Market Saturation

Market saturation occurs when a product or service has reached its maximum potential in a specific market. This means that the majority of potential customers already have the product, leading to little to no growth in sales. For businesses, this can make it challenging to attract new customers and may result in increased competition for existing ones. In a saturated market, companies often need to innovate, improve their offerings, or find new markets to maintain growth and profitability, as expanding sales becomes more difficult when most people already own or use the product.