Like many people around the world, you probably breathed a sigh of relief at midnight on January 1st, 2020 – eager to see that rollercoaster of a year come to an end. Maybe you even made a new year’s resolution.
If you’re like most entrepreneurs, that resolution was likely to finally start a business—be your own boss. Well, if that is indeed your goal, why not give yourself an edge by considering billion-dollar industries?
In this blog post, we’ll explore 5, billion-dollar industries that show no signs of stopping in 2021 or beyond.
From CBD oils to skincare products and even hemp-derived shampoo and conditioner—there’s no stopping this train. Even better, it’s still an untapped industry in some parts of the country. So, hop on this train while it’s still moving to reap the benefits of this billion-dollar industry.
2. Plant-based Cosmetic/Skincare Products
In recent years, there’s been a cultural shift away from the synthetic and back to the natural. This shift is primarily attributed to the increased concern about animal welfare and protecting the environment.
A ton of new plant-based skincare/cosmetic companies have sprung up and risen to popularity thanks to their refusal to make products that are infused with animal-extracted ingredients. At the same time, many established skincare/cosmetic companies are rethinking their ingredients as well.
3. Pet Wearables
Animals are like family to their owners. So, it’s no surprise then, that growing awareness about pets’ physical and mental health is driving demand for wellness data on animals. This includes GPS tracking devices, so we’ll always know where our furry friends are.
The pet wearables market is expected to grow to $1.7 billion in 2024 up from $703 million in 2019. Even so, it’s still a fairly nascent industry with lots of untapped potential.
As a fairly niche market, you would be wise to broaden the range of animal products you sell to things like collars, leashes, beds, clothing, and toys.
4. Space Technology
It’s crazy to think that space technology is so commonplace that high-school students are sending small satellites into orbit, but here we are.
This is due in large part to the rise of companies like SpaceX and Blue Origins. Rising concern of global warming is also a concern, leading many scientists to look to the stars in the hopes of finding another suitable home for humans.
Whatever the main reason, venture capital investment in space technology companies has grown to $2.27 billion in 2019. Some researchers are even suggesting that that number will soar to a staggering $3 trillion in 30 years.
So, if you’re a space enthusiast with big ideas and even bigger dreams about the last frontier, consider this industry.
5. Green Energy
Last on our list of billion-dollar industries is green energy. This one goes back to the cultural shift we talked about in #2. With global warming a real concern for the up and coming generation, people are investing in green technology and energy more and more.
From solar powered houses to electric cars, people are moving away from the synthetic and toxic to the natural and green. Green energy is such a tour de force that it’s now worth as much as the fossil fuel sector whose worth is in the trillions!
Despite its size, there’s still room for entrepreneurs to make their mark and clean up the Earth at the same time.
There are many more billion-dollar industries you can choose from. Whatever industry you decide to work in, Nevada Corporate Headquarters can get you there. As a full-service business formation company, do so much more than form businesses. From tax services to business funding/credit, legal services, business plans and more, you’ll never have to go at it alone.
If you’re ready to turn your dream business into a reality, look no further than Nevada Corporate Headquarters. From business entity formation to accounting and taxes, building business credit and estate planning, our comprehensive asset protection strategies are second to none and are proven to help businesses successfully launch and grow. Contact us today and go from business idea to open for business.