According to the World Economic Forum, the global economy is under immense pressure from climate change, inflation, the Covid-19 pandemic, and conflicts. These factors have affected many businesses, leading to heavy losses and, in worst-case scenarios, collapses. However, amidst these challenging times, several industries have grown exponentially and are thriving. If you’re looking to start a business, below are some of the fastest growing industries 2023 is currently favoring.
The Dental Industry
According to Precedence Research, the global dental industry was valued at US $432.1 billion in 2022. In addition, the industry is projected to expand at a compounded annual growth rate of 4.93%, reaching around 699.7 billion in 2032. This makes the dental services sector one of the fastest growing industries 2023 has made it perfect to invest in.
While the dental industry is growing exponentially as a whole, some sectors within the industry are outperforming others. This includes cosmetic dentistry; there is a high demand for cosmetic dentists as more and more people turn to dental services to improve their smiles. Other popular sectors include dental implants, corrective dentistry (treatment for tooth problems), and oral surgery.
But while the dental industry is growing fast and profitable, you need business skills to run a successful dental practice. Apart from treating patients, dentists must market their business to attract new customers and maintain their current clientele. They also need to manage their practice, especially their dental team. Other areas where business skills are required include keeping track of expenses, accounting, data analysis, and more.
The Landscaping Industry
Landscaping is another of the fastest growing industries 2023 has brought to the forefront of the business world. According to statistics by Zippia, the US landscaping industry is valued at $176.5 billion (as of 2023). Further figures show that the industry has more than doubled between 2017 and 2022. And despite a few challenges, such as covid-19 pandemic, the landscaping sector is projected to continue its rapid growth. So, if you want to start a business, this is one of the most profitable sectors to invest in.
Several factors have contributed to the rapid growth of the landscape industry, the top being an increased demand for landscaping services. According to a Houzz survey, 88% of homeowners invest in an outdoor project, mostly landscaping, when renovating. Landscapers have also benefited by adopting technology (which makes their operations more efficient) and sustainable practices (which are a massive hit with eco-conscious homeowners).
However, despite the strong growth, landscaping contractors still need strong business skills to succeed. For example, the sector is very competitive, with more than 1 million estimated contractors across the U.S. Therefore, you must have good marketing skills if you’re looking to start a landscaping business. This will help you in targeting potential customers and gaining a competitive edge. You also need other vital skills, such as leadership and management, accounting, money management, business planning, networking, pricing strategies, etc.
According to Statista, the US beauty industry is valued at around $91.41 billion (as of 2023). In addition, the sector is projected to grow at a CAGR of about 2.60% between 2023 and 2027. This makes the cosmetic industry another one of the fastest growing industries 2023 has made very profitable. If you’re considering investing in the cosmetic industry, there are a few trends to note. One of the top trends is a high demand for sustainability – according to the Global Cosmetic Industry Magazine, 64% of consumers look for sustainability when buying products. This change in consumer attitude has forced several businesses, especially skin care companies, to shift towards eco-friendly products and adopt ethical practices.
Technology has also taken center stage in the cosmetic industry, with companies using it to improve their marketing, consumer engagement, and customer satisfaction. Other top trends include diversity and inclusivity, products and services backed by science, wellness, etc. However, business skills are still vital for success in the cosmetics industry. For example, marketing is one of the most critical areas a business needs to focus on due to the high level of competition. Customer engagement and satisfaction are also vital, with many consumers changing brands if unsatisfied with their experience. Other necessary skills include employee management, innovativeness, communication, planning, organization, problem-solving, and market knowledge.
Home Improvement Businesses
According to MarketWatch, the home improvement industry was valued at $333.7 billion. Additionally, it is expected to grow at an annual compounded rate of 6.4%, reaching around $514 by 2028. Therefore, home improvement is one of the fastest growing industries 2023 has made it lucrative for anyone looking to invest. One of the top reasons for the rapid growth of the home improvement industry is the increased spending by homeowners. On top of that, more homeowners are willing to invest in premium and luxury services such as custom cabinets. Additionally, many homeowners are remodeling instead of buying new homes. These trends have led to an increase in demand for, among others, home repairs, remodels, and home addition construction services.
But even with the favorable conditions in the industry, business skills are also vital for success. For example, home improvement business owners must have great marketing and networking skills to target customers and gain an edge over competitors. They also need to keep their current clients happy. Additionally, home improvement business owners must manage their finances, communicate & negotiate with customers, and manage workers. Other vital skills include time management, problem-solving, resource management, payroll management, accounting, etc.
Intravenous Therapy Industry
According to Grand View Research, the global IV solutions industry was valued at US $11.1 billion in 2021. Additionally, it was projected to grow at a compounded annual rate of 8.0% between 2022 and 2030. Given these figures, IV therapy is one of the fastest growing industries 2023 has favored, despite challenging economic conditions. Several factors have contributed to the growth of the IV therapy industry. One of the top ones is the increasing demand for wellness services. In addition, the increased prevalence of health conditions such as geriatric diseases, cancer, malnutrition, and other problems has also increased the demand for intravenous solutions.
