Successful product development is about so much more than just a good idea. What are the hottest, most lucrative markets for new products this year? Let’s take a look.
Food e-commerce
The food market can be difficult to enter, but with food e-commerce, there is a whole new path to entry. E-commerce is hot right now, and it’s revolutionizing virtually every industry out there. The food market is no exception. If you can come up with a product or technology that will help consumers order the fresh foods they need from the mobile device of their choice, it’s bound to be a goldmine. For example, food delivery startups such as Blue Apron, and upstart online grocers such as Instacart, are doing well.
Gamification products and services
The use of game elements to engage employees and customers is growing in popularity, and gamification is only expected to skyrocket in the next few years. If you’re planning to break into this field with a brand-new product, the key is to develop something that will help businesses boost their sales and make their corporate work environments more enjoyable and more conducive to productivity.
Beverages
We know what you’re thinking: there are already plenty of beverage products on the market. But the thing is, the beverage market is rapidly changing, which means the time is ripe to dive into this market with new products. The energy drink fad has come and gone, and new beverage products are emerging. Relaxation beverages, for example, are growing rapidly in popularity. Sleep-aid drinks are becoming especially popular as consumers look for natural ways to unwind and catch a good night’s sleep without popping pills. Organic beverages are another hot trend, enjoying an average 12.8 percent annual growth rate. The organic beverage market is expected to reach $104.5 billion.
Yoga and Pilates
The market for yoga and Pilates products is worth a staggering $10 billion. Thanks to Americans’ increasing interest in adopting healthy lifestyles, this market has grown an average of 2.8 percent annually between 2010 and 2015. In 2012, 20.4 million Americans practiced yoga, up from 15.8 million in 2010. The good news is that not only is participation growing, so are apparel sales. In fact, growth in apparel sales significantly outpaced growth in participation, with yoga and Pilates apparel sales increasing an impressive 45 percent in 2013, compared to a 4.5 percent increase in yoga participation. As this market continues to grow and expand, yoga and Pilates product development will prove to be an incredibly lucrative opportunity.
Pivot International is a product design, development, and manufacturing firm with strengths in software development, electrical engineering, mechanical engineering, and industrial design. If you are interested in engineering a new product or updating an existing product, contact us at 1-877-206-5001 or request your free consultation today.
