Fastest Growing Industries in China by Revenue Growth (%) in 2022

1. Cafes, Bars & Other Drinking Establishments in China

2022-2023 Revenue Growth: 22.0%

ACMR-IBISWorld estimates that the Cafes, Bars and Other Drinking Establishments industry in China will generate $7.0 billion in 2021, up by 24.4% from 2020. In 2020, sales revenue of industry increased slowly compared with previous years which was mainly due to the outbreak of COVID-19 in China. Over the past five years, industry revenue has grown at an annualized 20.0%.

In recent years, lifestyle changes, an increasing emphasis on personal happiness and the development of a range of drinking establishments have contributed to rapid industry growth. In addition, increasing urbanization in China and higher incomes have boosted demand for industry services.... Learn More

2. Online Shopping in China

2022-2023 Revenue Growth: 17.4%

The Online Shopping industry in China is expected to grow at an annualized 20.3% over the five years through 2021, to total $2.1 trillion. This trend includes expected growth of 18.5% in the current year. The industry's rapid growth can be attributed to the rising popularity of ecommerce in China and online businesses continuously developing their services. In addition, the number of mobile internet users has greatly increased over the past five years, as mobile internet services have continued to develop, boosting the industry's performance. Moreover, as people made more purchases online during the COVID-19 outbreak, the industry's sales revenue... Learn More

3. Medical Device Manufacturing in China

2022-2023 Revenue Growth: 16.5%

The Medical Device Manufacturing industry is set to generate $29.0 billion in revenue in 2021, up 13.7% from 2020. Industry revenue is expected to grow at an annualized 12.0% over the five years through 2021. This growth has been supported by the increasing purchasing power of hospitals, improvements in living standards and therefore demand for medical diagnoses, technology upgrades in hospitals, requirements for higher quality products and the development of China's western regions. Since 2020, the COVID-19 pandemic has significantly boosted industry revenue.

Domestic demand is set to increase by 11.9% in 2021, with imports accounting for an estimated 24.3% share.... Learn More

4. Mail-Order & Online Shopping in China

2022-2023 Revenue Growth: 16.3%

The Mail-Order and Online Shopping industry's revenue is expected to grow by an annualized 16.7% over the five years through 2021, to total $1.8 trillion. Industry revenue is expected to grow by 18.5% over the current year. Factors driving industry growth include improved living standards, rising wages, higher internet penetration, increased acceptance of internet shopping and a growing range of retailers selling a larger range of products online.

Online retailing currently generates over 90.0% of industry revenue. According to the China Internet Network Information Center (CNNIC) and the National Bureau of Statistics, 782.0 million internet users in China had online shopping... Learn More

5. Couriers in China

2022-2023 Revenue Growth: 16.0%

The Courier industry is a relatively new business segment in China. In its modern form, it has existed for about 30 years. Due to an increasingly dynamic domestic economy and improved transportation infrastructure, the industry has experienced strong growth over the past decade. As a result, industry revenue is expected to increase at an annualized 15.1% over the five years through 2021, to $149.0 billion. This trend includes expected growth of 15.7% in the current year. Industry enterprises are expected to total 5,186 enterprises over the period, employing over 750,207 workers with a payroll of approximately $6.8 billion.

Couriers are expected... Learn More

6. Alternative-Fuel Car & Automobile Manufacturing in China

2022-2023 Revenue Growth: 16.0%

The Alternative-Fuel Car and Automobile Manufacturing industry in China has developed strongly in the past five years due to large government subsidies and favorable policies that have resulted in improving vehicle performances, increasing numbers of charging facilities, and changing attitudes toward environmental protection. Industry revenue is expected to increase at an annualized 36.5% over the past five years through 2021, to total $110.1 billion. This includes growth of 60.0% in the current year. Industry profit is relatively high, averaging 11.4% of industry revenue in 2021. Profitability has been stimulated by high levels of automation as well as government subsidies that... Learn More

7. Internet Services in China

2022-2023 Revenue Growth: 14.8%

Revenue for the Internet Services industry is expected to grow at a rapid 11.5% in 2021, to reach $736.8 billion. Industry revenue is expected to grow at an annualized 22.0% over the five years through 2021, driven by booming domestic demand. The number of internet users in China has increased rapidly over the period. The COVID-19 outbreak in China drove market demand for internet services in China. The pandemic situation in China was serious over the first quarter of 2021, and revenue for the Internet Services industry increased rapidly during this period.

The application services segment has become more important to... Learn More

8. Hotels in China

2022-2023 Revenue Growth: 14.7%

Rising tourist activity over the four years through 2019 has supported the industry's performance. Revenue for the Hotels industry in China is expected to decrease at an annualized 1.3% over the five years through 2021, to $61.9 billion. However, this trend includes an decline of 31.1% in 2020. The outbreak of COVID-19 at the end of 2019 in China caused many hotels to close operations in the first half of 2020, strongly affecting industry revenue in 2020. In 2021, as the virus is increasingly contained in China, the industry's sales revenue is anticipated to increase by 13.4%.

Foreign enterprises, which have... Learn More

9. Pig Farming in China

2022-2023 Revenue Growth: 14.6%

Revenue for the Pig Farming industry in China is expected to grow at an annualized 13.7% over the five years through to 2021, to $85.7 billion. This trend includes an anticipated rise of 15.1% in the current year. Rising domestic living standards and purchasing power have stimulated demand for pork. Many small- and mid-size pig farming enterprises have exited the industry since 2012, having been affected by the implementation of strict environmental regulations in China. Moreover, due to the strong fluctuations in meat prices, the number of slaughtered fattened hog decreased from 708.3 million to about 535.6 million over the... Learn More

10. Energy-Efficiency Consultants in China

2022-2023 Revenue Growth: 14.6%

Revenue for the Energy-Efficiency Consultants industry in China is expected to grow at an annualized 12.0% over the five years through 2021, to $142.3 billion. This trend includes anticipated growth of 13.1% in the current year. A range of energy-saving and emission reduction regulations implemented in 2006 have supported the industry's rapid growth over the past five years. Issued in 2010, the Interim Measures for Management of Financial Incentive Funds of Energy Management Contracting Projects allocated generous subsidies for contract energy management (CEM) projects. This initiative marked the beginning of the industry's standardization in China. The industry includes an estimated... Learn More