Meaning of the word "specialized market" in English

What does "specialized market" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

specialized market

US /ˈspɛʃəˌlaɪzd ˈmɑrkɪt/
UK /ˈspɛʃəlaɪzd ˈmɑːkɪt/

Phrase

a market that focuses on a specific product, service, or customer segment

Example:
The company decided to target a specialized market for organic pet food.
Finding a niche in a specialized market can lead to greater success.