led to a consistent flow of revenue, keeping shipyards busy with work. Defense budgets are set in advance and have increased yearly because of rising geopolitical tensions.
Shipbuilders are protected from foreign competition through protectionist policies like the Jones Act, which prohibits using foreign-built vessels on routes between US ports. While some military shipbuilders receive contracts from foreign countries, commercial shipbuilding is mainly domestic. An increase in US oil and gas production throughout the period has provided a... Learn More
Growth in Exports for 2024: 17.6%
Frozen food producers have expanded through the end of 2023 as boosting disposable income has allowed consumers to trade up to newer, healthier and premium varieties of goods that command higher retail prices. With more money to spend, some consumers have opted for fresh produce over frozen varieties, stifling expansion. Mounting health concerns have also led some consumers to purchase fewer frozen foods, which are often perceived as less healthy than fresher meals, despite new studies indicating otherwise. Frozen food producers have responded by introducing products with healthier, more nutritious ingredients. Frozen food producer revenue will climb at a CAGR... Learn More
Growth in Exports for 2024: 11.6%
Over the past five years, cider producers have struggled to sustain the explosive growth in demand from previous years amid volatile economic conditions and heightened competition from alternative beverages. The rise of hard seltzers and canned cocktails encroached on cider sales as younger drinkers sought new flavors. During the pandemic, cider producers benefited from their dependence on off-premise sales channels as alcohol retail sales soared. A slow shift in market share concentration from a single large-scale producer to many local cideries has contributed to a stagnation in the Cider Production industry's growth as craft cideries have sought to find their... Learn More
Growth in Exports for 2024: 11.6%
The relatively nascent Ready-to-Drink (RTD) Coffee Production industry, which makes canned and bottled coffee and espresso drinks, has experienced a surge in demand as US consumers' fast-paced lifestyles have created a need for quick options, especially in the morning. Large producers and new entrants have rushed to meet the swell in demand driven largely by millennials, who make up the largest consumer group for ready-to-drink coffee products. Companies have rolled out countless new products, from new varieties in the dominant RTD cold brew segment to niche options catering to a variety of health, dietary and sustainability conscious preferences. With consumers... Learn More
Growth in Exports for 2024: 9.9%
Producers of meat alternatives enjoyed growth as producers capitalized on growing consumer trends, like health consciousness and moving away from meat products in general, accounting for environmental- and cost-based decisions. Perhaps most notably, producers have exhibited substantial growth as new companies began operating and competing with one another to satisfy growing consumer demand. Industry-wide revenue has been growing at a CAGR of 16.2% over the past five years and is expected to total $8.5 billion in 2023, when revenue will jump by an estimated 9.4%.
Retailers remain the primary source of growth for producers of meat alternatives. Nonetheless, producers... Learn More
Growth in Exports for 2024: 8.9%
Stoner miners are highly susceptible to infrastructure investment and general changes in construction activity. Industry-relevant infrastructure investment slowed in recent years, hindering stone miners' growth. A booming housing market in 2020 and 2021 offset slow growth from infrastructure construction. Merger and acquisition activity increased in the past five years as large companies looked to expand their reach and vertically integrate their businesses. Stone miners' profit fell as COVID-19-induced supply chain woes increased steel and oil prices, making it more expensive to purchase and operate heavy machinery. Industry-wide revenue inched upward at a CAGR of 0.1% to $20.0 billion over the... Learn More
Growth in Exports for 2024: 8.9%
The Natural Food Coloring Manufacturing industry produces food additives made from plant or animal sources rather than chemical mixtures. Natural food coloring products are also referred to as “exempt from certification” due to their status as food additives and do not have to be specifically certified for use by the Food and Drug Administration. Over the five years to 2022, operators in this industry have benefited from rising health consciousness and increased disposable incomes. Moreover, as consumers increasingly turn away from products that include artificial coloring agents (with studies showing detrimental side effects of artificial color consumption in minors), demand... Learn More
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries by Employment in the US in 2024
VIEW ARTICLEBased on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries By Revenue in the US in 2024
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