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

1. Movie Theaters in the US

2022-2023 Revenue Growth: 142.8%

Demand for the Movie Theaters industry is expected to significantly decline over the five years to 2021 due to intense competition from substitute film viewing methods, such as online streaming platforms. Moreover, the industry is estimated to have experienced its largest drop in performance amid the COVID-19 (coronavirus) pandemic, decreasing 60.5% in 2020 alone and therefore being the primary causation of the industry's overall decline. Nonetheless, rising per capita disposable income and the success of blockbuster films prior to 2020 resulted in some revenue growth, but this is estimated to have been significantly offset by other declines. Consequently, industry revenue... Learn More

2. Concert & Event Promotion in the US

2022-2023 Revenue Growth: 101.4%

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 2016 and 2021, industry revenue experienced significant growth. Positive economic expansion fueled consumer discretionary purchases on live events and related performances. However, the COVID-19 (coronavirus) pandemic has generated an estimated 60.2% revenue decline in 2020 alone, representing unprecedented disruption for live event promoters across the United States. Despite the disruption trickling into the current year, the easing of coronavirus restrictions is anticipated to boost demand for... Learn More

3. International Airlines in the US

2022-2023 Revenue Growth: 74.7%

Demand for the International Airlines industry has experienced significant volatility over the five years to 2021. In recent years, 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. While competing enterprises were still able to generate growth during most of the period, unprecedented disruptions from the COVID-19 (coronavirus) pandemic will likely generate the most substantial revenue decline in industry history. Overall, industry revenue has decreased at an annualized rate of 9.6% to $30.6 billion over the five... Learn More

4. 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

5. 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

6. Airport Operations in the US

2022-2023 Revenue Growth: 56.5%

Demand for the Airport Operations industry is primarily influenced by trends in domestic and international air travel. As a result, industry revenue has experienced a significant amount of volatility over the five years to 2021, as consistent growth at the beginning of the period was offset by hampered demand in the latter portion. Overall, competing enterprises benefited from economic growth for the majority of the period, which led to increased spending on air travel among businesses and consumers. Similarly, the emergence of the United States as a popular international tourist destination bolstered revenue from foreign consumers. While these dynamics precipitated... Learn More

7. 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

8. 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

9. Hotels & Motels in the US

2022-2023 Revenue Growth: 41.1%

The Hotels and Motels industry is highly susceptible to changes in the domestic and global economic environments, which has caused the industry to experience substantial volatility due to the onset of the COVID-19 (coronavirus) pandemic in 2020. Over most of the five years to 2021, the industry has benefited from increases in travel spending, corporate profit and general consumer spending. These factors were all affected substantially by the coronavirus pandemic. The onset of the virus in the United States immediately reversed economic trends that were benefiting the industry, by stifling spending and halting travel; as a result, the industry was... 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