These Eight New Industries Are Sweeping The Markets In 2020! (2 of 3)
Healthier & Better Alternatives To Junk Food
Being health conscious is in vogue and is taking over our lifestyles. Consumers are seeking better, healthier, and safer varieties of their favorite snacks! Despite that being the rage, Americans crave junk foods like cookies and chips.
To cater to that, companies are creating minimally processed food with vegetables and fruits with a heavy focus on fewer calories which mimic the texture of junk food using artificial ingredients.
Striking a balance between terms like ‘vegan’ and ‘sugar-free’ while still ensuring that the taste is not compromised is a minefield but promising in terms of revenue generation. This can be hard given that people perceive the aforementioned terms to mean the food will taste great. Hence, consumers will continue to seek better versions of their favorite snacks.
Manufacturing, product development, logistic and distribution management remain the top hurdles faced by startups and established businesses alike. Almost all challenges that apply to the normal packaged food industry apply here as well. Add to that plethora of barriers is getting government approvals and meeting the FDA standards is yet another task.
In this sector, you might have to fight for the limited shelf space where giants like Wholefoods have set footholds firmly.
Competition can prove to be fierce, as the biggest producer of snacks can bring down prices. This can be one of the downsides of entering this sector.
Smaller-scale companies are focusing on creating less-processed food like kale chips while big names owned by General Mills like Annie’s with their organic Cheez and Peatos coming up with crunchy Cheetos made of protein from peas are a few brands which are on the lookout for healthy alternatives. Be it the healthier junk food or the vegan alternative sub-industry, both are sprinkled with fierce competition from many smaller sized companies. We even have Snackins making meatless pork rind out of onions, yucca, and mushrooms. A report by IBISWorld stated that ‘Low caloric products belonging to larger brands are growing at a rate faster than high-caloric products over that last 10 years’.
Despite the cut-throat competition, snack production is valued at a close $43 billion as per IBISWorld, which is a good indication of the demand. So coming up with groundbreaking products under the organic, healthier, low caloric and free of gluten variables will hit a good mark with the millenials.
Optimizing Freight Services With Logistics
A New Wave of Logistics is a relevant latest data-crunching initiative to provide greater efficiencies. Automation is taking industries by storm and this, in turn, is creating opportunities that are able to match a shipper with trucks, optimizing the whole process. These software-based operations focus on smoothing the freight services.
Truckers produce sufficient data during their driving time and using high-end GPS, all the data like engine performance, miles covered, etc. are logged in. digital freight brokerage can be used with sophisticated and fast GPS systems to log in the information electronically.
The work might not be appealing due to the high logistical aspect but is important nonetheless. The estimated value may seem low for the software made for bolting-on solutions at only $3.2 billion as per Armstrong & Associates when it’s compared to the total $86.5 billions for overall freight brokerage market. But the expected rate of growth is 54% by 2030, bringing in revenue close to $1.6 trillion, while the overall freight will grow 26% reaching $20.6 billion as per the American Trucking Association.
FourKites, MacroPoint and Project44 are few existing players in the sector that are focusing on tracking during transit, offering their services to brokers, shippers, and carriers. Then we have Triumph Pay and Hub Tran mainly offering automating freight brokerage data solutions. Third-party logistics like Uber Freight and Convoy are also prominent players in this sector. Given that 2016 federal law requires all data to be lodged electronically, this is a booming industry worth exploring.
Wearable Tracking Devices For Pets
Many young families are shifting from human babies to adopting furry ones! That opens the gate to monitoring devices for pet’s wellness which focuses on the physical health of pets ensuring that they are happy and safe mentally. Owners are anxious about their pet’s health conditions and hence this industry was born.
GPS devices for tracking have been fairly common technology for pet’s safety, taking the USA’s expenditure in this sector to a whopping 72.6 billion dollars as it continues to grow according to American Pet Products Association in 2018.
Compared to the other, this sector has the least amount of barriers given that it is still nascent. The wearable is a smaller sub-segment of a much larger industry of Pet Care products. These include clothing, travel items, toys, leashes, collars, beds, and various other accessories.
Established companies like Whistle and FitBark dominate the dog health sector with location trackers technologies while Motorola and Garmin provide training services for dogs.
Rest assured, the market is growing at a steady rate and might grow up to close to $1.7 billion by 2024 from just $703 million in the last year according to this researching firm called Markets&Markets.