Today we want so share with you the top 3 industries on the rise in 2021. 2020 saw a huge change in the way many of us had to live our lives, which had corresponding effects on most industries and the economy. Not all of this is down to the coronavirus outbreak however, so we’ve chosen three household industries that are sure to continue their growth into 2021 and beyond.
CBD has gone from strength to strength in recent years, and has seemingly captured the attention of a great many people. Indeed, around 6 million people in the UK alone have used CBD at some point, which is about 11% of the total population. CBD, which stands for cannabidiol, is a natural compound found in hemp, and is used for its supposed ability to help with a variety of ailments.
Why is CBD so popular?
The reasons people take CBD are at once simple and varied. However, the main selling point seems to be that it is a totally natural compound that can help with difficult to treat conditions such as chronic pain and even poor mental health. There are many specific problems CBD can be used for, but it’s thought that it can even help in improving sleep.
One of the main points to keep in mind is that CBD will not get you high, meaning it is considered to be a safer way to access the medical benefits of cannabis. When people think of cannabis and it’s cousin hemp, they can often understandably associate the plant with smoking the cannabis plant, which gets you high. This high effect is caused by psychotropic compound THC, which is not in any legal CBD products you can buy in stores.
What’s in the future for CBD?
Currently, CBD is facing further regulation from the FSA (Food Standards Agency). At the moment, CBD items that are ingested, such as CBD oils, are retailed as ‘novel food products’ rather than medications. As such, they are subject to compliance set by the FSA. This additional regulation may sound negative, but it will more likely have a positive impact on the industry; ensuring that products are higher quality and safer.
One reputable CBD brand submitted its application months early, showing just how key this new regulation is. Commercial Director of Vitality CBD, Phillip Glyn commented: “It is important for our trade customers and consumers alike, to know that Vitality CBD, together with our raw ingredient provider, are one of the first in the UK CBD industry to submit a Novel Food dossier, and are therefore leading the way in future compliance and regulation.”
Vegan and plant based products
Another product that is seeing a huge increase in interest are vegan and plant based food products. These items are benefitting from the startling uptake in veganism and vegetarianism in the UK. For example, the number of vegans in the UK quadrupled between 2014 and 2019. On a broader scope, studies are reporting that around 7.2 million adults in the UK now follow a meat free diet.
Why are plant based diets becoming so popular?
There are a multitude of possible reasons for an individual to take up plant-based diets; it could be generational or because of a greater concern about climate change for example. There is also a steadily growing concern about how much red meat we consume, which is driving interest in pescaterian, vegetarian and vegan diets. A combination of these factors and more are likely to be driving the growth of this once marginalised sector of the food industry.
What’s in the future for vegan food products?
According to reports in the U.S, the plant-based food industry boomed, increasing by a huge 29% from 2017 to 2019. Based on these same reports, the bulk of this is plant-based milk products, such as oat, almond and soy milk for example. These milk alternatives made up 40% of plant-based food sales. The growth showed no sign of stopping during 2020 either, with plant based meats, cheese and yoghurt all showing massive increases compared to their animal-based counterparts.
Web Schooling and Learning
The year 2020 and its lockdowns prompted an urgent rethink on how to continue education without being in a school or classroom. While online education has always been in existence before the emergence of COVID-19, it was aimed at more specific requirements such as foreign students.
With the prospect of ongoing/intermittent lockdowns likely to be in the future for all of us, many are starting to take greater interest in online education at all levels, from primary school to post-graduate diplomas.
Why is web learning proving so popular?
It would be foolish to not attribute a good portion of the interest to the coronavirus pandemic. With 1.2 billion children not able to attend school globally, the need for online learning resources are arguably the only way to ensure structured and consistent education.
However, the industry is over two decades old at this point, so has not recently sprung up in response to a global health crisis. E-learning was popular beforehand: the social restrictions that have been imposed have acted somewhat like a catalyst of interest. Also, it is more than just children and students benefiting from online learning platforms. Duolingo, the online language learning tool, reported that its traffic was at an all time high in 2020, owing to a huge amount of interest in adults looking to put their spare time to good use and learn a new skill.
What’s in the future for online learning and schooling?
Certainly, the recent explosive growth of this industry owes a lot to the COVID-19 pandemic. The online education industry is expected to rise in value by around 9.23% annually between 2020 and 2025, resulting in a market value of $319bn. This growth is not simply being driven by virus fears either, in fact, the online education industry has grown by a massive 900% since the year 2000.
How these industries could affect you
We’ve chosen to examine these industries due to the fact they are all likely to affect us in the future. Even if it’s just in conversation, the topics of CBD, vegan food and online learning are all likely to feature in our lives. The growth of these aforementioned industries are likely to have knock on effects, especially in retail, so it’s interesting to see them flourish like they are.
There are of course many other emerging industries, such as machine learning that are likely to have massive impacts on the economy as a whole. However, for now, the industries we have examined are likely to be a major conversation point or of interest to a broader audience, so it’s important to be mindful of their future expansion.
About the author
Roman Hadley is a content contributor based in the West Midlands of the UK. He has worked in various industries, including the automotive and well-being sectors.