When you think of booming industries, you might jump to tech giants, pharmaceuticals, or renewable energy. But some of America’s biggest and most surprising moneymakers come from places you might not expect. Here are five unexpected sectors that are thriving and the reasons behind their success.
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Baked Goods: A Tasty $82 Billion Industry
Yes, you read that right. The humble baked goods industry in the U.S. was worth a staggering $82 billion in 2022. From artisanal bread to decadent pastries, Americans love their baked treats.
This boom is partly because people are increasingly interested in high-quality, freshly baked products. The rise of health-conscious and specialty diets has also contributed, with gluten-free, organic, and vegan options taking a big slice of the market.
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Used Luxury Watches: Time Is Money With A $4 Billion Market
Luxury watches are another booming market. The demand is very high, and supply is relatively low, so the market for used watches is exploding. In 2022, the U.S. luxury watch market, including pre-owned timepieces, was valued at $4 billion, and the global luxury watch market is projected to reach $37 billion by 2032, according to a CNBC report.
This growth can be attributed to the increasing appreciation of watches as investment pieces, despite Jean-Frédéric Dufour, the CEO of Rolex, saying, “I don’t like it when people compare watches with stocks. This sends the wrong message and is dangerous.”
Nevertheless, collectors and enthusiasts are willing to spend big on rare and vintage models, driving up demand and prices. Brands like Rolex, Patek Philippe, and Audemars Piguet, the Swiss watch industry leaders, witnessed a price surge for pre-owned watches in 2021 and early 2022.
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Phone Repairs: Keeping Us Connected For $8.3 Billion
Smartphones are essential. There’s no getting around that fact. So, it's no surprise that we need them fixed fast when they break. In 2023, Americans spent a whopping $8.3 billion on smartphone repairs. With the high cost of new phones, many people prefer repairing rather than replacing their devices. A growing number of repair shops and services popping up has made it more convenient and affordable to get phones fixed quickly.
The right-to-repair movement has also made a big impact as it pushes for consumers to have easier access to parts and info needed to fix their devices, helping people keep their smartphones working longer. For example, Oregon recently passed a right-to-repair bill that outlaws the controversial practice of parts pairing in repairs.
Hot Sauce: Heating Up A $1.5 Billion Market
America’s love affair with hot sauce is hotter than ever. According to Business Insider, the market reached $1.5 billion and is set to surpass $15 billion globally by 2031, according to Transparency Market Research.
From the classic Tabasco to artisanal, small-batch brands, the variety and quality of hot sauces have exploded. The increasing interest in diverse and spicy cuisines and a growing number of hot sauce enthusiasts and collectors have spiced up this market significantly.
While these industries could be seen as surprising by some, or even many, their success shows just how diverse and changing American tastes are. Nevertheless, we all must remember that things can change and that these and many other sectors won’t keep growing forever. Economic changes, shifting consumer preferences, and new regulations can all affect these booming markets. Like any industry, staying successful will require constant innovation and adaptation.
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