An industry is a broad sector of the economy grouping businesses that produce similar goods or services, while a niche market is a narrowly focused, specialized segment within that industry that addresses a specific need, audience, or preference. For example, “Pet Care” is a multi-billion dollar industry, but “Organic, grain-free food for senior cats” is a specific niche market within it.
Understanding the interaction between broad industries and targeted niches is essential for identifying business opportunities, establishing brand authority, and reducing direct competition. Key Breakdown: Industry vs. Niche
What is a niche in a business, and how to find yours – PayPal
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