Fastest Growing Industries by Imports in China in 2024

1. Aircraft Manufacturing in China

Growth in Imports for 2024: 22.3%

Revenue for the Aircraft Manufacturing industry is expected to increase at a CAGR of 7.3% over the five years through 2023. Revenue is set to increase by 15.8% in 2023, to an estimated $95.7 billion.

Over the period, demand from domestic airlines has increased for aircraft and repair services, and from the government for military and national defense aircraft. Additionally, the government has increasingly provided support for Chinese aircraft manufacturers to research, develop and build large aircraft. In December 2022, the first domestically produced large aircraft C919 was officially delivered and will be put into operation in 2023. As of April... Learn More

2. Chinese Medicinal Herb Growing in China

Growth in Imports for 2024: 20.5%

As the production raw materials in the upstream of the industry chain, Chinese Medicinal Herb Growing in China is the basis for the development of the traditional Chinese medicine industry. China began the cultivation and planting of Chinese medicinal herbs as early as the Tang Dynasty. The Qing Dynasty began large-scale cultivation of Chinese medicinal herbs. However, the large-scale cultivation of many varieties began in the 1950s.

Some varieties of Chinese medicinal herbs have reached the stage of large-scale, intensive and industrialized cultivation base production. China is one of the largest growing and consumer countries of ginseng and pseudo-ginseng in... Learn More

3. Poultry Farming in China

Growth in Imports for 2024: 19.1%

Revenue for the Poultry Farming industry in China is expected to grow at an annualized 5.2% over the five years through 2023, to $135.2 billion. This steady growth has occurred due to rising poultry prices and output growth. Total poultry meat output is expected to increase by 3.2% in 2023, to 25.2 million tons, while revenue is set to grow by 5.4%. For a typical poultry farm, feed and poultry prices largely determine returns.

Profitability can vary significantly among establishments and across different regions. ACMR-Alfabank-Adres estimates the industry's overall profit margin to be 13.0% in 2023.

Revenue is forecast to rise at... Learn More

4. Computer Tablet Manufacturing in China

Growth in Imports for 2024: 16.3%

Revenue for the Computer Tablet Manufacturing industry in China is expected to rise at an annualized 12.2% over the five years through 2023. In the current year, revenue is expected to grow by 14.7% to reach $124.2 billion, mainly driven by demand for more and more people who work or study at home because of COVID-19 pandemic prevention and control requirements. Despite ongoing revenue growth, profit is expected to shrink to 3.1% of revenue. Exports are estimated to account for 31.8% of industry revenue.

The top four companies in the industry, Apple, Samsung, Lenovo and Huawei, account for an estimated 65.8%... Learn More

5. Traditional Chinese Medicine Manufacturing in China

Growth in Imports for 2024: 14.1%

Chinese skepticism surrounding Western medicine's effectiveness has led to the rising popularity of traditional Chinese medicine, which is considered to be less toxic and to have fewer side effects. Patients are increasingly choosing traditional Chinese medicine as their primary medicinal treatment. Additionally, China's aging population and rising health consciousness are contributing to higher industry demand.

Along with the Healthy China strategy, medical and healthcare system reforms have continued. The Traditional Chinese Medicine Manufacturing industry's revenue is expected to increase an annualized 5.0% over the five years through 2023. Industry revenue has recovered since the COVID-19 pandemic outbreak, and is expected to... Learn More

6. Cigarette Manufacturing in China

Growth in Imports for 2024: 12.2%

Revenue for the Cigarette Manufacturing industry in China has grown at an annualized 3.6% over the five years through 2023. Despite the recent slowdown in China's economy, a strict tobacco control policy is expected to drive a 1.0% increase in cigarette production output and a 2.6% growth in industry revenue in the current year, to total $220.9 billion. However, due to stable overall demand for cigarettes, the weaker global economy at the start of the period had very little effect on the industry.

The State Council implements national monopoly on tobacco. Industry operators produce cigarette products according to the total output... Learn More

7. Mattress Manufacturing in China

Growth in Imports for 2024: 12.2%

The Mattress Manufacturing industry in China has fluctuated over the past five years. The increasing income levels, health concerns of Chinese residents, the COVID-19 pandemic, the housing market, and other factors have influenced the industry development. Industry revenue is expected to total $31.4 billion in 2023, down 2.2% from 2022, having grown by an annualized 2.3% over the past five years. Industry profit is accounted for 4.9% of revenue in 2023, which have been squeezed by increasing raw material prices and labor costs.

Industry exports are estimated to account for $2.0 billion in 2023, up by 5.4% from 2022, down by... Learn More

8. Solar Panel Manufacturing in China

Growth in Imports for 2024: 12.0%

Revenue for the the Solar Panel Manufacturing industry has increased a CAGR of 23.9% to $134.5 billion over the past five years. This includes expected growth of 23.1% in the current year. Over the past five years, Chinese solar cell output has been increasing at an annualized 36.1%.

The Solar Panel Manufacturing industry has been rapidly expanding over the past ten years. However, in March 2012, the US Government imposed anti-subsidy duties ranging from 2.9% to 4.7% on Chinese exports of solar panels and silicon, which contributed to the decline of exports in 2012 and 2013. In 2014, Asian demand for... Learn More

9. Vegetable, Fruit and Nut Processing in China

Growth in Imports for 2024: 11.4%

Revenue for the Vegetable, Fruit and Nut Processing industry in China is expected to grow an annualized 6.0% over the five years through 2023, to total $154.6 billion. This trend includes expected growth of 5.7% in 2023. Increasing health consciousness among consumers, and frequently revised product quality requirements have driven industry development. The number of enterprises is expected to grow an annualized 5.0% over the five years through 2023. Most industry companies are small and operate at a regional level, which is reflected in the industry's low concentration.

Consumers have higher requirements for product quality and taste thanks to higher living... Learn More

10. Fruit and Nut Growing in China

Growth in Imports for 2024: 11.3%

China is the world's largest producer of fruits, with a total output of 309.6 million tons and a planting area of 133.1 billion square meters in 2023. Revenue for the Fruit and Nut Growing industry in China is expected to rise at an annualized 8.8% over the five years through 2023, to reach $40.0 billion. This growth includes a 7.7% increase in 2023. Rising domestic demand and expanding fruit varieties have benefited the industry's development.

The industry has been consolidating, with enterprise numbers expected to decline. Entering and exiting the industry is difficult because most fruit and nut trees require up... Learn More