The Dairy Product Production industry consists of operators that manufacture a wide variety of dairy goods and then supply them to downstream markets, such as wholesalers, retailers and food service establishments.

Industry revenue performance has been volatile but has declined overall.

Volatility in the industry has also been due to large fluctuations in the price of raw, or unprocessed, milk.

Thus, industry revenue has declined at an annualized rate of 0.3% to $111.2 billion over the five years to 2021, including a decline of 0.3% in 2021 alone due to the lingering impact of the COVID-19 (coronavirus) pandemic creating unfavorable economic conditions.

The pandemic has reduced demand from wholesalers and food service establishments, although research anticipates this will rebound during the outlook period.

The Data Processing and Hosting Services industry provides infrastructure used for a variety of information technology (IT)-related activities, ranging from online hosting to automated data entry services.

Over the five years to 2021, businesses have increasingly outsourced their IT infrastructure needs, directly benefiting industry operators.

The advent and popularization of cloud computing, one of the industry’s fastest-growing product offerings, has similarly led to greater demand.

As a result, the industry has fared well during the majority of the five-year period, with revenue expected to grow at an annualized rate of 5.0% to $196.5 billion.

However, the COVID-19 (coronavirus) pandemic is expected to lead to a decline in business investment in industry services, although this was tempered somewhat by increased usage of industry services in other capacities.

Industry revenue is expected to increase 1.7% in 2021, as the overall economy recovers from the economic fallout of the coronavirus pandemic.

Profit is expected to decline slightly over the five years to 2021, as growth earlier in the period is countered by declines in later years.

Changing consumer trends and economic growth have translated into pressured demand for cereal over the five years to 2021.

Low-carb diets have grown increasingly popular, limiting the number of consumers buying cereal, while other health-conscious consumers are only interested in cereals made with healthy ingredients.

Moreover, industry revenue has been pressured as consumers have leveraged their rising disposable incomes to indulge in premium breakfast foods, such as breakfast sandwiches from restaurants.

Consumer preferences are increasingly shifting toward convenient and portable foods as free time becomes more limited, also hampering demand for industry products.

Nevertheless, cereal popularity has grown in recent years, particularly amid stay-at-home orders during the COVID-19 (coronavirus) pandemic.

Consequently, industry revenue has increased at an annualized rate of 2.2% to $11.5 billion over the five years to 2021, including an increase of 0.7% in 2021 alone.

Positive trends in demand variables and near constant demand from poultry processors have been outweighed by the price of poultry meat declining over the five years to 2021.

However, increased demand for chicken as a substitute for other meats, particularly red meat, has also helped limit revenue declines.

In addition, increasing health consciousness among US consumers has boosted consumption of white meat in general.

However, in 2015, the price of poultry meat began to decline significantly as the price of feed plummeted.

As feed is the largest input cost for meat producers, the price of feed is directly tied to the price of meat, including poultry and substitutes, such as beef and pork.

This decline has made the industry more competitive.

Industry revenue has decreased at an annualized rate of 3.4% to $29.6 billion over the five years to 2021.

The Beef and Pork Wholesaling industry has experienced favorable conditions over the five years to 2021.

The industry, which serves as the middleman between beef and pork producers and retailers, is expected to perform well as both consumer spending and consumption of beef and pork rises.

Prices of key inputs, such as corn and diesel, have risen during the five-year period, increasing operating costs.

Although operators have dealt with recent studies linking beef and pork consumption to heart disease and shifting consumers’ tastes, the industry has shown resilience as operations have expanded.

Revenue has been on a steady growth during the five-year period.

However, the restrictions placed on the economy as a whole due to the COVID-19 (coronavirus) pandemic led to a decrease of 0.9% in 2020.

This contraction in revenue was offset by the increase in per capita disposable income as a result of enhanced employment benefits and stimulus checks.

As the economy begins to reopen in 2021 and the easing of restrictions occurs, consumer spending is expected to increase due to pent-up demand.

Consequently, research estimates industry revenue to increase at an annualized rate of 2.4% to $91.4 billion over the five years to 2021, with a 2.0% growth in 2021 alone due to the expected economic rebound.

Revenue growth for the Beer Wholesaling industry has been hindered by shifting alcohol consumption trends among consumers, particularly millennials.

Americans have been consuming less beer and opting for alternative alcoholic beverages.

However, the industry has continued to benefit from laws that prevent the vertical integration of breweries and retailers.

After the Prohibition era, nearly every state enacted a three-tier distribution system, requiring three distinct levels within the alcoholic beverage supply chain, including producer, distributor and retailer.

As a result, beer wholesalers have a protected role, purchasing beer from producers before storing and transporting it to downstream retailers.

Research estimates that industry revenue has grown at an annualized rate of 2.3% to $82.9 billion over the five years to 2021.

Since 2020, the COVID-19 (coronavirus) pandemic has resulted in rising demand for industry operators, with revenue projected to rise 1.0% in 2021 alone.

Operators in the Bicycle Manufacturing industry manufacture bicycles and bicycle components.

During the five years to 2021, strong international competition inhibited greater industry growth; however, increases in disposable incomes and consumer confidence have led to rising demand for industry products.

Consequently, industry revenue has increased at an annualized rate of 2.7% to $1.1 billion during the five-year period to 2021, despite an estimated 0.1% decrease in 2021.

Demand for high-end bicycles has increased at a significant pace during the period.

As a result, many operators have refocused their efforts toward catering to this market, promoting more high-end bicycles to a younger and wealthier consumer base, resulting in higher revenue.

Moreover, demand for bikes actually surged in 2020 during the COVID-19 (coronavirus) pandemic, boosting industry revenue 4.9% in the year.

Over the five years to 2021, online media has challenged many traditional alternatives to billboards, such as newspapers and magazines, slowly seeping into billboard advertising as well.

Nonetheless, buoyed by growth in advertising expenditure and an uptick in business formation, advertisers have continued to value Billboard and Sign Manufacturing industry products as a way to reach mass audiences in an increasingly fragmented media landscape, benefiting demand for the industry.

Nonetheless, the effects of the COVID-19 (coronavirus) pandemic undermined industry revenue in 2020 as downstream demand declined broadly.

As a result, industry revenue is expected to decline an annualized 3.1% over the five years to 2021.

Notably, while nonresidential construction spending has largely risen during the current five-year period, boosting demand for general signage from commercial, public and institutional facilities, it has contract significantly since 2020.

However, as the pandemic begins to subside, industry revenue is expected to increase 3.4% to $13.2 billion.

Despite heightened import competition, the Blind and Shade Manufacturing industry has declined over most of the five years to 2021.

Similar to other producers of household goods, the industry has experienced volatility during the period.

While building markets have grown strongly since the previous economic downturn, consumers have remained fiscally hesitant, looking for ways to cut costs.

Many existing homeowners have not upgraded blinds and shades while some new homebuyers have opted for less expensive imports, stunting growth even as construction markets have risen.