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Where's the Growth?

  • July 4, 2019
  • Written by Community Futures Meridian

Whether you are established, growing, or just starting out, it’s always worth taking a look at the bigger picture; which industries are growing, and which are lagging behind? Knowing where consumers will be spending their money is always valuable. Ask yourself, is there any way your company can cash in on current and future consumer trends? In this article, we’ll take a look at a few of the industries that will experience significant growth over the next few years.

Before we do that, however, let’s look at one industry that isn’t meeting its growth expectations and that’s Cannabis. According to the Financial Post earlier this year, although the market valuation of Canada’s top ten cannabis companies was over $43 billion, the industry in total is only predicted to be worth $5 billion by 2021. There are countless reasons for this disparity but suffice to say that if you were considering branching out into this industry, it would be good to know the facts and stats ahead of time.

On a more positive front, which industries are performing well and could offer you opportunities for growth? (Source: score.org; gazelle.ai).

Everything Green

Renewable energy, energy efficiency, green construction, electric cars and more are all booming business areas.

Everything Drone

Don’t think toys as much as commercial use in areas such as construction (the largest market), agriculture, defence, law enforcement, firefighting and more. This will be a $100 billion worldwide market by 2020.

Everything Online

e-Commerce is not slowing down, it’s screaming ahead, so if your company is not trading electronically then consider how you might enter this lucrative market. For instance, online grocery stores are growing at over 20 percent annually. This is a $20 billion market that will experience phenomenal growth in the next decade. In the United States, eCommerce represented almost half of all retail sales growth in 2017 and that figure is increasing annually.

Everything Digital Marketing

As content marketing goes crazy, so the need for people to service the demand rises exponentially. Search Engine Optimization (SEO) and other methods of ensuring company’s get their message out to the online community is a massive growth area.

Everything Senior

In 2014, over 6 million Canadians were aged 65 or older, representing 15.6 percent of Canada's population. By 2030—in less than two decades—seniors will number over 9.5 million and make up 23 percent of Canadians. (Source: Government of Canada)

With an aging population the need for assisted living facilities, senior’s living communities, and home care is going to rise significantly. Hand in hand with this will be an increased need for health and wellbeing services; everything from chiropractors, physiotherapists, massage therapists, dietary advice, physical activity programs, homecare and more. The opportunities for Canadian entrepreneurs to service the 65+ market are virtually endless.

Everything Cyber Security

Our computers are under attack like never before. The corporate spend on cyber security has more than tripled over the last ten years and can only continue north as threats to data and IT increase and become more sophisticated. According to source.org, “Online fraud detection software is projected to generate $1.78 billion by 2020, up from $817.2 million in 2014 and $48.8 million in 2005.” This is a massive industry that offers huge opportunities for entrepreneurs.

Everything Animal

Over two-thirds of Gen X’s and millennials own a pet, which makes the continued growth of the pet care industry a good bet. In the U.S., Americans spend almost $400 million on toys for their pets! According to IBISWorld, Canadians spend $548 million on grooming and boarding alone, and the company reports, “Demand for pet grooming, boarding, training and walking is at an all-time high due to rising pet ownership, improved disposable income and changing consumer preferences regarding pet care.” If you are looking for a new niche in this market, consider pet massage – it is becoming increasingly popular.

The takeaway here is that the more you know about growth industries, the more you can identify opportunities to expand your product lines, your services, or branch out into new

More in this category: « Thinking About: What If?

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