Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Fastest Growing Industries by Imports in the US in 2024
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View a list of the Top 25 fastest growing industries by importsGrowth in Imports for 2024: 29.2%
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 Imports for 2024: 24.4%
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 Imports for 2024: 17.8%
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 Imports for 2024: 17.7%
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 Imports for 2024: 10.8%
Wineries struggled to maintain consistent growth, with the pandemic helping and hindering. Nonessential business closures limited tasting rooms or on-site bars and reduced sales to restaurants and other on-premise markets. Even at the retail level, some price-conscious consumers opted for relatively less expensive products like beer in place of wine. When restaurants and other on-premise locations reopened, wine sales boomed, reversing a years' long declining trend. Revenue has increased at a CAGR of 0.9% to $26.1 billion through 2023, despite a 3.4% decline in 2023 alone.
For a winery, competition is stiff. The number of wineries is almost always increasing. Plus,... Learn More
Growth in Imports for 2024: 10.7%
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 Imports for 2024: 9.0%
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 Imports for 2024: 8.5%
The industry has experienced impressive growth over the past five years as companies shifted operations online during the pandemic. Acting as an intermediate step between internal server hosting and leasing space from a cloud provider, colocation services offer a middle ground. Operators of colocation services build a space conducive to computing, with massive electrical infrastructure, cooling capacity and high security, but clients will fill the racks they rent on a yearly basis with their own servers. This business model is most attractive to moderately sized businesses located within physical proximity of the colocation center to enable moderate oversight of the... Learn More
Growth in Imports for 2024: 8.3%
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 Imports for 2024: 7.9%
This Helium Production industry is comprised of small number of operators that produce helium in compressed, liquid and solid forms, supplying it to a diverse range of downstream customers across chemical, metals and energy refining, manufacturing, healthcare and food and beverage industries. Over the five years to 2022, industry operators have relied on strong demand from these downstream markets in addition to international demand to weather volatile conditions. In particular, demand from high-tech manufacturing operations that use helium in components such as semiconductors has buoyed demand, with exports increasing an annualized 1.2% to $446.2 million over the five years to... 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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