Like most entrepreneurs, you dream of starting your own business–being your own boss. But with so many options, which industry should you choose? Why not give yourself an edge by considering a billion-dollar industry?
In this blog post, we’ll explore five, 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.
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.
Many new plant-based cosmetic companies have risen to popularity thanks to their refusal to make products that are infused with animal-extracted ingredients. Well established cosmetic companies have also taken a stance against using animal-based products.
Animals are like family to their owners. So, it’s no surprise then that the growing awareness about a 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, it would be wise to broaden the range of animal products you sell (think collars, leashes, beds, clothing, and toys).
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 investments in space technology companies have 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.
Last on our list of billion-dollar industries is green energy. This one goes back to the cultural shift we talked about in #2. Global warming is a real concern for the up and coming generation. This means 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.
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