Which 5 startup industries are trending in 2019?
Despite the stress, the hustle, and the uncertainty that comes with startup development, quite a lot of entrepreneurs have opted for starting small and building up from there. Business.com notes that startups have become so ubiquitous that they have spawned their own series of support businesses that cater specifically to the needs of startup entrepreneurs. Trending startups industries give business back to the everyman. One doesn’t need to be a multi-billion-dollar hedge fund manager to open a startup. The romantic nature of the enterprise reminds us of the early days of tech giants like Apple and Microsoft, being founded in the garages of their creators.
However, not all startups are created equal. Harvard Business Review mentions that the actual long-term businesses aren’t the ones that ‘move fast and break things’ but the ones that realize the value of their contribution to society and keep abreast of providing similar products over the years. There are a few businesses that stand out above all others in the arena of thriving startup industries.
1. Micromobility (Alternative Ground Transport)
What Is It: Micromobility, Deloitte Insights informs us, is an industry dedicated to providing affordable transportation over short distances. Included in this description are electric scooters, shared bikes, and a number of tiny machines that make little impact on the environment yet still offer ease of movement from place to place.
Why It’s Trending: With a newly discovered care for the environment coupled with a need to reduce carbon footprints and vehicles that churn out tons of pollutants, the micromobility solution appeals to many people today that consider climate change a serious issue. Additionally, the convenience of getting a micromobility device for use without having to worry about dealing with costs for maintenance appeals to many who want the ease of transport but don’t want the added burden of an asset specifically for that purpose.
Potential Market Growth: At current, according to McKinsey & Co., stakeholders have more than $5.7 billion invested in micromobility tech, with a potential base market value by 2030 of between $200 and $300 billion.
2. CBD Products
What Is It: Cannabidiol, also known as CBD, forms the basis of many cannabis-based products that producers have started making available in places where the drug is legal. As CNET notes, ever since the 2018 Farm Bill, which led to the legalization of industrial hemp and allowed state legislatures to control the legality of marijuana, CBD products have exploded in popularity.
Why It’s Trending: For decades, the use of cannabis and its derived products has been illegal in the United States. The legalization of the drug at the state level makes for a brand new, unexploited market for legal producers and distributors. Even before legalization, consumption of cannabis products wasn’t unheard of. In many states, recreational use happened even without the consent of the law. These existing customers now have a legal means of acquiring products, and they provide a ready and willing market for trending startup industries that want to capitalize on it.
Potential Market Growth: The CBD market has already exploded in popularity, and even so, there are no massive players that are dominating the field just yet. A study done by BDS Analytics suggests that by 2024, the CBD market will likely hit over $20 billion in sales. The report also indicates that, as more companies release their own proprietary CBD blends, the sale of these products will eventually move to retail stores, resulting in a user being able to get CBD as quickly as they would get alcohol or cigarettes.
3. Customized Nutrition and Health
What It Is: Research journal The BMJ defines customized nutrition and health as a targeted provision of services, products, and advice that comes from the examination of an individual’s characteristics. Personalized nutrition is a significant consideration for many people since it offers the use of science that the average everyman can benefit from. Existing nutrition guidelines only provide a generalized picture of what a person should be and the things he or she should do to maintain a healthy lifestyle. The addition of customization to this ideal is appealing to consumers on a more personal level.
Why It’s Trending: Adults in 2019 have a lot more money to invest in fitness. The growth of the health and wellness industry has spawned a lot of competing companies all vying to provide services to people who are too busy to do research, and so rely upon trending startup industries to tell them what’s best for them. The personalized health and wellness industry capitalizes on this trend with customized dietary information that is useful in helping people meet their daily nutrition goals while maintaining their body mass index.
Potential Market Growth: The customized nutrition and health industry has a lot of growth expected within the near future. PR News Wire reports that between 2018 and 2025, the market for customized food and health is likely to hit $50 billion.
4. Technology for Babies
What It Is: With all devices connected, it’s reasonable to assume that parents would similarly want a digital connection to their children. The development of “smart” baby technology, explains The BBC, ensures that parents are never too far away from their children.
Why It’s Trending: New technology always causes a stir and incorporating brand new tech into things like child-rearing will raise the attention of a lot of parents. Society’s attraction and integration of technology make it an obvious solution to many problems. Having smart devices for monitoring babies is the logical conclusion for a digitally immersed civilization.
Potential Market Growth: The market is heavily underexploited, but many new companies are entering the fray daily. Research and Markets noted that between 2017 and 2023, the amount of baby monitors in circulation is estimated to reach 20 million units.
5. Adaptive Clothing
What it Is: Adaptive clothing, according to USA Today, is clothing that is developed to cater to the needs of people with disabilities. By including fasteners and fixtures that are easier to operate for its target demographic, the clothing is much more comfortable for the differently-abled to use.
Why it’s Trending: Inclusivity is at the forefront of many companies’ outlook on business. The disabled are a demographic like all others, and for a long time, clothing manufacturers neglected them. Trending startup industries have started to reverse that trend through the production of adaptive clothing, and the world is taking notice of the change.
Potential Market Growth: Consumers have embraced adaptive clothing, and the demand for the product is exceptionally high. Coherent Market Insights suggests that by 2026, the global adaptive clothing market is likely to be worth more than $392 billion.
The Age of the Startup
While many people would consider the age of the startup to be the time when the Internet first burst onto the scene, many of those companies never survived the evolution of the medium that spawned them. Startup companies today have a lot more examples (and failures) to learn from. With industries that demonstrate potential growth in the billions of dollars, companies that invest in these areas are likely to ride the wave of popularity and profits as far as it takes them.