Fastest Growing Industries by Imports in the US in 2023

1. Industrial Hemp Production in the US

Growth in Imports for 2023: 120.8%

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

2. Smart Thermostat Manufacturing in the US

Growth in Imports for 2023: 41.5%

The Smart Thermostat Manufacturing industry is anticipated to grow rapidly over the five years to 2020. Demand for smart thermostats has been driven by the rise in environmental consciousness coupled with the rising accessibility of fast and inexpensive broadband connections. Additionally, smart thermostats typically generate more cost savings than their more analogue counterparts. This is due to their advanced sensors, remote connectivity and friendlier user interfaces. Despite rising popularity, the industry is expected to be derailed in 2020 due to the economic downturn caused by the COVID-19 (coronavirus) pandemic. Taking these factors into account, IBISWorld expects industry revenue to increase... Learn More

3. 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

4. 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

5. Lithium Battery Manufacturing in the US

Growth in Imports for 2023: 30.4%

Lithium battery manufacturers produce batteries for a variety of purposes including vehicles, mobile phones and other consumer electronics. The rapid rise of electric vehicles (EVs) has bolstered manufacturers, as consumer preference has steadily shifted away from gasoline-powered vehicles. This rise includes an agreement between Panasonic, a leading producer of lithium batteries, and the electric automaker Tesla to mass produce advanced lithium batteries. But this industry is highly globalized, with imports accounting for the majority of domestic demand. Less expensive labor both for upstream suppliers of input materials and for lithium battery manufacturers themselves combined with inexpensive shipping costs have incentivized... Learn More

6. Meat Alternatives Production in the US

Growth in Imports for 2023: 30.4%

Producers of meat alternatives enjoyed growth as producers capitalized on growing consumer trends, like health consciousness and moving away from meat products in general, accounting for environmental- and cost-based decisions. Perhaps most notably, producers have exhibited substantial growth as new companies began operating and competing with one another to satisfy growing consumer demand. Industry-wide revenue has been growing at a CAGR of 16.2% over the past five years and is expected to total $8.5 billion in 2023, when revenue will jump by an estimated 9.4%.

Retailers remain the primary source of growth for producers of meat alternatives. Nonetheless, producers... Learn More

7. Bicycle Manufacturing in the US

Growth in Imports for 2023: 30.1%

Bicycle manufacturers make new bikes and parts for upgrades and repairs. Demand for this industry comes from a few different places. Primarily demand stems from rising disposable income and consumer spending. While per capita disposable income and consumer spending rose throughout the period, revenue growth was still diminished due to heightened import penetration. Essentially US manufacturers did not fully feel the growth in demand because most of it was met with cheaper imports. As COVID-19 swept through the nation in 2020, consumers were mandated to stay at home and remain socially distanced. As a result, people needed an avenue to... Learn More

8. Hybrid & Electric Vehicle Manufacturing in the US

Growth in Imports for 2023: 28.5%

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 24.0% to $48.1 billion over the past five years, including... Learn More

9. 3D Printer Manufacturing in the US

Growth in Imports for 2023: 27.4%

The 3D printer manufacturing industry has seen significant growth over the past five years, increasing at a CAGR of 14.6% to $7.7 billion, which includes 19.1% growth in 2023 alone. As prices for 3D printers declined, additive manufacturing has become more attractive to both businesses and consumers. The outbreak of COVID-19, which led to massive supply disruptions, has led the public and the government to consider new applications of 3D printing. The Additive Manufacturing (AM) Forward program, launched by the Biden Administration in 2022, focuses on advancing the development and adoption of 3D printing technologies in the US.

Additive manufacturing has... Learn More

10. Shoe & Footwear Manufacturing in the US

Growth in Imports for 2023: 24.4%

The Shoe and Footwear Manufacturing industry has experienced difficulties, with revenue decreasing at a CAGR of 0.1% over the past five years, including a decrease of 2.7% to an estimated $2.2 billion in 2023 alone. During the five-year period, the industry has been limited because of sustained import penetration and falling exports, both of which have been influenced by high levels of competition. Furthermore, the coronavirus largely disrupted industry supply chains and destabilized current levels of international trade. The coronavirus has also resulted in unstable macroeconomic conditions, leading to deteriorating domestic demand.

Imports have satisfied a significant share of domestic demand... Learn More