As technology advances and laws change, it provides opportunities for brand new types of industries to emerge in prevalence and provide customers with previously unseen services and goods.
Bitcoin is an excellent example of this from a few years ago, which blew up into a massive money-making scheme for a lot of people and was only possible due to the advances in computer technology and storage capacity.
These days, its value is beginning to die out, but that just opens the door for other exciting industries to emerge from the shadows and become significant players in popular culture and society. Here are three of the top emerging industries that you should keep an eye on for years to come.
The vaping industry has been a slow growing one for a long time, and before a few years ago was seen as a dingy pastime done in the corner of playgrounds and parks. However, attitudes towards vaping have shifted, and the industry has been legitimated through the opening of many licensed and strictly regulated vape shops, suggesting that this is now an extremely health industry that still has room to grow.
Vaping is the practice of inhaling flavoured water vapours and other chemicals – most commonly nicotine – and was first introduced as a healthier alternative to cigarette smoking. Due to the vast amount of delicious flavours in the marketplace, it’s quickly become a hit with millennials, which has helped it sore into a worth of over $14 billion and is set to double in worth by 2022.
The rules around vaping alter drastically from country to country, so for that reason, it is essential to researching the laws around vaping before you engage with the pastime to ensure that you’re on the right side of the law. In most countries vaping is prohibited for under 18s, regardless of if it has nicotine or not.
CBD is quickly growing into a mainstream commodity and can frequently be found in beauty products, supplements, and healing balms. CBD is a chemical found inside the hemp plant, which is closely related to the drug marijuana. CBD on its own isn’t thought to be harmful to humans and plays no part in the psychedelic effects consuming marijuana can have on you. Instead, CBD has been attributed to many positive mental and physical health effects, such as pain relief, acne prevention, and mental health improvement. The validity of these claims are still being investigated by doctors and scientists, but that hasn’t stopped CBD products growing into one of the biggest industries globally, with the solely beauty side of this product being worth a massive $25 billion, and that doesn’t include any of the other domains that CBD is emerging in, such as health and pets.
One of the main reasons why CBD has gained so much attentionis due to the recent legalisation of hemp and weed in many US states and other countries, making it a lot easier for businesses to cultivate and harvest the plants to create this product.
The CBD industry is one of the most heavily regulated ones, which helps increase the quality and trustworthiness of the products. There are strict laws on what chemicals CBD products can contain and how much of it, and each product has to be third-party tested before it can make the store shelf.
This does seem like one that’s come out of the leftfield. Still, in recent years the general public has become increasingly interested in astrological health and spirituality through things such as star signs and tarot readings, turning this into a quickly developing industry that’s already worth around $2.1 billion, and is set to rise even more.
There have been plenty of apps and podcast solely focused on astrology that has secured financial investments and has already garnered widespread popularity, suggesting that this is a social trend that is very much ready to explode.
Astrology may seem like a niche market, but according to surveys, at least 70% of people in the UK read their daily horoscope regularly, which demonstrates a hugely untapped market. The reason for its sudden popularity can be difficult to pin down; however, it may be due to it being a social media-friendly medium, due to its Instagram friendly affirmations and due to it being a comforting source of guidance and advice. Some people may just find astrology appealing due to the cosmic reassurance that can help combat the regular chaos of modern life.