4 Industries That Are Much Larger Than You Thought
The global economy is absolutely massive. Trillions and trillions of dollars are spent and earned by millions of different companies and individuals in thousands of different industries. Sure, we all know just how big the retail, food, oil and pharmaceutical industries are and how important they are.
However, what about the thousands of other different industries? These other industries are responsible for a ton of jobs and while they pale in comparison to the industries in the last paragraph, they are still bigger than you ever could have imagined! With that in mind, this article will look at a few industries that, while small, are likely way bigger than you ever thought possible.
The Hard Cider Industry
The alcohol industry is one of the largest on the planet, but there is a certain subset of the industry that is likely much bigger than you thought. Over the last few years, the hard cider industry has transformed from nothing but a gimmick, to something massive, with many different players.
The U.S market for hard cider sits at well over $400 million, and the overall global market is quite a bit bigger. However, it isn’t the size of the market that is so impressive, but the growth. The market has had an annual growth of over 30% over the last five years and look for it to continue as more and more people become interested in transitioning to ciders as their drink of choice.
The Cigar Industry
While the cigarette industry gets most of the attention for its size and the simple fact that hundreds of millions of people smoke every single day, the cigar industry is no slouch. While people don’t often smoke cigars in the same fashion they smoke cigarettes, the markets aren’t all that far off.
In fact, experts believe that that the overall global market for cigars could reach over $13 Billion by 2025, which is far more than most people might have imagined. Also, whereas all cigarettes are more or less the same in terms of flavor, cigars offer a wide range of different flavors, including this cigar here.
The Cryptocurrency Industry
If you think of 2017, it was largely the year of the cryptocurrency. Currencies like Bitcoin and Ethereum became household names and attracted millions of investors from all over the planet. Overall, the cryptocurrency market sits at nearly $500 Billion, and hit over $800 Billion in early 2018.
This is already incredibly impressive, but you need to understand the growth to understand the sheer magnitude of those numbers. At the start of 2017, the market was under $20 billion, which means it experienced a boom unlike anything we have seen in a very long time. As blockchain technology and cryptocurrencies continue to evolve and mature, don’t be shocked to see them only grow in popularity over the coming years.
The Pet Insurance Industry
This is one that hardly anyone thinks about, but once you do, you begin to understand it. We love our pets and most people are willing to spend whatever it costs to keep their animals healthy. So instead of paying everything out of pocket, it makes sense to purchase pet insurance.
Just as humans begin to live longer due to better diets and better healthcare, the same goes for our pets. Those are all just some of the many reasons why the pet insurance industry is likely bigger than you ever thought possible. The industry in the United States is currently valued at nearly a billion dollars and with nearly 13% annual growth over the last five years, it seems like it’s going to continue getting bigger.