With more people leaning towards self employment, sole proprietorship and entrepreneurship, some business establishments have seen a rapid decline in their growth while some other businesses have been thriving and rapidly growing everyday.
So, if you’re looking to go into entrepreneurship and you’re thinking of starting a business that’ll not only yield profit but will grow at a rapid pace, then this article is perfect for you.
This article discusses ten of the fastest growing businesses/industries in the 21st century with facts and predictions to support the claim.
Without further ado, here are 10 of the fastest growing businesses globally.
Agriculture (e.g catfish farming, crop production, poultry business etc)
If every other form of business ceases to grow, any agric based business would do the exact opposite and continue to thrive.
According to a new united nations report, the world’s population is expected to have increased by 2 billion people come 2050.
This will definitely result in an increased demand for food and agriculture based businesses.
Citylife.org says that the agriculture industry is currently worth $2.4 trillion and this value increases daily.
This makes the agric industry one of the best industries for starting up business on a small or large scale.
Starting an agric based business requires virtually no skill at all, just a sizeable amount of knowledge of the proper ways of planting/taking care of agricultural produce thereby adding to its perks.
Food Processing (e.g palm oil press, tomato paste making, beverage making, yoghurt making etc)
The global food processing industry is worth over $2 trillion and will only grow as the world population increases.
Infact, the value is expected to have exceeded $4 trillion by 2024.
In addition, the need for healthier processed foods have taken a big leap as opposed to when so many people weren’t as crazed about healthy eating as they are now.
This need in turn, makes any food processing business the perfect choice when choosing a business venture in this century as it is rapidly growing, even beyond predictions.
Real Estate (buying and reselling land, homes or buildings)
As always, the growth of any business depends on the increase in demand of it’s services and this most likely depends on an increase in the world’s population.
By 2025, the real estate market is predicted to be worth around $4,263.7 billion, maybe more as many people are looking to become property owners and even more would soon set their sights on property acquisition.
Starting a real estate business can be really costly in terms of investment capital for acquiring properties that would be resold.
But, it is more than worth it in the long run because it is a well known economic fact that land always appreciates over time and you’ll be glad to know that it works the same way for most buildings and homes too.
Construction (architectural services, repairs and maintenance of built structures, building development and upgrades etc)
The growth of the real estate business goes hand in hand with the growth of construction business.
This is due to the fact that an increase in property acquisition will surely lead to an higher demand for construction services as people would be looking to construct on their newly acquired properties or touch up and maintain their newly bought homes.
According to businesswire.com, the global construction market was worth $2,366.
4 billion in 2018 and is predicted to be worth $10,835 billion by 2023.
Though going into the construction business requires the possession of certain construction skills, it’s still a fast growing business.
So, taking that construction course might seem like an hassle right now but it’s definitely worth it in the long run.
Online Tutoring And Coaching
The rapid increase in population has increased the demand for coaches and tutors as more people are seeking to get educated. In lieu of this, most people have started leaning towards a one-on-one approach mainly because people need tutors that can work around their schedules.
Another reason is the fact that people are actively trying to avoid any form of unnecessary exposure to other people to effectively reduce their chances of contacting any form of virus or disease especially with the various outbreaks of epidemics and pandemics in the world right now.
Starting an online tutoring business requires little or no capital to start up and all that is required is just to have a sound knowledge of whatever course or skill you plan to coach.
The main advantage is that it is a rapidly growing business and the fact that the online course market was worth $3.61 billion in 2018 and should be worth around $25.33 billion in 2025 proves just that.
The future will soon be totally tech-driven.
So, website development skills are in demand and this demand is sure to skyrocket in the coming years making website development possibly the fastest growing business in the world.
The world is finally embracing technology and more business owners are realizing that they need to reach a larger audience.
They are also realizing that the best way to do this is to take their business online and therefore are searching for developers that will move their business to the next level.
In the US alone, website development is presently worth $20.1 billion attesting that the business is more than profitable for those that are considering dabbling into it.
Health And Fitness (personal trainer, group coach, personal nutritionist etc)
Recent research show that the global health and fitness industry generated $94 billion last year (2019), a significant increase from the $87.2 billion generated the previous year. It is expected to generate around $106 billion this year (2020).
This is generally due to the fact that a lot of people are becoming health conscious and are becoming increasingly aware of the health benefits of physical activities and healthy eating.
People are also starting to favour private medical services over the previous public service so going into the private medical business or private coaching sessions (for people who want to lose weight or achieve one fitness goal or the other) or even becoming a personal nutritionist (to help people eat right) is a very good decision when searching for businesses that are booming right now.
The main thing is that the skill, knowledge and certification (where it applies) must be present because this directly involves people’s lives.
Fashion Design (activewear, casual wear, bridal wear, footwear, luxury goods etc)
Fashion trends change all the time and people, especially celebrities are looking to set the trend with their unique articles of clothing and jewelry.
Nowadays, teenagers, adults and even the elderly also want to be perceived as people with superb fashion sense and they are constantly on the hunt for designers that’ll make them look fashionable and stylish.
Currently, the fashion design world is valued at $2.5 trillion with an expected increase of $106 billion annually due to the growing increase in demand for designers.
Therefore, now is probably the best time to take that fashion design course and perfect your skills.
Then, you can pick out a particular aspect of fashion design you will specialize in and then proceed to make a name for yourself because the only way is uo, nothing else for the fashion design business.
This business industry deals with making small personal vehicles that only carry one or at most, two passengers e.g bicycles, electric cars, scooter and electric skateboards.
Micromobility is thriving for 2 main reasons:
1) There is an increasing consciousness of the environment. People are becoming more aware of the damages fumes from regular vehicles cause the environment. Therefore, they are sourcing out more enviromental friendly means of transportation.
2) With the increasing outbreak of viral diseases, people are trying to protect themselves from being in closed confined spaces like vehicles with too many people.
The micromobility industry is valued at $3.1 billion. Though not seemingly much right now, the industry is rapidly growing and it’s value is sure to take a huge leap for the sky in the next few years.
Haulage And Outsourcing
Outsourcing involves transferring a portion of work to outside suppliers by organizations to reduce costs.
This business is completely lucrative because no matter the industry, bulk goods must be transported to and fro.
That is to say, whether it be the agric industry or the food processing industry or even the fashion design industry, the haulage industry has to be involved for things to run smoothly from start to finish.
So, a rapid increase in the growth of other industries brings about a rapid increase in the growth of this industry.
In 2018, the industry was worth $85.6 billion dollars, the next year, it was worth $90 billion and it’s worth is predicted to have risen to $405.6 billion by 2027.
The only skill required for starting this kind business is knowing how to drive making this business perfect for the seemingly ‘skilless’ or ‘talentless’ people.
Other notable mentions include;
- Waste removal business
- Event planning
- Interior designing
- Graphics design
- Child care
In conclusion, when starting a business, proper planning and research must be conducted.
One must be ready to commit and preservere when things don’t go as planned.
Stay optimistic, do the right things and watch things work out for you.
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