Flag Manufacturing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: September 2023
NAICS OD5345Revenue
$83.8m
Past 5-Year Growth
Profit
$X.Xm
Employees
469
Businesses
67
Wages
$XX.Xm
Flag Manufacturing in the US industry analysis
The Flag Manufacturing industry includes operators that manufacture flags from purchased materials, including nylon, polyester and cotton. Similar to most textile manufacturing industries in the United States, the industry experiences intense competition from lower-priced imports. Goods manufactured domestically tend to command higher prices, largely due to the relatively high labor costs domestic producers pay compared with their international counterparts. Consequently, demand for industry products has declined as consumers have increasingly elected to purchase inexpensive, foreign-produced flags over the past five years. As a result, industry revenue has been decreasing at a CAGR of 3.1% over the past five years and is expected to reach $83.8 million in 2023. This includes an increase of 0.4% in 2023 alone.During the period, rising e-commerce sales have hampered industry performance as individuals can purchase inexpensive flags with ease on the internet. Industry performance is also tied to construction activity since many new nonresidential buildings will likely require new flags to fly once the building has been constructed. However, rising per capita disposable income and growing consciousness of where industry products are manufactured, especially the American flag, has benefited industry operators. Nonetheless, the coronavirus pandemic significantly disrupted the industry since operators were forced to temporarily close their establishments, and parades and other holiday celebrations, which traditionally involve flags, were canceled. Moreover, the value of private nonresidential construction declined amid widespread economic uncertainty during the coronavirus. Consequently, the average industry profit margin, measured as earnings before interest and taxes, is anticipated to decrease from 5.1% of revenue in 2018 to an estimated 5.0% in 2023.Industry revenue is expected to experience modest growth over the five years to 2028. Rising disposable income and an increase in the value of private nonresidential construction are anticipated to bolster industry revenue growth. Moreover, import competition is anticipated to fall, as the trade-weighted index, which measures the strength of the US dollar relative to the currencies of major trading partners, is anticipated to decline over the next five years, making imports more expensive. Overall, industry revenue is expected to increase at a CAGR of 1.4% to $89.7 million over the five years to 2028.
Trends and Insights
- The industry has experienced declines over the past five years. Rising competition from imports and significant disruptions from the coronavirus contributed to the revenue decline during the period.
- Demand from wholesalers for resale has decreased over the past five years. This market segment has been pressured by the increasing trend of retailers bypassing wholesalers and purchasing directly from manufacturers to save on costs.
- The spread of business locations in the Flag Manufacturing industry is closely correlated to population dispersion throughout the United States. Additionally, regions that are located near ports are popular for industry establishments for trade and distribution networks.
- Imported flags are the biggest external competition to the Flag Manufacturing in the US industry. Countries that have lower wages are able to charge less for flags, attracting buyers looking to pay less.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 3.1 % over the past five years, to reach an estimated $83.8m in 2023.
Trends and Insights
The coronavirus pandemic had a negative effect on industry revenue
- The onset of the coronavirus pandemic in 2020 hampered industry performance overall. Flag manufacturers were forced to temporarily close their establishments in line with the government-mandated closure of nonessential businesses.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Competition from imports will likely ease
- Over the next five years, the trade-weighted index (TWI), which measures the value of the US dollar compared with its major trading partners, is forecast to decrease.
Biggest companies in the Flag Manufacturing in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Annin Flagmakers | 42.6 | 1.3 | 3.1 | |
Chicago Flag & Decorating Company | 7.4 | 0.2 | 2.7 | |
Eder Flag Manufacturing Co. Inc. | 7.4 | 0.2 | 2.7 |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including American flags, Military flags and Historical flags. American flags is the largest segment of the Flag Manufacturing in the US.
Trends and Insights
Patriotism keeps demand for American flags high
- This segment includes American flags. Common materials used in the manufacturing of American flags include polycotton, premium nylon, durable polyester and colonial Nyl-Glo.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- E-Commerce & Online Auctions in the US
Complementors
- Cut & Sew Apparel Contractors in the US
- Sheet Metal, Window & Door Manufacturing in the US
- Small Specialty Retail Stores in the US
International industries
- Synthetic Fibre Manufacturing in Canada
- Cut and Sewn Textile Product Manufacturing in Australia
- Cotton Fabric and Yarn Manufacturing in China
Table of Contents
About this industry
Industry definition
Operators in this industry manufacture flags from purchased materials, including nylon, polyester and cotton materials. Flags tend to be attached by one side to a pole and usually carry representative symbols or colors. The industry does not include the manufacture of banners or pennants.
What's included in this industry?
World Flag ManufacturingState Flag ManufacturingDecorative Flag ManufacturingMiniature Flag ManufacturingCompanies
Annin FlagmakersChicago Flag & Decorating CompanyEder Flag Manufacturing Co. Inc.Purchase this report to view all 3 major companies in this industry.
Related Terms
OFFSHORINGBANNEREMBLEMIndustry Code
NAICS 31499 - Flag Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The industry has experienced declines over the past five years. Rising competition from imports and significant disruptions from the coronavirus contributed to the revenue de...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Demand from wholesalers for resale has decreased over the past five years. This market segment has been pressured by the increasing trend of retailers bypassing wholesalers a...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The spread of business locations in the Flag Manufacturing industry is closely correlated to population dispersion throughout the United States. Additionally, regions that ar...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Imported flags are the biggest external competition to the Flag Manufacturing in the US industry. Countries that have lower wages are able to charge less for flags, attractin...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Aninn Flagmakers is the largest operator in the industry. The company has benefited from being the oldest flag manufacturer and therefore has a strong supply chain and custom...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Annin Flagmakers's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Chicago Flag & Decorating Company's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Eder Flag Manufacturing Co. Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
Detailed analysis
- Description and key data for Annin Flagmakers, and factors influencing its performance in the industry
- Description and key data for Chicago Flag & Decorating Company, and factors influencing its performance in the industry
- Description and key data for Eder Flag Manufacturing Co. Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Flag Manufacturing industry is affected by trade and may receive indirect assistance in the form of tariffs. Tariff rates depend on the type of product being imported, th...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Cost structures for flag manufacturers vary depending on the size and scope of the company. However, because of the labor-intense nature of the industry, wage and purchase co...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Flag Manufacturing in the US industry in United States in 2024?
The market size of the Flag Manufacturing in the US industry in United States is $83.8m in 2024.
How many businesses are there in the Flag Manufacturing in the US industry in 2023?
There are 67 businesses in the Flag Manufacturing in the US industry in United States, which has declined at a CAGR of 0.6 % between 2018 and 2023.
Has the Flag Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Flag Manufacturing in the US industry in United States has been declining at a CAGR of 3.1 % between 2018 and 2023.
What is the forecast growth of the Flag Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Flag Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Flag Manufacturing in the US market in United States?
The biggest companies operating in the Flag Manufacturing market in United States are Annin Flagmakers, Chicago Flag & Decorating Company and Eder Flag Manufacturing Co. Inc.
What does the Flag Manufacturing in the US in United States include?
World Flag Manufacturing and State Flag Manufacturing are part of the Flag Manufacturing in the US industry.
Which companies have the highest market share in the Flag Manufacturing in the US in United States?
The company holding the most market share in United States is Annin Flagmakers.
How competitive is the Flag Manufacturing in the US industry in United States?
The level of competition is low and steady in the Flag Manufacturing in the US industry in United States.
