Fastest Growing Industries in the US by Revenue Growth (%) in 2022

1. Airport Operations in the US

2022-2023 Revenue Growth: 66.1%

Demand for the Airport Operations industry is influenced by trends in domestic and international air travel. Over the five years to 2022, industry revenue has experienced a significant amount of volatility as consistent growth at the beginning of the period was offset by hampered demand in the latter portion. Overall, lightly competing enterprises benefited from economic growth, which led to increased spending on air travel among businesses and consumers. Similarly, an increase in the number of high-income households spiked demand for private air travel services. While these dynamics precipitated revenue growth, unprecedented disruption from the COVID-19 (coronavirus) pandemic offset some... Learn More

2. Travel Insurance

2022-2023 Revenue Growth: 62.1%

The Travel Insurance industry has contracted over the five years to 2021. The increasing popularity of travel insurance, coupled with rising international travel levels, underpinned the industry's growth prior to 2020. Moreover, rising incomes and the declining overall cost of travel contributed to strong industry performance. However, in 2020, the COVID-19 (coronavirus) pandemic disrupted travel and reversed the industry's fortunes. Unprecedented travel restrictions and global fears of spreading the novel coronavirus greatly reduced demand for travel. As a result, IBISWorld estimates that industry revenue fell 71.5% in 2021. While industry revenue is expected to rebound in 2021 as a result... Learn More

3. Cruise & Travel Agency Franchises

2022-2023 Revenue Growth: 59.7%

Overall, the Cruise and Travel Agency Franchises industry has experienced significant decline over the five years to 2021. Despite performing well throughout most of the period, the onset of the COVID-19 (coronavirus) pandemic in 2020 resulted in an extreme contraction in demand for cruises and travel as a whole. Cruise ships remained largely in port during 2020 due to a “no sail” order and travel was extremely limited due to social distancing, stay-at-home mandates and general uncertainty regarding the coronavirus. As a result, industry revenue is estimated to decline an annualized 7.1% to $1.5 billion over the past five years.... Learn More

4. Concert & Event Promotion in the US

2022-2023 Revenue Growth: 52.7%

Operators in the Concert and Event Promotion industry produce, advertise and manage a variety of live events and performances, including concerts, sporting events and public appearances. For the majority of the five-year period, between 2017 and 2022, industry revenue has experienced significant growth. During the initial years of the current period, positive economic expansion fueled consumer discretionary purchases on live events and related performances. Eliminating previous momentum however, the COVID-19 (coronavirus) pandemic generated an estimated 47.9% revenue decline in 2020 alone, creating an unprecedented disruption for the industry. However, since the latter half of 2021, the easing of coronavirus restrictions... Learn More

5. CBD Product Manufacturing in the US

2022-2023 Revenue Growth: 48.0%

The CBD Product Manufacturing industry comprises manufacturers that produce CBD products such as supplements, foods and concentrates. Over the five years to 2022, the industry has experienced substantial growth, primarily driven by advances in industry regulation and increasingly favorable consumer attitudes to industry products. Most notably, The Agriculture Improvement Act of 2018 (Farm Bill) authorized the production of hemp and removed hemp and hemp seeds from the Drug Enforcement Administration (DEA)'s schedule of Controlled Substances. Therefore, the bill provided further legitimization for the industry. Overall, industry revenue is expected to increase an annualized 45.9% to $2.4 billion over the five... Learn More

6. Online Gambling Services in the US

2022-2023 Revenue Growth: 44.9%

The Online Gambling Services industry in the United States is home to operators that host internet platforms which enable consumers to wager on events such as digital table games and other sporting events, including horse racing. Overall, this is relatively small but robust industry, with players such as MGM Resorts International, among others, which has sought to capture more consumer demand for gambling services by branching out into hosting online platforms. Other players in the sports betting segment are newer, online-based endeavors, such as DraftKings Inc., which entered the industry in 2018. In 2020, despite the outbreak of the COVID-19... Learn More

7. International Airlines in the US

2022-2023 Revenue Growth: 44.5%

Demand for the International Airlines industry has experienced significant volatility over the five years to 2022. In the beginning of the current period, mounting competition from foreign competitors and chronic overcapacity within the industry's cargo transportation segment have forced industry operators to slash ticket prices and reduce freight shipping rates, causing industry revenue to decline. Unprecedented disruptions from the COVID-19 (coronavirus) pandemic generated the most substantial revenue decline in industry history. As global economies and health recover, pent-up consumer demand is anticipated to drive industry recovery towards the end of the period. Overall, industry revenue has decreased at an annualized... Learn More

8. Ocean & Coastal Transportation in the US

2022-2023 Revenue Growth: 42.9%

The Ocean and Coastal Transportation industry includes cruise lines and freight carriers that transport people and cargo to and from United States ports. The industry has experienced mixed conditions over the five years to 2022. Rising US trade activity between 2017 and 2019 bolstered industry revenue, but overcapacity in the deep-sea freight shipping market limited growth. Still, revenue was buoyed by the industry's cruise lines during that period, which grew significantly as rising per capita disposable income enabled consumers to spend on cruises. However, the industry is currently characterized by the COVID-19 (coronavirus) pandemic, as the shutdown of cruise travel... Learn More

9. Water Parks

2022-2023 Revenue Growth: 41.4%

The Water Parks industry has experienced significant growth for the majority of the five-year period to 2021, as industry revenue was bolstered by rising per capita disposable incomes and a falling unemployment rate. Economic expansion precipitated increased consumer spending on discretionary leisure and tourist activities, benefiting water park operators through rising admissions and concession sales. Additionally, large, multinational competitors were able to effectively attract international tourists, benefiting from expansion in the number of inbound trips by non-US resident through most of the period. However, the COVID-19 (coronavirus) has significantly disrupted industry enterprises, leading total revenue to decrease overall at an... Learn More

10. Travel Agencies in the US

2022-2023 Revenue Growth: 39.8%

The Travel Agencies industry has experienced a significant contraction in revenue, profit and overall industry participation over the five years to 2021. This curtailment of demand and industry activity is due to the COVID-19 (coronavirus) pandemic, as stringent travel restrictions were issued to limit close social interactions and help curb the spread. As a result of these unforeseen complications, industry revenue is expected to decrease at an annualized rate of 4.9% to $34.6 billion over the five years to 2021.

The industry prospered prior to 2020, which can be attributed to sizable increases in consumer confidence, as it is a major... Learn More