Businesses In The Fastest Growing Industries In 2024

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Estimated read time 8 min read

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IBISWorld has just unveiled its latest report on the ten fastest-growing industries in the U.S. for 2024 (click here to read). In this article, we’ll dive into each industry and explore some of the most promising business opportunities available. Whether you’re a seasoned entrepreneur or just starting out, these insights will help you identify where to potentially focus your efforts for maximum impact.

10. Social Networking Sites

Here are some business ideas you can start in the social networking sites industry:

  1. Niche Social Networking Platform: Create a social network focused on a specific interest or demographic, such as hobbyists, professionals, or cultural communities.
  2. Social Media Consultancy: Offer services to help businesses optimize their presence and advertising on existing social networks.
  3. Content Creation Services: Provide content creation and management services for brands looking to enhance their social media outreach.
  4. Social Media Analytics Tool: Develop a tool that provides analytics and insights for users to improve their engagement on social networks.

9. Cotton Farming

Here are some business ideas you can start in the cotton farming industry:

  1. Organic Cotton Farming: Specialize in growing and selling organic cotton, catering to eco-conscious brands and consumers.
  2. Cotton Ginning Services: Provide ginning services to separate cotton fibers from seeds, essential for preparing the cotton for market.
  3. Cotton Seed Sales: Harvest and sell cotton seeds to other farmers or companies producing cottonseed oil.
  4. Cotton Farming Consultancy: Offer expertise on sustainable farming practices and efficient cotton production techniques.

8. Fruit & Vegetable Wholesaling

Here are some business ideas you can start in the fruit & vegetable wholesaling industry:

  1. Specialty Produce Wholesaler: Focus on providing rare or organic fruits and vegetables to niche markets like gourmet restaurants and health food stores.
  2. Farm-to-Table Distribution Service: Establish a network that connects local farmers directly with restaurants and consumers, emphasizing fresh and local produce.
  3. Cold Storage Solutions: Offer storage and logistics services tailored to preserving the freshness of fruits and vegetables during transport.
  4. Produce Subscription Boxes: Create a subscription service that delivers seasonal produce to customers’ doorsteps, sourcing directly from local farms.

7. 3D Printing & Rapid Prototyping

Here are some business ideas you can start in the 3D printing & rapid prototyping services industry:

  1. Custom 3D Printing Services: Offer on-demand 3D printing for prototypes, models, or custom products.
  2. 3D Design Consultancy: Help businesses or individuals design and create CAD files for 3D printing.
  3. 3D Printed Products Store: Create and sell unique 3D-printed items like home décor, jewelry, or customized gifts.
  4. Rapid Prototyping for Startups: Provide fast turnaround prototyping services for startups and inventors developing new products.

6. Hybrid & Electric Vehicle Manufacturing

Here are some business ideas you can start in the hybrid & electric vehicle manufacturing industry:

  1. EV Charging Station Installation: Start a business installing and maintaining electric vehicle charging stations for homes and businesses.
  2. EV Repair and Maintenance: Offer specialized repair services for electric and hybrid vehicles, focusing on batteries and electronics.
  3. Electric Vehicle Parts Reseller: Sell aftermarket parts and accessories for electric vehicles, such as batteries, chargers, or performance upgrades.
  4. EV Rental Service: Provide short-term rentals of electric vehicles, catering to eco-conscious consumers or travelers.

5. Online Gambling Services

The U.S. online gambling market is experiencing robust growth and is projected to expand significantly in the coming years. It was valued at approximately $11.68 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.0%, reaching around $25.79 billion by 2030. This growth is driven by increased adoption of digital devices, higher internet penetration, and evolving consumer preferences toward mobile and app-based betting options. Additionally, the market benefits from innovations such as virtual reality and blockchain technology, enhancing user experience and transaction security1.

Here are some business ideas you can start in the online gambling services industry:

  1. Affiliate Marketing for Online Casinos: Promote online casinos and earn commissions for signups and deposits through your referral links.
  2. Online Gambling Consultancy: Offer services to help new platforms navigate regulations, design user-friendly websites, or improve player retention.
  3. Online Gaming Streamer: Stream popular online gambling games like poker or blackjack and build a following on platforms like Twitch or YouTube.
  4. Mobile App Development for Gambling Platforms: Create apps for online casinos or develop gambling-related tools like odds calculators or virtual betting guides.

