A niche market is a specific segment of a larger market that focuses on a particular product or service tailored to a unique group of customers. These markets often arise from specialized needs or preferences that are not fully addressed by mainstream providers. For example, vegan skincare products cater to consumers who prefer cruelty-free and plant-based options. Businesses targeting niche markets can benefit from reduced competition and a loyal customer base. By concentrating on a specific audience, companies can create tailored marketing strategies and products that resonate deeply with their customers. This approach can lead to higher customer satisfaction and brand loyalty.