Top 3 Industries To Start a Business in 2020
What are the major business trends of the moment? Which industries are the most promising? Which trends should you follow in 2020?
If you want to become an entrepreneur, to be more flexible, learn new things and pursue your dreams, the first step is to find emerging industries that offer high-growth opportunities.
Creating a business requires intuition and inspiration. And what better way to increase your chances of success than to learn about the biggest business trends of today?
Good entrepreneurs need to know what industry to get into to maximize their chance of success. After all, it is not always possible to have the business idea of the century. That is why we will talk about the top 3 growing industries for starting your business in 2020.
1# The Pet Industry
The pet market remained strong last year around the world, and sales in the industry increased over last year. As a dynamic market, the pet industry has undergone profound transformations over the last few years, enabling new innovative players to establish themselves among the established leaders in the field, especially in the online market. What’s more is that the range of products has been greatly diversified – pet food, pet care, pet toys, pet supplies, pet accessories, etc.
Nowadays, these kinds of pet products are increasingly bought through the Internet. That’s why the “online pet industry represents one of the most lucrative opportunities for emerging brands […] and has nearly quadrupled since 2013” explains this pet industry report.
Products and services for pets are experiencing a rise in quality, as pet owners no longer hesitate to pay a high price to guarantee good quality products for their animals. Therefore, personalized nutrition and health solutions, pet humanization products and services, and sustainability will be key drivers for the industry, and a rapidly-growing e-commerce channel will become increasingly important.
2# Alternative Health Care Industry
Natural, traditional, parallel, unconventional, alternative, and complementary are all adjectives to describe the health disciplines that differ from conventional medicine. Alternative medicine is attracting more and more people across developed countries in search of natural ways to fight everyday pains, such as back pain, migraines, fatigue, and stress, as well as those that simply want to improve their general well-being naturally.
According to Grand View Research, “the global complementary and alternative medicine market size is projected to reach USD 296.3 billion by 2027” thanks to the expansion of traditional medicine in Asia and higher demand for unconventional healing techniques in developed countries.
Mind and Body healing, like yoga, meditation, and massages, as well as naturopathy, is becoming more and more popular. Therefore, natural herbs, essential oils and other organic products will be the key drivers for the growth of this market.
3# Sustainable Consumer Goods Industry
Ecology in the broadest sense of the term has become one of the most buoyant trends in the global economy. Public expectations encourage many project leaders to invest and innovate in this field. Ecology associated with ethics is also increasingly present in the media and in people’s minds, which it is now a criterion as important as price or quality in certain sectors, such as cosmetics, apparel, food and beverage, and packaging, among others.
The most important thing is to base your activity on circular economy principles. The circular economy is a system of production and exchange allowing social progress, preservation of natural capital, and economic development through the valorization of resources at each stage of their transformation to reduce footprint as much as possible.
In its 2020 Consumer Products Industry Outlook, Deloitte declares that “approximately 88% of consumers across the United States and United Kingdom want companies to improve their environmental and social footprint”.
When starting a business, choosing your industry is one of the most important decisions to make, so take the time to do thorough research and find a way to stand out.
If you’re not really sure which market to focus your time, energy and money on, the pet industry, the alternative health care industry, and the sustainable consumer goods industry are 3 strong trends you can follow in 2020 to create a unique product or service that will meet consumer expectations.
To make the best decisions about which one is the right industry for you, you should consider your expertise, projected industry growth and demand, competition, as well as the scalability of your project.
pet toys, pet supplies, pet accessories, etc.