Entrepreneurs are constantly looking for innovative ways to supply customers with useful products and services. The new year is a perfect opportunity to explore some exciting business sectors. The following areas of business are likely to be popular throughout 2020:
Healthy Junk Food
Consumers all over the world love junk food, but many are becoming more health-oriented. As a result, they want healthy alternatives to junk food. Consumers want products that contain less sodium, fat, sugar, and carbohydrates. Additionally, the popularity of plant-based snacks has increased dramatically in recent years. This particular segment is extremely competitive but there is room for companies aiming to provide tasty alternatives to unhealthy foods. Although factors such as startup capital and access to distribution channels can be significant barriers to entry, this is a promising business sector.
Water is the most essential component in maintaining a healthy body. The demand for purification systems to improve the quality of drinking water has grown significantly. The water crisis in Flint, Michigan and other water shortages around the world have created a consumer need for clean drinking water. The development of infrastructure to ensure the delivery of water can be cost-prohibitive and many firms that provide venture capital are not investing in this particular sector with any regularity.
New Logistics Technologies
The increase in consumer products being moved around the country and throughout the world has created the need for software to track logistics. Truck drivers are now required to keep an electronic log concerning factors such as mileage, freight load, and engine performance. As such, this is a growing business sector for software engineers. This particular sector, while important, will likely have a difficult time attracting engineers because the development of logistics software is not as appealing as the creation of software for other markets.
Wearable for Pets
Pet parents are becoming more aware of the health and wellness needs of animals. Products that monitor physical activity and GPS trackers are increasing in popularity throughout the world. The American Pet Products Association reports that more than $70 billion was spent on pet care products in 2018. For this reason, the pet wearable sector has great potential for 2020 and beyond. Unlike other hot business sectors, this one is still developing and thus has relatively low barriers to entry.