Fastest Growing Industries by Imports Global in 2023

1. 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

2. Global Cosmetics Manufacturing

Growth in Imports for 2023: 7.0%

The Global Cosmetics Manufacturing industry has experienced strong growth over the five years to 2021 by manufacturing widely accepted necessary personal care products, such as shampoo, body washes and body lotions, in addition to high-end luxury goods, such as high-end cosmetic and hair products. Although the industry is mature in most developed markets, it exhibits a high degree of innovation, particularly within organic and prestige product lines. Revenue growth is determined by downstream demand from wholesalers and retailers, which is ultimately driven by consumer spending, consumer tastes and consumer preferences. In recent years, rising levels of disposable income have encouraged... Learn More

3. 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

4. Global Heavy-Duty Truck Manufacturing

Growth in Imports for 2023: 6.0%

The Global Heavy-Duty Truck Manufacturing industry has experienced an eventful time over the five years to 2020. Governments across the globe have imposed new regulations aimed at reducing truck emissions. When new standards are introduced, truck prices typically increase due to higher research and development costs to make truck emissions compliant. Truck buyers are aware of this trend, and when legislation change is announced, buyers tend to purchase vehicles in anticipation of rising prices once the new law is implemented.

Despite rising regulations, the industry grew between 2015 and 2019 due to growth in emerging economies such as China and India.... Learn More

5. 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

6. 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

7. Global Military Shipbuilding & Submarines

Growth in Imports for 2023: 5.4%

Over the five years to 2022, the Global Military Shipbuilding and Submarines industry has expanded, but has been tempered by pressured defense spending in Europe and the United States. Western governments make up the largest market for industry operators, which design, build, repair, maintain and overhaul naval vessels including aircraft carriers and submarines. Despite the effects of the recent COVID-19 (coronavirus) outbreak, global geopolitical tensions have stimulated industry growth over the past five years.

Thus, despite lagged growth early during the period, industry revenue growth has trended upward overall. The United States, the largest market for the industry, has increased spending... Learn More

8. 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

9. Global Sugar Manufacturing

Growth in Imports for 2023: 5.0%

The Global Sugar Manufacturing industry has experienced massive fluctuations in global sugar prices over the five years to 2021. Prices temporarily recovered from a decade low in 2016, but decreased steadily throughout the period as increased production from developing nations flooded the market. As a result, industry revenue is anticipated to decrease an annualized 6.5% to $55.5 billion over the five years to 2021. This includes a decline of 1.0% in 2021 as scarcity in production due to the COVID-19 (coronavirus) pandemic is expected to have caused a temporary increase in the price of sugar over 2020, which will fall... Learn More

10. Global Apparel Manufacturing

Growth in Imports for 2023: 4.9%

Demand for the Global Apparel Manufacturing industry is highly dependent on disposable income and the overall economic well-being of the region in consideration. Over the past decade, the industry has benefited from an increasing number of consumers opting to buy more garments at lower prices, driving both industry revenue and profit. This trend has been sustained by significant offshoring of apparel manufacturing from industry establishments in developed countries to developing economies, which has significantly lowered production costs, reducing the overall price of apparel and making apparel products increasingly affordable to an expanding consumer base. Consequently, international trade is of paramount... Learn More