One of the first questions that you ask yourself as you consider starting your own company is: Does my company fulfill a real market need? Performance as an entrepreneur needs market solutions, and today, many startups are offering solutions to the problem.
The list of the best industries to start a company is a guide for ambitious entrepreneurs that help find promising opportunities. Business experts read and analyse the latest statistics every year to recognize economic areas that are prepared for new entrants. Read on to see which industries will welcome the fastest growing startup brands of tomorrow which will bolster the competition and putting trademark registration in top priority.
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As a small business owner or any contractor, having a trend analysis gives great insight into future opportunities. Even if you are not in those particular growth industries in 2020, you will find ways of enabling them to function in your sector. However, it doesn’t have to be a direct implementation. You can partner with growth industries and make your company more important.
1. CBD products
The growth in cannabidiol (or CBD for short) – particularly for high end-of-life products – has been exponential as the cannabis sector begins to lose its social stigma. Since 2015, the CBD industry is booming and has increased impressively by 1568%. While it is still combating the law in different countries and different states in the US, it is now a fairly new multi-million dollar industry.
So, what drives this annual growth of 300 + percent? It is due to the health advantages that cannabis offers. CBD, the psychoactive component in cannabis, is not what most people believe.
This is in effect responsible for the popularity of psychoactive and non-psychoactive cannabis extracts, as people become more conscious of the distinctions. As more companies use CBD for anything from face creams and oils to animal treatments, tea, and even gin, the demand does not shock. In the next ten years, the beauty market in CBD will increase to $25 trillion
Biohacking includes a variety of topics, and not just genetic engineering and with fear of COVID-19 looming over us for long, this will be the need of an hour going forward. Researchers who seek to improve, smart and strengthen people are responsible for their development. The first generation biohacking, powered by entrepreneurs, innovators and investors in Silicon Valley, aims to improve efficiency and results.
Good diets are fire, but Americans are still hunting for chips and cookies. As such, companies develop new forms of packaged food made from minimum-processed fruit and vegetables and snacks that mimic the taste and feel of common fast foods but contain fewer calories and artificial ingredients.
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The growth is the result of health-conscious customers prefer better-for-you versions of their favorite snacks. Some customers believe that products branded as “vegan” and “sugar-free” do not taste as good as those filled with salt, fat, and sugar, so startups strive to strike a new balance between indulgence and safety.
Businesses in this sector may encounter many of the same obstacles as in any packaging food market, including the procurement of adequate start-up resources, distributor search, logistic management and compliance with FDA and other regulations.
3.Sustainable Consumer Goods
It is not just plastic straws. The wave is introducing reusable, recyclable and compost worthy solutions for several household items from high-quality companies and creative brands of consumer goods.
The escalating climate crisis has prompted a growing agreement that consumers need to end plastic dependence. Many U.S. cities and a few states have imposed bans or taxes on single-use plastic bags with largely positive results, and consumers are interested in companies offering plant-based alternatives to less polluting plastic items or recycled products to help reduce plastics altogether.
A major hurdle to overcome here is the requirement of cohesive knowledge about technology and law. The sustainability dilemma cannot be addressed quickly or rapidly like other major climate-related problems-but because plastic has so many applications, there are many consumer entry points.
On the flipside, persuading consumers who aren’t already eco-conscious about preferring a pricier item over a cheaper one can be challenging. Some biodegradable alternatives do take considerable resources and carbon emissions to manufacture, don’t break down as easily as advertised, and can contribute to pollution unless properly disposed of.
Bioplastics (made from renewable materials such as corn) is a US$ 486 million industry with an annual sales growth rate of 2.1 percent between 2014 and 2019, according to IBISWorld. CB Insights has called transition away from single-use plastic among its developments in the CPG industry in 2020.
All the above-mentioned high-growth regions combine into one world-wide health market with $4.2 trillion and business is booming.
Each of these emergent industries addresses issues and concerns regarding our wellbeing, gladness and potential success in different ways, and businesses can tap into these trends to build their success by 2020 and beyond.