Fastest-Growing Consumer Products in the US
One of the best ways to detect and leverage ecommerce trends is to look at data on the fastest-growing consumer products to know which niches have the highest potential to perform.
According to a recent study analyzing the fastest-growing consumer products, products in the auto and parts category are set to experience the biggest surge in online sales in 2023.
Total retail ecommerce sales from these products are set to grow 22.7% in 2023 to hit $105.81 billion, exceeding the $100 billion mark for the first time. In fact, they’re projected to be the fastest-growing consumer products in the US every year from 2022 to at least 2026, highlighting a strong growth potential for online businesses operating in this sector.
The second-fastest-growing ecommerce category is food and beverage, with an expected year-over-year sales increase of 19.6%. Total ecommerce sales from this category have been forecast at $93.62 billion in 2023.
The impressive growth from the auto and parts and food and beverage categories sets new precedence, as products from these two categories have traditionally been brick-and-mortar purchases. Experts attribute the increase in digital sales of these items to the pandemic, which they say has altered online shopping behavior among consumers in the long run.
This is also evident in the ecommerce penetration rates of these two categories. In 2020, 4.3% and 5.3% of total retail sales from the auto and parts and food and beverage categories were carried out online, respectively. In 2023, these are projected at 6.2% and 7.4%, respectively.
Health, personal care, and beauty is the third-fastest-growing consumer products category, with online sales expected to rise 14.7% year over year in 2023. This is followed by products related to apparel and accessories, whose total retail ecommerce sales are projected to increase by 14.6%.
Rounding out the five fastest-growing ecommerce categories of 2023 is computer and consumer electronics. Sales in this category are expected to increase by 14.1% this year. Sixth on the list of the fastest-growing consumer products are items related to office equipment and supplies. Sales from this category are projected to grow 13.6% in 2023.
Here are some of the other fastest-growing ecommerce categories and their expected annual sales growth from 2022 to 2023:
- Toys and hobby: 11.4%
- Books, music, and video: 9.9%
- Furniture and home furnishings: 9.3%
On average, online sales from these fastest-growing consumer products are estimated to increase by an average of 13.8% in 2023.
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