The 10 Global Fastest Growing Industries by Imports

By IBISWorld 

1. Global Footwear Manufacturing

Growth in Imports for 2023: 49.9%

Global footwear manufacturers have benefited from solid consumer spending in developed economies combined with rapidly growing emerging economies in recent years. But, sudden changes in how consumers shopped worldwide following the COVID-19 pandemic shifted the industry’s trajectory. Drops in global consumer spending and lockdowns dropped production at manufacturing facilities. Even as some economies reopened, supply chain snags slowed footwear production globally, while heightened input costs for everything from cotton to rubber and crude oil increased production costs. Uneven economic recoveries, recession concerns and inflation pressures continue to strain industry performance despite strong spending rebounds in some regions.

2. Global Fruit & Vegetable Processing

Growth in Imports for 2023: 47.3%

Global fruit and vegetable processors have steadily grown as a result of favorable consumer trends across the world. The growth in global disposable income has driven demand toward healthier and more convenient processed foods in developed countries such as the United States and the United Kingdom, where consumer trends have been slightly shifting. But unlike the case for developed countries, this income growth has fomented demand for processed foods in developing countries such as China. The industrialization of the industry in these countries has also improved distribution and production capacity to the benefit of the global industry.

3. Global Apparel Manufacturing

Growth in Imports for 2023: 23.9%

Global apparel manufacturers have benefited from strengthening consumer spending in developed economies combined with rapidly growing emerging economies in recent years. However, sudden changes in how consumers shopped worldwide following the COVID-19 pandemic shifted its trajectory. Dips in global consumer spending and lockdowns dropped production at factories. Even as economies reopened, bottlenecks and supply chain woes punctured footwear production globally, while rising costs for everything from cotton to crude oil shot up production costs. Uneven economic recoveries, recession concerns and inflation continue to strain performance despite surging consumer demand.

4. Global Commercial Aircraft Manufacturing

Growth in Imports for 2023: 19.0%

The Global Commercial Aircraft Manufacturing industry is responsible for manufacturing, rebuilding, and servicing aircraft for the commercial market. Included in commercial aircraft are planes, helicopters, aircraft engines and various aircraft components and subsystems for the commercial market. COVID-19 was the biggest roadblock for operators during the period, leading to a drop in sales, tough supply chain conditions, and a lack of demand. Still, a partial recovery was achieved during the years following due to economic upturn and global efforts to control the virus.

5. Global Military Shipbuilding & Submarines

Growth in Imports for 2023: 18.8%

The Global Military Shipbuilding and Submarines industry has continued to expand amid rising geopolitical tensions. The US, other Western governments and Asian countries continue to be the largest markets for military shipbuilders. Despite the pandemic’s effects, revenue has remained steady, as contracts were already placed beforehand.The United States, the largest market for the industry, has increased spending on shipbuilding and conversion as it has sought to maintain its ability to project power abroad, protect trade lanes and defend allies.

6. Global Cheese Manufacturing

Growth in Imports for 2023: 13.6%

The value of global cheese manufacturing has expanded through the end of 2023, primarily as a result of stable demand for dairy products, improved per capita consumption of cheese worldwide and continued product innovation. Overall, IBISWorld estimates that global cheese manufacturing revenue has strengthened at a CAGR of 7.1% to reach $158.1 billion through the end of 2023, boosting 4.8% in 2023 alone. While global cheese manufacturers endured volatility through the end of 2023, they managed to remain fairly resilient amid COVID-19 disruptions during the latter half of the period.

7. Global Beer Manufacturing

Growth in Imports for 2023: 13.3%

The Global Beer Manufacturing industry has struggled due to shifts in its structure over the past five years. Rising disposable income during most of the period and consumers’ shift from traditional products to higher-quality beer has underpinned rising beer consumption and strong volume growth in emerging markets. But declining per capita beer consumption and relatively flat volume growth have hampered revenue across China and traditional North American and European markets. This has been ameliorated by growth in high-value craft beers and foreign brands over the past five years.

8. Global Respiratory Ventilator Manufacturing

Growth in Imports for 2023: 12.4%

Products produced by the Global Respiratory Ventilator Manufacturing industry have long been a staple of the global healthcare sector. Demand for ventilators has historically been stable since they are a life-saving device for patients with limited breathing function. While hospitals do not usually need a significant number of ventilators, the COVID-19 (coronavirus) pandemic caused demand for ventilators to skyrocket in 2020. Patients with severe coronavirus symptoms often need to be ventilated because their lungs become so inflamed that they are unable to provide the body with enough oxygen.

9. Global Spirits Manufacturing

Growth in Imports for 2023: 10.4%

The Global Spirits Manufacturing industry has benefited from premiumization trends in both developed and emerging economies over the past five years. Emerging markets like China and India have picked up the slack from declines in Eastern Europe resulting from political tensions and government intervention. Spirit consumption in emerging markets has flourished alongside population growth and urbanization, while consumers in developed economies have spent more on spirits by trading up to premium products. The rising trend of ready-to-drink cocktails has fueled growth in developed economies, staving off competition from substitute beverages like wine and beer.

10. Global Car & Automobile Manufacturing

Growth in Imports for 2023: 10.3%

Global car and automobile manufacturers benefited from strong consumer, business and government spending on passenger vehicles amid stable macroeconomic growth and historically low interest rates before the pandemic. Significant technological improvements, particularly regarding hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, have also spurred global demand from the growing middle class. Even so, the pandemic led to a monumental slowdown, slashing vehicle demand. As a result, automaker revenue contracted at an expected CAGR of 2.3% to $2.6 trillion through the current period, despite a 1.6% jump in 2023 as the economy heats up.

Source from IBISWorld