On top of that, there has been an increase in demand for non-medical use of IV therapy. For example, IV solutions are popular with people suffering from jet lag, hangovers, and fatigue. Intravenous solutions are also used for rehydration, migraine relief, and boosting immunity against the flu. The covid-19 pandemic is another factor contributing to the growth of the IV therapy solution. The pandemic increased the demand for IV solutions, especially at home. The trend for home-based care is still ongoing, with many patients often booking an IV therapy session for many other health conditions. But like with other sectors, business skills are vital to running an IV therapy business. This is especially in marketing – IV therapy businesses face stiff competition from mainstream healthcare facilities. Other essential business skills in the industry include financial management, leadership, planning & organization, payroll management, accounting, and more.
Auto Repair Industry
The automotive repair industry has made several challenges in the past few years, especially the covid-19 pandemic that disrupted supply chains. However, according to the IBS World, the industry is on the rebound and is expected to reach U.S. $ 76.8 billion in 2023, with industry profit margins of up to 6.1%. These figures show that automotive repair is one of the fastest growing industries 2023 will favor. Several factors have contributed to the growth of the auto repair industry despite the many challenges faced. One of the top factors is the increased demand for repair and maintenance services as more car owners seek to extend the lifespan of their cars.
Many car owners are also investing in the beauty of their cars. Consequently, this has increased demand for paint repairs and paint job services such as ceramic coating. Technology has also favored the auto repair industry, especially in car painting and diagnostics. But even with these excellent conditions and opportunities for growth, business skills are still vital for success in the auto repair industry. For example, competition is very high in the industry. Therefore, as an auto shop owner, you need excellent marketing skills to attract new customers and retain existing clientele. You also need good management, communication, leadership, and customer service skills. But most importantly, you need financial skills such as budgeting, accounting, expense management, payroll, etc.
The Jewelry Industry
Jewelry is another of the fastest growing industries 2023 has favored. According to a report by Expert Market Research, the global jewelry industry is projected to grow at an annual (compounded) rate of 5.1% between 2023 and 2028. This will see its global market value reach US $339.11 billion. So, if you’re looking to start a business, the jewelry industry is an excellent place to invest. After all, numerous growth opportunities can favor your business. These include the growth of e-commerce business, a sharp increase in urban population, and increasing spending power of consumers.
Several other trends have also fostered the growth of the jewelry industry. For example, there has been a growing increase in the demand for men’s jewelry. Additionally, there has been a considerable increase in the market for engagement rings and custom wedding rings. But even with all these positive factors, you need strong business skills to manage a jewelry business. For example, marketing is a huge aspect of the industry. You also need a great understanding of your target market and overall market conditions to promote your business. You also need excellent planning, organization, communication, customer service, leadership, and financial management skills to run your jewelry business.
Food Service Industry
The food service industry has faced multiple challenges, including rising supply costs, food wastage, and supply-chain disruptions. However, according to the National Restaurant Association, it has maintained steady growth and is projected to reach around $997 billion in sales. This makes it another one of the fastest growing industries 2023 is favoring. Several factors have made the food service industry profitable, and present an excellent opportunity for a new business. This includes strong demand for restaurant food due to increased urbanization, busy work culture, and spending power. Additionally, many individuals seek meaningful food experiences such as al fresco dining, food tours, high-end dining, etc.
Nonetheless, business skills are vital for success in the food service industry. According to Forbes, food businesses mainly fail because of poor leadership, staff recruitment, and logistics management. Therefore, besides offering great food, you need to have excellent business management skills for your restaurant business to stay afloat. Additionally, you must promote your business and gain an edge in a market famous for stiff competition.
Electric Vehicle Charging Industry
According to Grand View Research, the global electric vehicle (E.V.) charging industry will grow at an annual compounded rate of 25.5%. At this rate, the sector will reach a value of around $121.09 by 2030. This makes it one of the fastest growing industries in 2023 and the perfect sector to launch a new business. Several reasons have influenced the rapid growth of the EV charging industry. One of the top ones is the growing adoption of electric vehicle cars, driven by intensive marketing, government incentives, and increasing consumer eco-consciousness.
Consequently, the popularity of electric vehicles has led to a strong demand for charging equipment such as the Tesla EV charger. In addition, several EV charging stations have also popped up worldwide to fill an ever-growing niche. But while rapid growth offers an excellent opportunity to launch a venture in this sector, business skills are needed to be successful. For example, you need outstanding sales and marketing skills to promote your business and convince customers to buy your products.
You also need good business management skills, like leadership, communication, problem-solving, and strategic planning, to manage and foster the growth of your business. Lastly, you need excellent financial management skills to help your business stay afloat and make profits, especially given how popular and competitive the industry is becoming.
Launching a business and turning it into a successful venture is hard, so it’s vital to consider well-performing markets. If you’re in search of some good business ideas, the above are some of the fastest growing industries 2023 is favoring. But while the excellent conditions in these industries will give you an advantage, you still need excellent business skills for your enterprise to succeed.