As the world continues to evolve, so do the industries that drive our economy. Emerging industries are those that are expected to grow significantly in the near future, presenting opportunities for entrepreneurs and investors to capitalize on, and in the last couple of decades there’s been a lot of unexpected industries that have exploded on the scene.
Staying informed about emerging industries is crucial to identify potential areas for growth and investment, as well as adapt your skills and knowledge to remain relevant in a rapidly changing job market.
Non-Dairy Milk
Although vegetarianism has been steadily growing for decades, no one could have predicted the boom plant based milk alternatives have made in the market this past 5 years. Driven by a growing awareness of the health and environmental benefits of plant-based alternatives to traditional dairy products, the industry has catapulted and is predicted to be valued at x in x years.
Non-dairy milk offers a range of health benefits, such as being low in saturated fats and free from lactose, which makes it an attractive option for people with dietary restrictions or health concerns. Some of the biggest names in the non-dairy milk industry include companies such as Silk, Alpro, and Oatly, who offer a variety of milks, the biggest grower in the sector being oat milk. Oatly in particular have attracted attention for their fresh and innovative marketing poking fun at their customer base.
As we mentioned, the non-dairy milk industry is expected to continue its growth trajectory, driven by increasing demand from health-conscious consumers and a shift towards sustainable and ethical food choices. Future trends in the non-dairy milk industry may include the development of new and innovative plant-based milk alternatives, as well as increased investment in marketing and distribution to meet the growing demand for non-dairy products.
Plant-based Meat
Similarly, to the last industry we discussed, the rise of plant-based meat products is an incredible feat that no one would have been able to predict, at least not quite to the extent we have seen the market grow. The demand has been driven by primarily a growing awareness of the environmental impact of the meat industry, as well as increasing demand for ethical and sustainable food choices.
Plant-based meat offers a range of environmental benefits, such as lower greenhouse gas emissions, and reduced land and water use compared to traditional meat production. Major players in the plant-based meat industry include companies such as Beyond Meat, Impossible Foods, and Quorn, who offer a variety of plant-based meat alternatives, including burgers, sausages, and chicken substitutes.
The plant-based meat industry is expected to continue its growth trajectory, driven by the still increasing demand from environmentally-conscious consumers and a shift towards sustainable and ethical food choices. Future trends in the plant-based meat industry may include the development and sale of new lab grown meat, which is already being worked on in several countries.
AI
Although this one has been talked about for a few decades, you’d have to be living under a rock to miss all the profession that has happened with AI in the last year.
The increasing use of Artificial Intelligence, or AI, as we speak, is transforming various industries by improving efficiency, accuracy, and decision-making. AI has the ability to analyze vast amounts of data and provide valuable insights, which can be used to optimize processes, reduce costs, and enhance customer experiences.
A lot of tech giants are investing in the AI industry including companies such as Google, Microsoft, and IBM, who offer a variety of AI solutions and services, including machine learning, natural language processing, and computer vision. The AI industry is expected to continue its growth trajectory, driven by increasing demand for automation and intelligence in various sectors.
The future of the AI industry is looking set to be incredibly strong, and may include the development of new and innovative AI technologies to aid the increased adoption of AI in areas such as healthcare, finance, and transportation. It is worth noting however, that recently, a group of tech powerhouses such as Elon Musk signed an open letter to slow down the profession of AI to a more controllable rate.
Online Casinos
Since casinos first began hundreds of years ago, they have been increasingly popular amongst populations all around the world. During the covid 19 pandemic, with many millions of people having to stay at home, the online casino industry saw a massive boost, due to their fun and easily accessible nature for players.
According to a report by Grand View Research, the global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027.
The pandemic has also led to an increase in new players in the online casino industry. For example, one online casino site reported a 200% increase in new registrations in the UK during the first half of 2020 compared to the same period in the previous year.
The pandemic has also led to changes in people’s online gambling habits. For example, sports betting declined significantly due to the cancellation or postponement of major sporting events, while online casino games, such as immersive live dealer blackjack games, saw a significant increase in popularity. The reason behind lies in the human experience that online providers offer – with live dealers, players are more interested in trying out games and establishing human-to-human connections online.
Renewable Energy
The last on our list very much fits in the trend we’re seeing of industry growth being driven by a growing awareness of the environmental impact of traditional practices such as non-renewable energy sources, as well as increasing demand for sustainable and cost-effective, innovative solutions.
Renewable energy offers a range of environmental benefits, such as lower greenhouse gas emissions and reduced dependence on fossil fuels. Companies in the renewable energy industry include companies such as Enel, NextEra Energy, and Iberdrola, who offer a variety of renewable energy sources, including wind, solar, and hydroelectric power.
Everything we can see points to the renewable energy industry’s expected continuation of its strong growth trajectory, driven by increasing demand from environmentally-conscious consumers and government policies aimed at reducing carbon emissions, as well as increased investment in energy storage solutions and transmission infrastructure to address concerns around intermittency and grid stability.
