Fastest growing industries: Self-tanning, yoga, hot sauceApril 17, 2012: 1:39 PM ET
Blame it on beauty magazines or maybe Snooki.
The economic recovery is still lukewarm, but for self-tanning manufacturers it's sizzling.
The makers of bronzing lotions and sprays are expected to see their sales grow a sweltering 18.1% this year alone, making it one of America's 10 fastest growing industries, a new report by IBISWorld found.
Granted, the industry is small, bringing in only $609 million in revenue this year and employing about 2,500 workers.
But given worries about skin cancer and tanning beds, IBISWorld expects to see more consumers turning to fake tans in place of the real thing. It forecasts self-tanning products will grow to become a billion-dollar industry within the next five years.
That's good news for Cincinnatti-based Kao Brands, which currently leads the industry in market share with its Jergens "natural glow" moisturizers.
Larger industries that are also experiencing rapid growth include green and sustainable building construction, generic pharmaceuticals and for-profit universities.
Yoga studios and even hot sauce manufacturers also made the list.
The full list includes:
- Generic pharmaceuticals
- Solar panels
- For-profit universities
- Pilates and yoga studios
- Self-tanning products
- 3D printers
- Social networking games
- Hot sauce
- Green and sustainable construction
- Online eyeglasses and contact lens sales