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Fastest Growing Industries in the US in 2022


Table of Contents
Oil Drilling & Gas Extraction in the US
Cruise & Travel Agency Franchises
Wedding Planners
International Airlines in the US
Travel Insurance
Tour Operators in the US
Hotels & Motels in the US
Ethanol Fuel Production
Sightseeing Transportation in the US
CBD Product Manufacturing in the US

1. Oil Drilling & Gas Extraction in the US

2022-2023 Revenue Growth: 87.0%

Fluctuating commodity prices and unstable energy markets have caused the Oil Drilling and Gas Extraction industry to endure an extremely high level of revenue volatility over the five years to 2022. Revenue grew at the outset of the period as the world prices of crude oil and natural gas rebounded off of decade lows fueled by booming US production. Domestic production flourished as unconventional and highly efficient drilling techniques such as hydraulic fracturing and horizontal drilling have become upstream mainstays.

2. Cruise & Travel Agency Franchises

2022-2023 Revenue Growth: 76.4%

Overall, the Cruise and Travel Agency Franchises industry has experienced significant growth over the five years to 2022. Despite the COVID-19 (coronavirus) pandemic, strong performance throughout most of the current period contributed to growth 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. As a result, industry revenue is estimated to grow an annualized 13.8% to $5.1 billion over the past five years.

3. Wedding Planners

2022-2023 Revenue Growth: 75.5%

Operators in the Wedding Planners industry organize and design marriage ceremonies and receptions. Over the five years to 2022, industry revenue is expected to decline as more couples are opting to plan their own weddings rather than hire industry operators. According to 2021 data from the Wedding Planning Institute, 27.0% of couples are using wedding planners. This contraction in demand for industry services mainly stems from an increase in the number of do-it-yourself (DIY) weddings. However, consumers that do opt to hire wedding planners are spending more money than ever before.

4. International Airlines in the US

2022-2023 Revenue Growth: 64.0%

Demand for the International Airlines industry has experienced significant volatility over the five years to 2022. In the beginning of the current period, 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. Unprecedented disruptions from the COVID-19 (coronavirus) pandemic generated the most substantial revenue decline in industry history. As global economies and health recover, pent-up consumer demand is anticipated to drive industry recovery towards the end of the period.

5. 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.

6. Tour Operators in the US

2022-2023 Revenue Growth: 57.1%

The Tour Operators industry has experienced growth over most of the five years to 2022. The industry has benefited from rising disposable income levels and a strengthening global economy during most of the period. As unemployment declined and consumer spending grew, domestic and international trips taken by US residents increased. However, inbound trips made by non-US residents fell as the COVID-19 (coronavirus) pandemic led to international travel bans and mandated government lockdowns, which negatively affected the industry.

7. Hotels & Motels in the US

2022-2023 Revenue Growth: 56.6%

The Hotels and Motels industry is highly susceptible to changes in the domestic and global economic environments, which 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 2022, 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.

8. Ethanol Fuel Production

2022-2023 Revenue Growth: 55.2%

The Ethanol Fuel Production industry comprises operators that concentrate on the production of nonpotable ethanol, or ethyl alcohol, for use as motor fuel. Industry products are primarily used as a biofuel additive for gasoline. In fact, according to the United States Department of Energy, more than 98.0% of gasoline in the United States contains some ethanol. Ethanol fuel is a domestically produced alternative to traditional fuel, generally made from corn. The dry-milling process, which comprises the majority of ethanol plants in the United States, involves converting corn to flour and fermenting it to form ethanol.

9. Sightseeing Transportation in the US

2022-2023 Revenue Growth: 48.3%

The Sightseeing Transportation industry provides a variety of ground, nautical and aerial sightseeing transportation for everyday consumers. Industry operators generally offer services such as bus tours, whale watches, helicopter rides, boat and dinner cruises and locomotive excursions. The industry benefited from improving economic conditions over most of the years to 2022, which resulted in many consumers increasing their recreational expenditure. However, travel activity dropped during the five-year period, most notably in 2020 due to COVID-19 (coronavirus), which restricted consumers from international and domestic travel.

10. 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.

Source from lbisworld

The information set forth above is provided by lbisworld independently of Alibaba.com. Alibaba.com makes no representation and warranties as to the quality and reliability of the seller and products.

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