Which Industries are Growing the Most Rapidly?

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As we enter the 2020s it seems like there have never been so many uncertainties about the world and its future. Issues like climate change and the coronavirus outbreak have served to heighten this sense and the huge stock market crashes caused by the latter have compounded it. So it might seem like growth industries would be very hard to predict. However, there are certain social trends that are pointing the way. And, as you’ll read, in some cases they are quite surprising.

Wearables for pets

It seems like the tech revolution is about to reach our furry friends. Just as we’ve taken to wearing Fitbits and measuring out our exercise on Strava, more and more pet owners are looking for similar devices for their pets. In 2018 American owners reportedly spent over $70 billion on pet care products and the figures are rising. So now really is the time to get into GPS trackers and health monitors for our dogs and cats.

Online casinos

Ever since the very first online casinos appeared a couple of decades ago, they’ve gone from strength to strength. Fuelled by advancing tech and steadily increasing demand, they continue to thrive. What’s more, there’s no sign that the arrival of more and more new online casinos is starting to trail off. The rise of virtual reality and artificial intelligence is also fuelling the development of new, and even more advanced, sites so we can expect that this is a trend that’s set to continue.

Clean water services

America is becoming increasingly aware of the importance of clean drinking water, especially in the light of the crisis in Flint. So companies are opening whose key purpose is to provide a safe and reliable source of this very precious, but often overlooked, commodity. There are also advances being made in looking for new sources. For example, Zero Mass Water has made great strides in developing solar-powered panels that can extract clean water from the air.

Plant-based foods

Environmental, as well as ethical, concerns mean that an increasing number of people across the world are today turning away from meat eating and towards a plant-based diet. Already, food manufacturers  are responding by producing ever more realistic meat substitutes and, while this may not be good news for livestock farmers, it is definitely good news for the planet, not to mention sustainable farming methods.

Sustainable consumer goods

Connected to both previous categories, people are simply more aware that we’re only tenants on the planet and need to treat it with respect. So many are actively looking for all kinds of consumer goods that minimize the footprints we are leaving. These range from clothes ethically made using natural materials to items that don’t come with complex plastic packaging. Admittedly, this is a very wide category – but that’s good news for any would-be entrepreneurs as it offers so much scope.

 

Of course, as we stated at the beginning, it’s an uncertain world so these are just some best guesses and by 2021 it could be a very different picture – so we’ll just have to wait and see.

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