1. Niche market is a sub segment of a market on which a particular product or service is aimed. Niche marketing is aimed to sub specific needs. It can be useful for small businesses because of its lower competitive environment.

For example, if clothing is your market, clothing for overweight people can be your niche market and overweight persons are your niche audience.

2. A niche market is also used in the meaning of "a small market segment".
This product has a niche market and it will take some time for me to find customers.
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