Definition, Meaning & Synonyms

niche market

noun

nɪtʃ ˈmɑːrkɪt

Definition

A niche market is a specific, defined segment of the market that is addressed by a specific kind of product or service.

Examples

Organic skincare products are a great example of a niche market that appeals to environmentally conscious consumers.
High-end audio equipment is often marketed towards audiophiles, making it a niche market.
The vegan food industry is growing rapidly, indicating a shift towards niche markets in the food sector.

Meaning

In business, a niche market focuses on a particular target audience, fulfilling their unique needs or preferences that are not addressed by mainstream providers.