As is often said, the only constant changes. Just as industries that not too long ago were considered rock solid are fading into obscurity and facing extinction, such as the photo industry, exemplified by the once revered Eastman Kodak, which declared bankruptcy in January 2012, some old-line industries are still going strong and striving even in the face of dire economic uncertainty, and some newer industries are now surfacing to reinforce the constant movement of change. So what are the fastest growing industries in the US?
Following Are 7 Fastest Growing Industries in United States
- Hot Sauce: Even as hot sauce does not exactly conjure the image of a fast growing industry, it nevertheless still is.How often have you sat down at a restaurant table that does not have Tabasco sauce? People who enjoy hot sauce with their meals eventually develop tolerance, just as demographic trends are further contributing to fast growth. According to online magazine Slate, hot sauce contains capsaicin, the molecule that makes hot sauce hot and can be highly addictive, as capsaicin triggers the release of endorphins, the chemical naturally produced by the human brain that leads to a sense of well being. Of course, Tabasco Sauce is no longer the only game in town, as a huge variety of hot sauces keeps hitting the market.The average annual growth from 2002 to 2012 is 9.3%, whereas projected growth through 2017 is 4.1%.
- Yoga And Pilates Training: Rather to bending to economic forces since 2008, the industry merely slowed. The average annual growth from 2002 to 2012 stands at 12.1% and projected growth is 4.8% through 2017.
- Self Tanning: Tanning salons have somewhat faded from glory, due to the possible hazards from prolonged exposure to tanning rays, but the U.S. public is still enamored with the satisfying look of summer tans. Thus, the self tanning industry has seen explosive growth in the past decade, as it is considered to be controllable and healthier. 2002-2012 average growth is 22.7%, and the projected growth rate for 2012-2017 is 10.7%.
- Sustainable And Green Construction: Rising energy prices have largely contributed to the rapid expansion of energy efficient construction, even as the notion of going green is further gaining traction. The average growth rate for 2002-2012 is 28.9% and the projected rate for 2012-2017 comes in at an attractive 22.8%. The solar power industry is thriving with declining prices.
- Generic Drugs: As the U.S. grapples with rising medical costs, medication expenses remain a big part of the overall out of pocket costs. With the general population aging and patents expiring, generic pharmaceutical manufacturing is fast gaining in popularity. The 2002-2012 average growth is 9.6%, and the projected growth rate is 6.3%.
- 3D Printing: Featured on the front cover of the Economist last year, the declining cost factor and improved technology have thrust 3D printing into the forefront of emerging technologies. The average growth rate for 2002-2012 is 8.8% and the projected rate is 14%.
- Social Network Games: With social networks maturing, the newest way to keep users fully engaged is to offer recreation within the platform and keep users around longer and at the same time interact with other users. 2002-2012 growth rate is 128% and the projected growth rate is a mouth watering 22% through 2017.
No matter how the economy performs in the near future, these 7 industries seem to have an upward trajectory.