If you're like many investors right now, you've probably felt the impact of the market's wrath on growth stocks over the past year many times over. As a growth-oriented investor, I can attest that the road has been anything but easy. And depending on the makeup of your personal portfolio and how near or far you are from retirement, the market's volatility may be more or less painful to you than others.

Personally, I'm investing only in companies I intend to hold for five to 10 years or longer and for which I have a robust underlying investment thesis. I view this period as a prime opportunity to buy many of the world's greatest businesses at discount prices. And for investors with the cash on hand to invest in the current market, now could be an excellent opportunity to do the same.

On that note, if you have $1,000 to invest in stocks right now, here are two top growth stocks with considerable potential to buy and hold for the next decade or longer.

1. Etsy

Etsy (ETSY 2.44%) has managed to make a name for itself in the highly competitive world of e-commerce while outpacing -- and, in some cases, acquiring -- potential rivals in key markets. Take its 2021 purchase of El07, a company known as the Etsy of Brazil. The acquisition of El07 was notable as the company remains one of the top online retail platforms in Latin America, a region not only rapidly adopting e-commerce technologies but also where Brazil remains by far the largest and one of the fastest-growing markets.

As Etsy continues building out its house of brands -- currently featuring the Etsy platform, El07, vintage music gear marketplace Reverb, and popular resale platform Depop -- its focus on handmade, vintage, unique, and specialty items remains a key differentiator from other e-commerce giants.

Etsy sells products you can't easily find on most online retail platforms. That enabled the platform to maintain its focus on this niche while gradually and strategically building its footprint within the broader multi-trillion-dollar e-commerce industry. The proof is in the pudding: According to an Etsy survey conducted in 2021, 87% of respondents reported that the platform has items they can't find on other shopping platforms.

In the company's most recent earnings presentation, management reported that Etsy's consolidated gross merchandise sales (GMS) of $3 billion were more than double its GMS in the third quarter of 2019. Meanwhile, the company had 100% more active buyers and 50% more repeat buyers on its platform in the third quarter of 2022 than in the same quarter in 2019.

In short, while growth may be slowing in the current macroenvironment and in comparison to the heightened period of growth Etsy experienced early in the pandemic, its business is still seeing considerable gains compared to pre-pandemic levels.

Management estimates that Etsy has a total addressable market of $2 trillion based on the products and product categories its platform covers. Currently, Etsy has captured just a 3% share of the online portion of this total addressable market. Given its already dominant position in the space and that this market is only expanding with time, the future growth opportunity for Etsy and its shareholders could be exponential.

At its current share price, a $1,000 investment in Etsy would add approximately eight shares to your portfolio.

2. Amazon

Few stocks have made a name for themselves in the world of tech like Amazon (AMZN -0.16%) has. Even fewer have survived the ups and downs of market cycles and changing consumer sentiment throughout the years. But Amazon has managed to continue growing its share of the key markets in which it operates while expanding into new lucrative ones.

This business model of being the eternal disruptor has served Amazon well through the years, and it can do so again in the future. Many investors have been discouraged about tech in general as the current macroenvironment has presented fresh, unique challenges for this market sector. And Amazon has been affected to a certain extent. It recently shaved down its workforce (though the layoffs only represented about 3% of its corporate employee base), and its financial growth has slowed.

The company's net and operating income were down in the most recent quarter year over year, although Amazon met its guidance on all fronts. Still, Amazon reported net income and operating income to the tune of $3 billion and $2.5 billion, respectively, for the three-month period, while net sales rose 15% year over year to $127 billion. As with any stock, investors shouldn't base any decision to buy or sell on one or even a few quarters alone.

Taking a step back, Amazon remains a behemoth in multiple industries. It dominates the U.S. e-commerce market, an industry that generated a total of $252 billion in revenue in the third quarter of 2022, up 11% year over year. Amazon also remains one of the top e-commerce platforms globally. It has the single largest footprint of any cloud computing company globally, capturing over one-third of all revenue generated in this space worldwide.

The company continues to innovate in other areas, such as the recent launch of its virtual care service Amazon Clinic, continued expansion of its grocery services, and ongoing success in the competitive streaming space. The company is also regaining ground after dealing with severe supply chain headwinds over the past few years and has just opened new fulfillment centers in the U.S., Mexico, Canada, Ireland, and Turkey.

This isn't the tale of a dying business, by any means, but rather one facing the same sets of catalysts other companies are contending with while continuing to grow and build on its vision for each of its core businesses. Amazon is currently sitting on a stockpile of about $60 billion in cash and investments.

The growth stock is well positioned to ride out the market storm that might still be ahead. And following decades of incredible growth, the rapid expansion of key markets in which it operates portends well for its ability to capture and boost market share while rewarding shareholders in the years ahead.

At its current share price, a $1,000 investment in Amazon would add approximately 11 shares to your portfolio.