The 10 Fastest Growing Industries In the U.S. and What That Means For Franchising
On April 25, 2012 At 4:34 pm
Category : Blog, Small Business & Entrepreneurship
Tags : fastest growing industries, fastest growing industries in the US, food franchises, green franchises, health and fitness franchises, health franchises, hot sauce, mexican food, pilates, yoga
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The Top 10 Fastest-Growing Industries in the United States:
1. Generic pharmaceuticals
2. Solar panel manufacturing
3. For-profit universities
4. Pilates and yoga studios
5. Self-tanning product manufacturing
6. 3-D printer manufacturing
7. Social network game development
8. Hot sauce production
9. Green and sustainable building construction
10. Online eyeglasses sales
If the above list, found on Wonkblog, is any indication, the way out of the recession is hot sauce, green construction and whole lot of downward facing dogs. If that’s the case, then the franchise industry, which predicted a 5% growth margin for 2012, is poised for an even better end of year report.
Why Hot Sauce?
It seems as though not some, but most, like it hot. As a nation, our tastes are changing. The growing number of immigrants and morphing demographics of our melting pot country are causing a desire for spicy, ethnic foods. For the past decade, the hot sauce manufacturing industry has grown at a rate of 9.3 percent per year.
While there aren’t any hot sauce franchises (to our knowledge) this taste for spicier food is sure to carry over in ways other than the bottle of Tobasco on your table. Mexican-inspired franchise restaurants are seeing an increase in their popularity across the country, too.
For those who like it hot, becoming a Mexican restaurant franchisee might be for you! Here are a few great options to consider.
- Margarita’s Mexican Restaurant (read our interview with Margarita’s President here.)
- Taco John’s
- Moe’s Southwest Grill
- Cantina Laredo
Green, Mean Money Machines
Solar manufacturing and sustainable building construction, the two green industries on IBIS World’s list, can attribute part of their growth to various government subsidies. Though these subsidies are beginning to wind down, the growth rate for green industries is predicted to continue in 2012 with Solar Panel Manufacturing and Sustainable Green Building growing at a rate of 8.2 percent and 9.4 percent respectively.
For the environmentally conscientious interested in becoming a franchise owners there are quite a few options available:
- DwellGreen (read our interview with the CEO Jim Majirsky here)
- Earthwise Pet Supply
- Filta Environmental Kitchen Solutions
- Better Life Maids
- Dr. Energy Saver
- Chem Dry Carpet & Upholstery Cleaning
- Green Building Advisors
- Hello Eco
- Solar Soleil
- Soil to Sun
- USA Solar Store
- US Lighting Group
- US Energy Solutions
Pilates and yoga studios were highly resistant to the recession and have continued to grow as the U.S.’ economy strengthens. From 2002 to 2012, the industry grew an average of 12.1 percent per year. In 2012, yoga and Pilates studios are projected to experience a 5.1 percent growth rate.
A number of yoga and/or Pilates franchises are available to those interested in helping others improve their strength, flexibility and fitness levels. Though they’re not mentioned explicitly in IBIS’ report, I would imagine similar health and fitness concepts like gyms and massage franchises have experienced an uptick in their growth rates and are ripe for expansion as well.
- IMX Pilates
- Wundabar Pilates
- Sunstone Yoga
- Open Doors Yoga
- Innergy Yoga
- Bikram Yoga