Whether you wish to explore a new business idea or diversify your income stream, there is tremendous potential for success when starting a wholesale business.
The wholesale market is chock full of opportunities, but some areas—such as wholesale electronics online—are a bit too saturated to give you any considerable profit right away.
In this scenario, exploring an undersupplied market might be the best entryway into the industry. Niche undersupplied markets have low competition, which you can leverage for success.
Do you want to learn about what niche undersupplied markets are available? Keep reading to find out!
1. Health and Wellness
Consumers’ awareness of health and wellness has increased in recent years. More and more people are now actively looking to pursue and maintain a health-conscious lifestyle. About 34% more global consumers are ready to buy products with sustainable credentials than they did two years ago.
This number is sure to grow over the years to come, so there’s no better time to dip your toes in it. The scope of the industry is broad, giving you access to niche undersupplied markets such as:
- Dietary supplements
- Wearable tech
- Gluten-free products
- Sleep helpers
- Meditation aids
- Sexual wellness tools
- Weight-loss products
- Period wellness products
- Anti-ageing products
- And more
2. Pet Products
The lockdown saw a massive increase in pet adoption and searches related to pet adoption. But surprisingly, the market remains undersupplied for pet products.
If you’re interested in entering this niche, then here are some products to look into:
- Pet cameras
- Pet trackers
- Organic pet treats and supplements
- Tick and flea repellents
- Pet toys
- Grooming supplies
- Outdoor gear
3. Gaming Products
The gaming industry has been booming for decades, but the industry for peripherals and complementary products has remained surprisingly undersupplied for a long time. Thankfully, that means you can cash in the rewards of entering this market on a high tide.
You can target passionate gamers with these products:
- Game decals and stickers to personalize gaming devices
- Gaming accessories
- Ergonomic glasses, chairs, and controllers
- Gaming merchandise
4. CBD Products
With the increasing legalization of CBD usage in the United States, the market demand for CBD products has been seeing healthy growth. According to Statista, legal cannabis sale in the U.S. alone is projected to hit $23 billion by 2025.
The range of products includes:
- CBD drinks
- CBD-infused bath bombs
- Oils and tinctures
- Topicals and skincare
- Edibles and gummies
- Pain relief
- Anxiety relief
5. Green Cosmetics
The green cosmetics niche is a sub-category of cosmetics with a consistent growth curve.
Consumers have been making the switch because of health issues and environmental concerns raised by commercial products. There is great potential for success in the largely untapped green cosmetic industry, which can lead to a big win for your wholesale business.
Here are some popular products you can explore:
- Vegan cosmetics
- Vegetarian cosmetics
- Cruelty-free cosmetics
- Plant-based cosmetics
- Organic cosmetics
6. Subscription Boxes
It is not quite a niche but certainly an undersupplied market: the subscription box industry is expected to reach $65 billion by 2027. We’d say now is a good time to get brainstorming and market your subscription box ideas.
Subscription boxes are incredibly flexible in terms of what you can include in them and how you choose to market them. From mystery boxes and grooming packages to food and beverages, there are lots to explore.
Some popular types of subscription boxes are:
- Access subscriptions
- Curated subscriptions
- Replenishment subscriptions
7. LGBTQ Merchandise
The LGBTQ movement has been gaining momentum worldwide. And with more and more countries celebrating LGBT history month, the need for related merchandise has skyrocketed.
Why not tap into this undersupplied market before the competition increases?
Some products you can offer through your wholesale business include:
- Flags and posters
- Pins and badges
8. Remote Workers’ Products
The increase in remote work has prompted a shift in the way people decorate and use their living spaces. With millions of people working from home, there is untapped potential in exploring the element of comfort.
This includes comfort- and productivity-related accessories such as:
- Laptop stands
- White noise machines
- Second screens
- Ergonomic keyboards
- Comfortable desk chairs
- Laptop decals
- Standing desks
- Ring lights
- And more
9. Handmade Jewelry
The market for handmade jewelry is a niche, cash-intensive one that you can explore with little expertise.
The field is vast and can be divided into sub-categories such as:
- Beaded jewelry
- Enameled jewelry
- Assembled jewelry
- Wire wrapped jewelry
- Fabricated jewelry
- Engraved jewelry
10. Non-Dairy Products
Unlike dairy-free products, non-dairy contain a milk derivative. The market demand for non-dairy products is projected to cross $38 billion by 2024, with health-conscious consumers from all socio-economic backgrounds and countries.
The main reasons for such high demand are vegan diets, environmental effects of animal products, health concerns, and lifestyle changes.
While the demand has been consistently growing for a few years, the market remained undersupplied mainly due to the restrictions of cold chain logistics. That’s not the case anymore, which allows you to explore this niche and plant-based dairy alternatives such as:
- Ice cream
Tips to Remember When Choosing a Niche Market
The wholesale market has endless opportunities for entrepreneurs and business owners to explore.
You too can find a niche market to do business in using these tips:
- Brainstorm niche business ideas and angles you can explore
- Look at related trends and try to solve consumer problems
- Check Google suggestions and perform keyword research
- Make sure you’re knowledgeable or passionate about the niche you choose
- Look for an online community to evaluate market demand
- Evaluate the target audience
- Research consumer trends
- Create a business plan
- Research existing suppliers for the niche
- Research competitors
- Build an audience
- Create a prototype, test it, and release it (if you want to manufacture products)
- Try dropshipping (if you aren’t manufacturing the product)
These are some of the most lucrative and undersupplied niche markets in wholesale. While the opportunities are plenty, there is no substitute for hard work and research. Make sure you follow our tips to prepare well.
What niche wholesale business are you going to explore?