What are the niche industries that could be set to grow rapidly in the 2020s?
During the 2010s, we saw the growth of technology and social media lead to the rise of Instagram models. We also saw a huge growth in the online retail sector and applications like Airbnb shake up the hospitality industry.
But what about those industries that are a little bit out of the mainstream? Here at Business Leader, we’ve taken a look at some (not so) niche industries that could boom in the decade ahead.
Although the concept of wearing clothes that look like office wear but perform like gym wear might seem an odd one to many of us, workleisure wear could be set to boom during the 2020s.
Ministry of Supply, Aday and Carbon 38 are examples of workleisure wear start-ups that were founded in the previous decade, and each have received significant investment to the tune of several millions of pounds. US workleisure wear company Mizzen & Main has even grown its number of employees from 20 to 45 in the past two years.
So, does this mean more growth in the decade ahead?
The popularity and usage of drones could be set for rapid change in the decade ahead. For starters, Amazon Prime Air, a drone delivery service currently in development by Amazon, is set to be rolled out in a number of major cities in the near future. With the online retail market expected to continue to grow at a significant rate this decade, we wouldn’t be surprised if other online retailers followed suit.
The Drone Market Report 2019 estimates that the industry will grow from $14bn US Dollars in 2018 to more than $43bn in 2024. One of the main factors for this is the growth of the commercial drone market in India, which only made the use of drones legal in December 2018.
With more people turning to a plant-based diet for ethical and health reasons, the number of vegans in the UK is estimated to have grown from 150,000 in 2006 to 600,000 in 2018. This has led to more food companies than ever before trying to tap into this market, producing various plant-based food alternatives.
As awareness in veganism continues to grow in the next decade, it’s likely that more companies will attempt to follow suit. According to Acumen Research and Consulting, the vegan food market is set to grow around 9.1% from 2019-2026 and be worth around $24.3bn US Dollars by 2026.
Fitbits are one example of a health technology for adults that has grown considerably in recent times. But what about health technologies for the much younger population?
Baby Tech is comprised of solutions that help people get pregnant and track fertility. However, self-warming bottles, video monitors and even white noise emitting mitts are some of the emerging baby technologies designed to improve the health of babies around the world.
In the US alone, the online baby product market is expected to grow from $7.4bn in 2018 to $9.7bn by 2022. Who knows what other innovations we might see throughout the decade, and the impact they will have on the growth of the industry too?
What other industries could grow in the next decade?
Of course, there are many other niche industries that could be set for massive growth in the 2020s. For all we know, some of the biggest industries in the following decade might not even exist yet. Regardless, the 2020s promise to be a very exciting time ahead in the world of technology and business.