A look at the fastest-growing companies in America reveals that U.S. consumers not only want locally sourced food, they also want the convenience of ordering it online.
With three-year revenue growth of 1,385%, the Indianapolis-based Market Wagon has been ranked No. 450 on the 2022 "Inc. 5000" annual list of the fastest-growing companies in America. The "Inc. 5000" is an annual, data-driven list compiled Inc. magazine.
Market Wagon (MarketWagon.com), an online farmers market, is the 15th fastest-growing company in the food and beverage category in the nation, according to a release.
“Market Wagon's mission statement is enabling food producers to thrive in their local market,” said Nick Carter, Market Wagon CEO and co-founder, in a release. “This recognition from the 'Inc. 5000' validates the hard work that farmers and food producers put in their own community 365 days a year. While individual farmers may never make the 'Inc. 5000' list, this award reflects their efforts to feed people in each of the communities we serve.”
Nick Carter, CEO and co-founder of Market Wagon
In the beginning of 2018, Market Wagon operated online farmers markets in three metro areas of Indiana. It now runs more than 30 markets providing local, last-mile delivery to customers in 19 states, leading to revenue growth of 1,385% in a three-year time period, the company said.
“The growth of Market Wagon has far outpaced even the explosive sales growth of e-commerce, which increased 98.5% from July 2019 to July 2022, according to the latest U.S. Retail Snapshot from Mastercard Spending Pulse,” said the release.
Online grocery sales continue to climb, reaching $7.8 billion in July, according to last week's Brick Meets Click/Mercatus Grocery Shopping Survey. This figure includes a 25% year-over-year growth in the delivery sector.
“This is great news for local food,” Carter said. “Farmers, chefs and artisan food producers should take heart knowing that people want to support the local supply chain in their community.”
Complete results of the "Inc. 5000," including company profiles and an interactive database that can be sorted by industry, region and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, which will be available on Aug. 23.
“The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated,” said Scott Omelianuk, editor-in-chief of Inc. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work and rising to the challenges of today.”
Market Wagon says its online store contains everything consumers would expect to find at a physical farmers market, such as local farm-fresh eggs, dairy, meat, produce, baked goods and more. Shopping requires no upfront fees or long-term subscriptions, said the company.