4. Kombucha Production

The kombucha market in the United States is projected to grow significantly, reaching an estimated size of $1.8 billion in 2024, with expectations to expand to $6.2 billion by 2032. This growth reflects a compound annual growth rate (CAGR) of 17% during the forecast period from 2024 to 2032. This expansion is driven by increased consumer awareness of health benefits associated with kombucha, including improved digestion, immune system support, and joint health. The market’s growth is further supported by the introduction of a variety of new flavors, which are appealing to consumers looking for healthy and functional beverage options1.

Here are some business ideas you can start in the kombucha production industry:

  1. Small-Scale Kombucha Brewing: Start a microbrewery producing kombucha with unique flavors for local markets or health-conscious consumers.
  2. Kombucha Homebrew Kits: Sell DIY kombucha brewing kits that include all the ingredients and instructions for making it at home.
  3. Kombucha Bar or Café: Open a kombucha taproom or café where customers can enjoy fresh kombucha on tap.
  4. Kombucha Delivery Service: Offer a subscription-based service that delivers freshly brewed kombucha to homes and businesses.

3. Solar Power

The U.S. solar power industry is projected to maintain significant growth through 2024, with an estimated installation of nearly 40 gigawatts (GW) of capacity. This level of annual installation represents a notable scale compared to just a few years ago, despite expectations for flat growth in 2024 compared to the record-setting previous year. Key segments like residential solar are expected to see some contraction due to economic factors such as high interest rates, while utility-scale projects face challenges like labor shortages and regulatory uncertainties. However, commercial and community solar installations are showing resilience and modest growth in certain states1.

The broader U.S. electricity generation landscape is seeing solar power play a pivotal role, significantly contributing to new capacity and expected to be a major growth driver through at least 2025. Overall, the industry’s momentum aligns with a strong focus on advancing renewable energy sources within the national energy mix.

Here are some business ideas you can start in the solar power industry:

  1. Solar Panel Installation: Offer services installing solar panels for homes and businesses, which is in high demand as solar energy grows.
  2. Solar Panel Cleaning & Maintenance: Provide regular cleaning, inspection, and upkeep services for existing solar systems.
  3. Solar Energy Consultant: Help homeowners and businesses understand the financial and environmental benefits of switching to solar energy.
  4. Solar-Powered Gadget Sales: Sell smaller solar-powered products like chargers, lights, or batteries.

2. Fruit & Nut Farming

The Fruit & Nut Farming industry in the U.S. is currently experiencing growth, with revenue projected to reach $29.6 billion in 2024, reflecting a substantial increase of 25.4% from the previous year1. This growth is being driven by a rising demand for healthier, fresh produce over less expensive canned or processed options.

Here are some business ideas you can start in the fruit & nut farming industry:

  1. Specialty Organic Nut or Fruit Farm: Grow organic varieties of high-demand fruits or nuts like almonds, pecans, or blueberries.
  2. Fruit & Nut Processing: Start a small business focusing on drying, roasting, or packaging nuts and fruits for sale in local markets or online.
  3. Pick-Your-Own Farm: Offer a farm experience where customers come and harvest their own fruit or nuts.
  4. Fruit & Nut Subscription Boxes: Create a subscription service delivering fresh, seasonal fruits and nuts.

1. Major Smart Appliance Manufacturing

The major appliance industry in the United States is substantial, with a market size estimated at around $33.44 billion in 2024. It’s expected to grow to $38.64 billion by 2029, with a compound annual growth rate (CAGR) of about 2.93% during this period1. This growth is driven by the increasing adoption of advanced technologies like artificial intelligence and the Internet of Things, which enhance the functionality and energy efficiency of appliances.

Here are some business ideas you can start in the smart appliance manufacturing industry:

  1. Smart Appliance Repair Service: Offer specialized repairs and troubleshooting for smart home devices like refrigerators, washing machines, and thermostats.
  2. Installation and Setup Services: Help homeowners set up and integrate smart appliances with their home systems, making sure everything is properly connected to Wi-Fi and mobile apps.
  3. Smart Appliance Reseller: Start a small retail or e-commerce business focusing on selling smart home appliances and accessories.
  4. Customization Services: Provide custom skins, cases, or aesthetic upgrades for popular smart devices.

Conclusion

As the U.S. economy continues to evolve, these ten fastest-growing industries for 2024 offer exciting opportunities for both new and experienced entrepreneurs. From leveraging cutting-edge technology in social networking and smart appliances to capitalizing on trends in sustainability with organic farming and solar power, there is a wealth of business potential waiting to be tapped. By identifying the right niche and taking advantage of emerging trends, you can position your business for success in these rapidly expanding markets.