It’s been a long run, but industries, businesses, and consumers are finally starting to creep out of the lows that were a result of the recession here in the US. With unemployment levels dropping and businesses beginning to thrive once again, things are looking positive for 2013. And for small companies like us, we’re curious as to which businesses and industries are coming out on top going into the New Year.
In April, IBISWorld published a report with a compiled list of standout industries in 2012 based on a number of different factors… Things like their contributions to the economy, revenue growth, and performance expected over the next four years were all included. These industries are some of the highest producing going into 2012 and are projected to far outperform the rest of the economy in the upcoming years.
… And you may be a little surprised as to which industries they are.
Below is a list of the Top 10 Fasted Growing Industries according to IBISWorld:
1.) Generic Pharmaceutical Manufacturing
• As a result of the recession, consumers have been finding new ways to cut back on spending and the availability of generic brands in consumer goods is becoming more and more popular. Pharmaceutical drugs alone, is a fast growing industry… but the ability to buy less-expensive generic versions of the more expensive name brand drugs is a major plus for consumers.
2.) Solar Panel Manufacturing
• If you aren’t familiar with solar panels, you may have seen them places without even realizing it. They are becoming more common in green households where people are placing them on their roofs to power their homes. Companies are even using them on their parking structures to power the lighting at night. This is a less expensive alternative to electricity and businesses as well as individuals are starting to take advantage of this money saving, environmentally friendly advance in today’s technology.
3.) For-Profit Universities
• College tuition doesn’t come cheap these days, but the demand for higher education in today’s society is greater than ever, and with the ability to get student loans and scholarships, people are continuing to pursue higher forms of education regardless of tuition costs. Therefore, For-Profit Universities are expanding and growing more than before.
4.) Pilates & Yoga Studios
• I think it’s safe to say that people are always looking for inventive ways to stay healthy and fit whether through exercise or diet. Not only are Pilates and Yoga coming to the forefront as new forms of exercise and meditation, but they are becoming a way of life for many consumers. Pilates and Yoga Studios are gaining a loyal customer base of people who are attending their classes on a weekly and sometimes daily basis to stay fit.
5.) Self-Tanning Product Manufacturing
• With the development of new and improved skincare products that give consumers the ability to “tan” without putting their body and skin in harm’s way of the sun, people are seeking self-tanning products now more than ever. With the demand to maintain a “young” appearance, self-tanning products are helping consumers achieve that by giving them an alternative to harsh UV Rays.
6.) 3D Printer Manufacturing
• Imagine a future in which a device connected to a computer can print a solid object... that’s 3D printing. And with the ability to have tangible goods or services delivered right to your desktop is not only convenient, but becoming more and more popular in the world of technology and manufacturing. It’s still a concept that we are trying to fully understand, but it sure is cool!
7.) Social Network Game Development
• Individuals and businesses that have Facebook accounts or that are familiar with social networking sites will more than likely recognize the growing popularity of online games within each of these different networks. Games like “FarmVille”, “Texas HoldEm Poker”, and “Bubble Safari” are among some of the most popular on Facebook, and companies are continuing to expand on this concept of online gaming within social networks.
8.) Hot Sauce Production
• We thought this was the biggest shocker of all! Who would have thought that hot sauce production not only outperformed other industries in 2012, but is projected to continue its growth as one of the Top 10 producing industries through 2017? Kudos to them!
9.) Green & Sustainable Building Construction
• Environmental sustainability is becoming more and more prominent as people are actively trying to “Go Green.” In fact, people are now building what are called “Green Homes” which are helping sustainable building construction companies flourish. Not only are these companies using recycled materials and materials that are better for the environment, these new construction projects are creating homes that require less maintenance and have lower utility costs. What isn’t appealing to consumers about that?
10.) Online Eyeglasses & Contact Lens Sales
• Contacts and eyeglasses can add up substantially for those who need them and ordering through your optometrist isn’t always the cheapest direction to go. Consumers are turning to online companies to purchase their eyeglasses and contact lenses because they are able to get the same products at a better value and it’s more convenient having them shipped directly to their homes vs. having to pick them up at the doctor’s office.
We spent some time thinking about what kinds of features and characteristics it takes for a particular industry to come out on top and in our opinion, some of the fastest growing industries are simply the ones that have a unique edge on the competition. The ones that have found a special appeal to consumers who have quickly become loyal and long lasting customers. Each of the industries listed above has accomplished just that… A loyal customer base that will not only outlast other industries, but will outperform and outgrow them in the future because of new and repeat business.
At AHMC it is always our goal to provide our current and potential Sponsors with a product or service that they wouldn’t be able to get elsewhere for the same or better value. We are always providing high visibility advertising at a price that’s hard to beat, and our service to the environment helps keep roadways and communities clean.
Like many, we are still a small business in a struggling economy, but we are optimistic to see that industries like the ones listed above are thriving along with many others. There’s a lot of opportunity to be had in 2013 and we look forward to all of the years to come!
Happy New Year Everyone!