Each new year brings with it new opportunities and emerging trends in the business world. The 2020 emerging industries to watch report from 99designs has 4 segments in its yearly outlook. For the new decade, the company is bullish about cannabidiol or more commonly known as CBD, veganism, biohacking and astrology.
As a small business owner or any entrepreneur for that matter, getting a glimpse of what is trending provides a great insight into possible opportunities. Even if you are not in these particular 2020 growth industries, you can identify ways to make them work in your sector. However, it doesn’t necessarily have to be a direct implementation. You can form partnerships with growth industries and make your company more relevant moving forward.
In the blog for the report, 99designs explains how these four growth areas fit together as part of the $4.2 trillion global wellness industry.
Adding, “In different ways, each of these emerging industries addresses anxieties or concerns about our own health, happiness and future success, and there are limitless ways businesses can tap into these trends to create their own success through 2020 and beyond.”
2020 Growth Industries
Here is what 99designs sees in the CBD, veganism, biohacking and astrology industries moving forward. The company also looks at the design trends pushing how brands are communicating with their audience.
The CBD industry is booming, growing by an impressive 1,568% since 2015. Even though it is relatively new (on the legal side), it has already become a multi-billion-dollar industry.
So, what is pushing this 300 plus percent annual growth? According to the report, it is the many health benefits of the compound. And contrary to what most people think, CBD doesn’t have THC, the psychoactive ingredient in cannabis.
This, in turn, is responsible for the spike in popularity as people learn more about the difference between psychoactive and non-psychoactive cannabis extracts. As more companies use CBD for everything from face creams and oils, to pet treats, tea, and even gin, it is not surprising the market is growing. Meanwhile, the CBD beauty industry is set to grow to $25 billion in the next decade.
Biohacking covers a range of topics, and it doesn’t just include genetic manipulation. Because anytime you are doing something to improve your health through diet, exercise, and meditation you are essentially biohacking yourself.
Researchers who are looking to make people better, smarter and stronger are responsible for the growth. Driven by entrepreneurs, innovators and investors in Silicon Valley, first-generation biohacking wants to maximize productivity and performance.
In terms of the design, work 99designs has created in this industry, there has been a 445% growth since 2015. With a growth of 71% in the last year alone, the company says 2020 is going to be a bumper year for biohacking.
Veganism and Plant-based Products
If you want to see how popular veganism is, all you have to do is look at the number of restaurants and grocery stores that are selling vegan options. Everyone from Burger King to KFC, Subway, Walmart and many others have or are introducing a vegan option in their product line.
The growth for 99designs in the past five years is up by 214%. In the past year, there was a 20% jump. The growth in this particular industry is being driven by global climate change, environmental awareness, local food sourcing, and health benefits.
Astrology falls under “mystical services” and the market is now worth around $2.1 billion. The driver for the growth of astrology is digital technology. With apps such as Sanctuary raising $5 million in VC funding, 99designs foresees a bright future ahead for astrology.
Since 2015 astrology has grown by 209%, with a sharp increase of 127% in the past 12 months.
Take a look at the 99designs infographic below, and you can read the report here.