Here at Esme, we’ve been very busy reviewing market data, growth predictions and Google Trends to find the four best new-age business ideas for 2019, from vegan food to craft gin. Read on to find out why we believe the following business ideas are set to boom.
1. Vegan/ healthy food truck
In the UK, one in eight people are now vegetarian or vegan, according to a report on food shopping habits by supermarket brand, Waitrose. A further 21% of people now claim to be a flexitarian, which is when someone mainly eats a vegetable-based diet with the occasional bit of meat. Therefore, a third of the UK have deliberately reduced their meat intake, or removed it from their diet entirely in the last five years. Street food has also seen an increase in demand with consumers stating it’s exciting, authentic and high-quality according to a survey by The Grocer. And, according to a report by MCA, the UK street food market is set to grow by £2 billion over the next three years. Which means there is a huge opportunity for new and existing businesses to enter the street food market and succeed.
2. Yoga studio
Yoga has been on the scene for a while now, but that doesn’t mean the demand or business opportunity has decreased in any way. The graph above shows a steady increase in Google searches, and according to a report published in Yoga magazine, there are between 300,000 and 460,000 people currently practicing yoga and between 20,000 and 30,000 classes every single week in the UK alone. Another report states that the UK’s pilates and yoga studio industry is worth an estimated £812m and is expected to keep growing! If the yoga industry continues to surge, there could be a huge opportunity for new and existing businesses to capitalise on the industry and increasing demand.
3. Gin experiences
The UK’s gin market has boomed in recent years, and has unsurprisingly almost doubled in two years, according to the Morning Advertiser. More than 66 million bottles of gin were sold in 2018, in the UK alone – which is 41% higher than 2017. To put it into perspective, there were more bottles of gin sold during the 2018 summer heatwave than there were in the summers of 2014 and 2015 combined! These increasing sales along with a steady increase in Google Trends data shows that gin isn’t going anywhere and it is still very much in demand.
4. CBD oil products
Although Cannabis oil (CBD oil) has been available for a while, it is now beginning to gain mainstream use and acceptance. Conversation around the controversial product has increased drastically over the last five years, as you can see in the graph above. CBD oil is carving its way into the health and wellness industry and is now being sold in large chains like Holland and Barrett, and Superdrug. The UK’s cannabis oil market reportedly generates around £50 million a year according to Verdict, and that is expected to grow as new products like CBD-based snacks and skin care lines are emerging. If you’re thinking of starting a CBD oil business, now could be the time!
*From £25,500 for Sole Traders