11 Nov Ten Products That Could be Disrupted in the Next Five Years
Ten Products That Could be Disrupted in the Next Five Years
If you are an inspiring entrepreneur, there are some existing markets, and segments of people (like Boomers, Millennials, Gen Z) that are causing major disruption in certain industries – which means you could be in line for the perfect storm if you have a innovate idea in one of these categories!
Let’s take water for a great example; there is a demand for water in all varieties. People want easy access to sparkling water, infused water, enhanced water, you name it – they want it. People are drinking less soda and more water which makes it no surprise that Vitamin Water was able to move up to the water aisle and become a billion-dollar company.
It’s important to remember that in 2019 a successful business doesn’t need to take up aisle space in a brick and mortar location. The continued rise of eCommerce, subscriptions and online business models are huge opportunities. You just need to pick a big industry or category and research what the demand is in the market. Leverage is the key with trends, whether that is organic, natural, sustainable or advanced technology – and you can disrupt an aisle.
Here are ten products and services that are either currently being disrupted or will be in the next five years.
Cereal: The average cost of a box of cereal in the U.S. is hovering around $5.00, and this is a aisle begging for a disruption. The consumer may not even care about the healthier ingredients, but more importantly a more affordable option.
Deodorant: There has already been some disruption in this category with a rising trend of natural products. This is a $5 billion category waiting for an innovation.
Finance: In the next twenty years, trillions of dollars will be passed down to children and this is has the major investment firms losing sleep at night, as those children may not have the same brand loyalty as their parents did, because they want hip, simpler more technology based online experiences.
Haircare: Men have no clue what is in their haircare products, which is another $20 billion dollar category that could benefit from natural and organic products.
Insurance: Millennials and Gen Z will challenge the insurance industry the most, as they have no clue about brand loyalty. This is a $500 billion aisle (not including health insurance), and the trend is aiming for customization, stellar service and affordable costs – that can be done online.
Mattresses: We can sum up this category with one word: Casper. This online business model and quality mattress bypassed the retailers and has successfully upended a $14 billion market.
Shampoo: another $10 billion category which is in demand for more natural or organic ingredients, and even perhaps vegan and sustainable.
Soap: No one really knows what goes into soap but most believe its too many chemicals. The biggest game-changer will come from natural or organic soap products.
Toothpaste: another product that most of us have no clue what we are putting into our mouths, but we know we need it. This is a $10 billion category primed for products based on natural organic ingredients.
Vegan Meats: a newer trend that is already starting to disrupt the market. Its projected that the demand for a tasty vegan option with health benefits will grow over $5 billion in the next three years.
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