Fastest Growing Industries in the US by Revenue Growth (%) in 2024

1. Industrial Chocolate Production in the US

2024-2025 Revenue Growth: 36.9%

The Industrial Chocolate Production industry has experienced growth, despite volatility from fluctuating cocoa prices and challenges introduced by the COVID-19 pandemic. The industry's production, which includes processed cocoa beans to manufacture cocoa products, including cocoa powder, liquor and butter, is largely destined for chocolate confectionery producers, although bakers and dairy beverage producers also buy cocoa products to infuse into their foods. In recent years, fluctuations in cocoa prices have been offset by improving disposable incomes and greater demand for premium chocolate goods. Despite an added emphasis on health consciousness by American consumers and challenges created by the COVID-19 pandemic that... Learn More

2. Major Smart Appliance Manufacturing in the US

2024-2025 Revenue Growth: 29.7%

Major smart appliance manufacturers build smart household cooking appliances, refrigerators and laundry equipment. Revenue for the industry has surged during the current period because major smart appliances have become less expensive and more accessible to consumers, enabling manufacturers to sell to most households for the first time. Rising incomes during much of the current period also benefited the industry, as more money enabled consumers to purchase luxuries, such as major smart appliances. High input prices provided new revenue streams for manufacturers during the recovery from COVID-19, as companies passed on high costs to consumers. Interest rates have soared in recent... Learn More

3. Kombucha Production in the US

2024-2025 Revenue Growth: 24.5%

The industry is currently experiencing remarkable growth and success. With increasing consumer awareness and demand for healthier beverage alternatives, kombucha has emerged as a popular choice for health-conscious individuals. The industry has witnessed significant market expansion, with a wide range of flavors and varieties now available to consumers. Kombucha producers have tapped into consumer preferences by experimenting with different fruits, herbs, spices and unique ingredients, creating a diverse and appealing product portfolio. Overall, industry revenue has increased at a CAGR of 5.7% to $1.3 billion while entering 2023, including an increase of 0.8% in 2023 alone.

This growth can be attributed... Learn More

4. Solar Power in the US

2024-2025 Revenue Growth: 23.5%

The Solar Power industry owns and operates solar power-generating facilities in the form of either photovoltaic (PV) panels or solar thermal power stations. Solar power companies have gone through significant growth, propelled by improvements in the technologies used for electricity generation and government incentives, like the renewable portfolio standard (RPS) targets. RPS legislation requires local utility companies to diversify their portfolio and generate percentages of their energy production through renewable resources. Increases in public support for green energy led to tax incentives and grants to encourage investment in solar power. This has resulted in more companies powering facilities with solar... Learn More

5. Online Gambling Services in the US

2024-2025 Revenue Growth: 22.6%

Online gambling services in the US are hosted on internet platforms which enable consumers to wager on events such as digital table games or other sporting events, like horse racing. This relatively small but robust industry 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, which entered the industry in 2018. In 2020, despite the outbreak of COVID-19, the industry experienced booming growth, though rising operating costs hindered profit. Demand rose as leisure time and disposable income both... Learn More

6. 3D Printing & Rapid Prototyping Services in the US

2024-2025 Revenue Growth: 22.3%

The industry has grown over the past five years, driven by rapid technological development and new applications for 3D printing technology. While the falling price of 3D printing machines encouraged many companies to purchase their own machines and bypass outsourced services, demand has flourished. Additionally, as development and design services could be done remotely, the industry was one of the few which could continue operations unabated during the height of COVID-19 in 2020, resulting in 7.0% revenue growth in that year. Over the past five years, 3D printing and prototyping revenue has climbed at a CAGR of 17.2% to $3.6... Learn More

7. Hybrid & Electric Vehicle Manufacturing in the US

2024-2025 Revenue Growth: 22.1%

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. Fruit & Vegetable Wholesaling in the US

2024-2025 Revenue Growth: 21.6%

The Fruit and Vegetable Wholesaling industry has experienced moderate revenue growth over the past five years. Wholesalers engaged in the distribution of fresh fruits and vegetables. Revenue is dependent on the market prices of fruits and vegetables in addition to the ability of consumers to spend their incomes at grocery stores and restaurants. Increased per capita disposable income has permitted consumers to increase purchases of fresh produce from grocery stores and visit restaurants more frequently. Consequentially, demand from downstream industries has grown for much of the period, driving revenue growth for wholesalers. As the economy has reopened, this industry has... Learn More

9. Cotton Farming in the US

2024-2025 Revenue Growth: 20.6%

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

10. Frozen Food Production in the US

2024-2025 Revenue Growth: 17.7%

Frozen food producers have expanded through the end of 2023 as boosting disposable income has allowed consumers to trade up to newer, healthier and premium varieties of goods that command higher retail prices. With more money to spend, some consumers have opted for fresh produce over frozen varieties, stifling expansion. Mounting health concerns have also led some consumers to purchase fewer frozen foods, which are often perceived as less healthy than fresher meals, despite new studies indicating otherwise. Frozen food producers have responded by introducing products with healthier, more nutritious ingredients. Frozen food producer revenue will climb at a CAGR... Learn More