Fastest Growing Industries by Exports in the US in 2024

1. Tank & Armored Vehicle Manufacturing in the US

Growth in Exports for 2024: 50.0%

The Tank and Armored Vehicle Manufacturing industry have benefited from rising geopolitical tensions after taking a direct hit from plummeting demand before the period. Companies research, develop, manufacture, modify and repair military armored vehicles, self-propelled artillery and tanks. As the United States began to scale down combat operations in the Middle East, the defense budget was reduced, sequestration kicked in, and spending on industry products plunged. Rising geopolitical tensions have caused a surge of US defense contracts with manufacturers for industry-relevant vehicles. Industry revenue has been growing at an annualized 6.3% over the past five years and is expected to... Learn More

2. Newsprint Manufacturing in the US

Growth in Exports for 2024: 44.5%

The industry produces newsprint, a type of paper packaged in long rolls for use in printing presses. Newspapers and advertisements are most commonly printed on newsprint paper, which is primarily composed of wood pulp. The shift to digital platforms has significantly affected the newsprint industry, with demand for traditional print media plummeting and COVID-19 accelerating the push toward digitalization. Trade tensions and tariffs, notably between the US and Canada, have impacted the industry, increasing costs and affecting imported newsprint availability, causing uncertainty for future operations. Alongside these challenges, companies have had to navigate supply chain disruptions and form flexible strategies... Learn More

3. Major Smart Appliance Manufacturing in the US

Growth in Exports for 2024: 29.0%

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

4. Kombucha Production in the US

Growth in Exports for 2024: 24.4%

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

5. Truck & Bus Manufacturing in the US

Growth in Exports for 2024: 21.6%

Truck and bus manufacturing remains a staple in the US economy, as transporting people and goods is paramount to a healthy economy. This has been particularly true in recent years, as there is increased demand for goods to be shipped across the country due to the rise of e-commerce. The pandemic hit truck and bus manufacturers hard as restrictions limited manufacturing capabilities, international trade and downstream demand. International trade is an essential component of this industry, since much demand for freight trucking comes from transporting goods from ports across the country. This was halted due to trade restrictions put in... Learn More

6. Cotton Farming in the US

Growth in Exports for 2024: 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

7. Ship Building in the US

Growth in Exports for 2024: 18.4%

Shipbuilders design, build and repair ships and other vessels for military and commercial clients. Long project lead times, primarily for defense contracts, have led to a consistent flow of revenue, keeping shipyards busy with work. Defense budgets are set in advance and have increased yearly because of rising geopolitical tensions.

Shipbuilders are protected from foreign competition through protectionist policies like the Jones Act, which prohibits using foreign-built vessels on routes between US ports. While some military shipbuilders receive contracts from foreign countries, commercial shipbuilding is mainly domestic. An increase in US oil and gas production throughout the period has provided a... Learn More

8. Frozen Food Production in the US

Growth in Exports for 2024: 17.6%

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

9. Hydroponic Crop Farming in the US

Growth in Exports for 2024: 16.6%

Over the five years to 2023, revenue for the Hydroponic Crop Farming industry has grown. While overall vegetable prices have increased over the five years, industry revenue has been limited by years with significant crop price drops. However, extreme weather conditions damaged many crops for fresh field farmers, so grocery stores and farmers' markets quickly turned to hydroponic farmers to meet their demand. In particular, drought throughout many parts of the United States over the past five years harmed agricultural industries across the board, presenting an opportunity for hydroponic crop farmers. Over the five years to 2023, industry revenue is... Learn More

10. Solar Panel Manufacturing in the US

Growth in Exports for 2024: 16.6%

Solar panel manufacturers, which produce solar modules and cells in the United States, faced strong revenue growth. The industry has long been plagued by import penetration, specifically from Asian products, which flooded the US market with low-cost solar modules and cells. Rising tensions between the United States and China, which subsided once tariffs were imposed, but ultimately led to plummeting imports. Domestic manufacturers benefited tremendously from less competition and were enabled to raise prices. The current period's strong performance is directly linked to a continued public sentiment shift in favor of renewable energy, which will continue to accelerate given the... Learn More