Fastest Growing Industries by Imports in the US in 2023

1. Commercial Cooking Equipment Manufacturing in the US

Growth in Imports for 2023: 63.0%

The Commercial Cooking Equipment Manufacturing industry has grown, despite volatility in recent years. Through 2019, rising consumer spending, spurred by greater per capita disposable income and increased aggregate private investment, supported downstream demand. As consumers spent more on dining experiences, restaurants and other food-service companies invested in commercial cooking equipment to fulfill demand and adapt to the evolution of the restaurant industry. However, the COVID-19 pandemic injected volatility into the industry, as downstream demand dissipated in 2020 amidst widespread shutdown to stem the spread of the pandemic. Consumers have since returned to restaurants as the pandemic has abated, while downstream... Learn More

2. Industrial Hemp Production in the US

Growth in Imports for 2023: 58.6%

As a nearly brand-new industry, the Industrial Hemp Production industry is currently in a period of explosive growth. Industrial hemp, which has become synonymous with the name hemp, is a variety of cannabis with only trace amounts of tetrahydrocannabinol (THC). With few exceptions, until 2018, hemp production was illegal in the US. However, the 2018 Farm Bill legalized hemp growing on the grounds that the hemp grown have a THC content of less than 0.3% by weight. Upon legalization, the Industrial Hemp Production industry boomed as companies rapidly entered the industry to take advantage of the high demand for hemp-based... Learn More

3. Leather Good & Luggage Manufacturing in the US

Growth in Imports for 2023: 50.8%

The Leather Good and Luggage Manufacturing industry has declined through the end of 2023. Consumers have increasingly satisfied their leather goods needs by purchasing inexpensive imported items, while domestic companies net less revenue from exports. Total import revenue continues to dominate the market and goods purchased from overseas businesses are expected to account for a significant share of domestic demand, satisfying 95.2% in 2023. Industry revenue has been shrinking at an average annualized 1.4% over the past five years and is expected to total $3.2 billion in 2023 when revenue slips by an estimated 0.6%. The average industry profit margin,... Learn More

4. Tobacco Growing in the US

Growth in Imports for 2023: 45.1%

The 2005 deregulation of the Tobacco Growing industry continues to linger over tobacco farmers. The removal of federal production quotas and price supports initiated an exodus that has continued into recent years. Without government support, small and otherwise unprofitable farmers have switched crops, dropping out of the industry entirely. With a consistent and downward annualized trend in the percentage of smokers and with the rise in substitute products such as electronic nicotine delivery systems (ENDS), the industry has been facing declining demand for a significant period. Amid the COVID-19 pandemic, tobacco farmers received some federal assistance as a part of... Learn More

5. Gym & Exercise Equipment Manufacturing in the US

Growth in Imports for 2023: 40.0%

Globalization trends have negatively influenced domestic gym and exercise equipment manufacturing, as foreign manufacturers produce gym and exercise equipment at far lower costs. Nonetheless, innovative gym and exercise equipment has attracted consumers to US-made products and mitigated import penetration. Revenue declined in 2020 because of gym closures following the outbreak of COVID-19. Individuals purchasing gym and exercise equipment for home workouts offset some losses in the commercial market. Overall, industry-wide revenue grew at a CAGR of 1.0% to $2.2 billion over the past five years, including 0.4% recovery growth in 2023.

Moving manufacturing operations abroad has become increasingly prevalent to lower... Learn More

6. Fishing in the US

Growth in Imports for 2023: 39.6%

Fishermen operate commercial fishing vessels and mostly catch finfish, shellfish and miscellaneous marine products for commercial sale. They sell their products to food processors and wholesalers.

Right before the pandemic, high wages encouraged consumers to purchase expensive meats. Since meat is a substitute for fish, this hurt the industry. When COVID-19 hit, consumer spending and exports cratered, causing demand for fish to plunge. As the economy recovered, surging demand and supply chain disruptions have caused seafood prices to soar, providing operators with more sales. These disruptions have also caused fuel costs to rise, making it more expensive for fishermen to... Learn More

7. Hybrid & Electric Vehicle Manufacturing in the US

Growth in Imports for 2023: 38.3%

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

8. Organic Crop Farming in the US

Growth in Imports for 2023: 37.4%

Organic crop farmers don't use pesticides or genetically modified organisms (GMOs). They grow vegetables, fruits, corn, wheat, soybeans, mushrooms and other types of food. Farmers benefited from rising wages in the years before the pandemic, as rising incomes enabled more consumers to afford more expensive organic food, so demand for the industry's products increased. When COVID-19 hit, capacity for grocery stores and food processors fell since they had to adhere to strict social distancing and mask-wearing rules. Lower capacity reduced demand for organic products from these stores, causing revenue to plunge in 2020. During the pandemic recovery, supply chain disruptions... Learn More

9. Semiconductor & Circuit Manufacturing in the US

Growth in Imports for 2023: 34.8%

Semiconductor technology is responsible for the creation, transfer and viewing of the words on this page. The core component of electronics and a vital input of products and services across the economy, semiconductor components are stuffed into computers, TVs, vehicles, microwaves, vending machines, servers, billboards, telecommunications and more. The Semiconductor and Circuit Manufacturing industry is one of the top export industries in the United States and, according to the Semiconductor Industry Association (SIA), indirectly provides jobs to more than 277,000 Americans. This diversification limits risk for an otherwise incredibly technical and cash-hungry production process.

Manipulating silicon into thinking requires colossal capital... Learn More

10. Cotton Farming in the US

Growth in Imports for 2023: 34.5%

The Cotton Farming industry has experienced extremely volatile operating conditions over the past five years. COVID-19 caused states and localities to enact quarantines, reducing consumer spending and demand for products made by textile mills and clothing manufacturers. Since these industries are critical cotton buyers, the pandemic caused industry revenue to decline. Plunging cotton prices worsened the industry's performance, as they reduced the value of sales. Surging commodity prices immediately following the pandemic contributed to a partial resurgence, but they also made substitutes more attractive. Trade wars and an appreciating dollar caused exports to fall. Since exports constitute a significant source... Learn More