Looking for a booming industry to break into? There are quite a few new niches that could be worth targeting. Below are just some of these niches and ways in which you could start a business in them.
Organic/vegan food
Growing environmental awareness has led to more people going organic and more people going vegan. The organic food market was worth $201.77 billion in 2020 – it is expected to rise to $620 billion by 2026. The global vegan food market was meanwhile worth $15.4 billion in 2020 and is expected to reach $26.1 billion by 2026. Business ideas catering to this niche could include launching your own organic/vegan food product, opening your own restaurant or even creating a meal kit service.
Eco-friendly plastic alternatives
Disposable plastic items have been going out of fashion in recent years in exchange for eco-friendly disposable items/reusables. This includes the likes of metal reusable straws, bamboo toothbrushes and stainless steel drink bottles. Designing such a product could be a great way to break into this industry. Alternatively, you could consider an online store dedicated to such products.
Solar power technology
Another industry that has been booming from growing environmental awareness is solar power. Solar power and wind power are set to dominate the energy sector in the next few decades. Of the two, solar power is easier to break into on a budget. Those with electrical experience could consider getting into solar panel installation. Solar powered gadgets are also very popular.
Vaping
Over the last decade, vaping has grown from a tiny niche to a huge industry. The global vape market is currently valued at $15.04 billion dollars and is expected to grow to a whopping $104.51 billion by 2028. To get involved in this industry, you consider looking into CCELL cart manufacture and inventing your own e-liquid. Or you could consider setting up your own vape store.
Drones
These flying robots are more than just fad toys – sectors ranging from security to agriculture have been starting to make use of drones and the global market size is expected to reach $501 billion by 2028. Setting up an online commercial drone store could be a great way to profit from this booming industry. Budding engineers could even consider designing their own special purpose drone.
Cryptocurrency
Cryptocurrencies like Bitcoin have become a hugely popular source of investment over the last decade. This has created a whole industry around cryptocurrency including investment advice and exchanges. Cryptocurrencies are likely to evolve drastically over the next decade. Becoming a cryptocurrency broker, starting your own cryptocurrency exchange or even creating your own coin could be ways of breaking into the industry,
Pet products
The amount of pet owners has been increasing in recent years – and the amount of money they individually spend on their pets has also been increasing. There’s a huge market for pet products like food, toys, equipment and clothing. There’s been a particular boom in custom pet products (like personalized bowls and collars). You could get into this industry by becoming a pet product manufacturer or becoming a pet product retailer online.
Athleisure
Athleisure is a style of clothing that is a mix of casualwear and sportswear. What was once a small niche has practically become mainstream among younger generations. The athleisure market size is projected to touch $517.5 billion by 2025. You could get into this industry by designing your own clothes or by starting your own athleisure store (which could be physical or online).
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