Entrepreneurs looking for their next business adventure this year may need to think outside the box, experts suggest.
Apart from traditionally popular sectors for startups – such as retail, technology and finance – wellness industries are also set for explosive growth.
According to Melbourne creative platform 99designs and its recent data collection, astrology, cannabidiol (CBD), veganism and biohacking may be the right markets to look into over the next 12 months.
COO of 99designs, Pamela Webber, said that consumers are growingly concerned about their health and wellbeing.
“While last year it was all about drones, AI healthcare and influencer agencies, 2020 shows a notable shift toward the wellness space.
“We think it is driven by consumers seeking to take control and wanting to address social anxieties and concerns about their health, happiness and future success.”
Here is what each category means for entrepreneurs.
Astrology-related businesses
Believe it or not, astrology is now an estimated $2.1 billion-dollar industry that is pursued after by many venture capitalists. Its businesses include everything from horoscope apps and podcasts to spiritual consultancies.
While astrology may seem niche at first sight, survey indicates that over one third of American women read their horoscope at least once every month, which is a huge group of potential consumers in this marketplace.
With personalised sign-reading apps like Co-star raising $5 million and topping the iOS charts, astrology-related service is set to attract more attention this year.
CBD products
As Australia witnesses the legalisation of cannabis in ACT since the beginning of this year, the social stigma around CBD products is starting to wear off.
The public is becoming more educated on the nature of CBD and the fact that it does not contain psychoactive ingredient (THC), its products are gaining popularity and even entering into mainstream brands such as Sephora.
Already estimated to be a multi-billion-dollar global industry spanning food and drink, health and beauty, pet products and more, the CBD sector saw a sharp 61 percent increase over the past 12 months.
However, it shows no signs of slowing down as researchers believe that the CBD beauty industry alone will be worth a whopping $25 billion in the next decade.
Vegan and plant-based products
Vegan and plant-based brands are flourishing in the current climate – literally.
Apart from the apparent health benefits that come with veggies, research indicates that plant-based meals are essential to the reduction of diet-related greenhouse gas emissions.
With fast food chains like Burger King, Subway and KFC incorporating plant-based alternatives into their menus, these products are in hot demand across industries and from businesses of all sizes.
Especially considering the fact that Australians of all ages are eating less and less vegetables in the past decade, the country has great potentials in adopting more environmentally friendly dietary habits with vegan and plant-based products in the near future.
Biohacking
Despite its intensely futuristic name, biohacking is very close to our day-to-day wellbeing.
Also known as ‘DIY biology,’ biohacking encompasses a wide array of practices used to boost physical and mental performance.
That can mean anything from sleep tracking and IV hydration therapy to intermittent fasting and much more.
As bio-hacking spas and clinics are appearing in Los Angeles, New York and London, they indicate the wish from consumers to take a better control of their own bodies in the current day and age.
With this human drive for self-improvement, the opportunities in the biohacking space is limitless.
You can read more about 2020 business trends from our experts here.
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