As an enterprising entrepreneur, before you venture into any business it is important to understand the business niche of your interest to enable you to know the level of demand and supply that already exist in the niche of your interest. It is an established fact that products in high demand but low supply are always lucrative and profitable hence it is best to start a business in a niche that is highly sought after but low supply.
Identifying these niches may be a bit more difficult than you even thought hence thorough research is always important to achieve success in your business. So, to identify these products that are highly demanded but low supply, we have carried out extensive research and identified the products. In the subsequent section, we’re going to list the products and give you reasons why they are highly demanded. Stay tuned!
Products in High Demand but Low Supply Examples
Examples of products that are highly demanded with low supply are listed below:
1. Semiconductor Chips
One of the highest demanded products globally with low supply is the semiconductor chips. The demand for semiconductor chips like memory chips, microprocessors has soared higher in the recent past due to an increase in the manufacturing of electronics and electric vehicles. Semiconductor chips are among the core components of different electronic and automotive products hence leading to the increasing demand for the product in the global market.
According to Statista, the revenue from the semiconductor market is expected to reach US$553.00bn by the end of 2023. This is an indication that there is high demand for the product but the supply of this product is low hence creating evergreen business opportunities for entrepreneurs who want to enter the semiconductor supply chain to make lots of profits.
2. Medical Supplies
Medical supplies is another product that is highly sought-after globally. Medical equipment is among the essential products in the world that are needed to sustain livelihood. Because of its essential nature, there is always continuous demand for medical supplies like ventilators, gloves, masks etc, and the supply is low when compared with the demand. A clear scenario was witnessed during the COVID-19 outbreak. So, if you’re committed to quality and ready to comply with international best practices as it relates to medical supplies, then selling medical supplies is a lucrative business opportunity to consider.
Read also: High demand products with low competition
3. Fairly Used Cars
Due to the shortage of newly manufactured vehicles coupled with surge in their price has led to the increasing demand for fairly used cars. This demand is as a result of the fact that many people want to own a car to enable them to live comfortably, and the demand will continue to surge even in the near future. As an entrepreneur, if you can offer quality pre-owned cars, then selling used cars will be a good option to consider. It is a lucrative business that is highly profitable.
4. Rare Earth Metals
When it comes to manufacturing of electronics, defense systems, renewable energy technologies etc essential elements are always used hence leading to the increasing demand for rare earth metals. One thing about rare earth metals is that they are not evenly distributed across the globe so the supply is always low. Fortunately, there is always continuous demand for this product because it is needed in different manufacturing sectors. So, if you have access to these essential elements, you can start selling them and make lots of fortune from them because the price keeps skyrocketing on a daily basis.
5. Personal Protective Equipment (PPE)
Although the initial rush for Personal Protective Equipment(PPE) which occurred during the Covid-19 outbreak has eased, there has been continuous demand for high-quality and sustainable protective equipment by both medical and non-medical personnel to guide themselves against infectious diseases. Due to this surge in demand, the supply of PPE has been low because of shortage of PPE manufacturers. Hence, if you’re knowledgeable enough on the product PPE, then venturing into the business won’t be a bad idea.
6. Organic Food
As consumers are becoming increasingly health-conscious, there’s a surge in the demand for organic food products. And as the population of people increases geometrically, there is an increasing demand for organic food products to meet this teeming population. Due to the global food crisis, there has been a low supply of food products. Hence, as a farmer or producer you can take advantage of this opportunity and start producing organic food in commercial quantities and cash out from it. The demand for organic food products will continue to exceed the supply because many people are not ready to go into farming let alone commercial farming.
7. Lumber of Wood
Due to the increasing number of construction industries and new housing, the demand for lumber has soared and the price of the product skyrocketed because of low supply. So, if you have access to quality lumber, you can start selling them and make a fortune from them because the business is really lucrative.
What is an Example of Something With High Demand and Low Supply?
Examples of products that are highly sought after with low supply include semiconductor, lumber of wood, organic foods, medical supplies, personal protective equipment etc.
From our discussion so far, we have seen that there are numerous products that are highly demanded but have low supply. So, if you wish to start any business as an entrepreneur, you can consider any of the products enumerated in this article and be rest assured that you are going to make lots of profits from it.