5 High-Growth Niches That Entrepreneurs Should Pay Attention To

As an aspiring entrepreneur, one of the most important questions you can ask yourself is, "is my business attempting to meet an actual market need?". You may think that you have a viable business plan, but you are unlikely to turn a profit if your product or service is already subject to heavy market saturation.

That's why the most successful entrepreneurs are often those that are able to identify a lucrative niche where demand is rising but there is not much in the way of supply.

With the right business acumen, any emerging market niche can be exploited and transformed into a billion-dollar industry. If you're wondering where you should be looking, read this roundup of rapidly growing niches that entrepreneurs need to be paying attention to in 2020.

Healthy Junk Foods

The global health and wellness market is now a trillion-dollar industry, with exponential growth rates predicted over the coming years. Anyone looking to ride the wave should consider under-exploited niches within this industry, with health-focused junk foods being a stellar example. People want to indulge in their favorite tasty treats without the accompanying guilt, which is why small but promising companies such as Biltong Beef Jerky, Banza Mac & Cheese, and Yum Earth Organic Lollipops are making a killing by reinventing classic junk foods as healthy snacks.

Pet Wearables

In the US alone, pet care spending has now reached record heights of over $72 billion, as more and more consumers become willing to splash out on the wellbeing of their furry friends. An interesting and growing niche within pet care is the world of wearable pet technology, such as FitBits for dogs and smartphone-connected location trackers. While this industry is worth around $703 million today, it is expected to be worth more than $1.7 billion in 2024. Examples of companies paving the way in the field of pet wearables include FitBark, which monitors your dog's activity and health metrics to provide real-time reports to owners.

eSports Betting

The global competitive video gaming, or eSports industry, has rapidly become a multi-billion-dollar behemoth, with the best gamers attracting millions of fans and major tournaments such as Dota 2 garnering sponsorships from the likes of Coca Cola, Intel, and Target. One small but rapidly-growing niche with the eSports industry is the world of eSports betting, which allows fans to wager on their favorite players and teams in the same way they would do with real-world sports. Major players at the moment include sites like the William Hill sportsbook, which offers live odds on major eSports tournaments for virtual tennis, football, basketball, and more.

Digital Therapeutics

Researchers have begun applying gaming software and applications to treat a range of health conditions, to the point where certain so-called 'digital therapeutics' products are now being licensed by the FDA and snapped up by pharmaceutical giants. If you want to break into the global medical industry, then using medical experts to design software that can help people with mental health problems, motor skill impairments, life-changing injuries, and more might be the best way to do. Small but growing digital therapeutics startups such as Click Therapeutics are ideal places to look for inspiration.

Bamboo Consumer Products

Sustainability is the future, with demand for environmentally friendly consumer goods skyrocketing. The global for sustainable consumer products is predicted to hit $150 billion by next year, constituting around 20% of the entire consumer goods market. While there are a number of companies that are dominating certain sectors of this industry, one niche that promises high returns is the market for bamboo consumer products. Unlike many other sustainable materials, bamboo grows quickly, easily, and cheaply, and is incredibly versatile. Clothing, furniture, homeware, utensils, paper, stationery, cleaning wipes, and more can all be made out of bamboo, making it an ideal resource for cost-effective entrepreneurs.

These are the most promising niches that you should be paying attention to right now. Watch this space for further updates on emerging trends in the world of business.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes