Covid-19 pandemic has disrupted the world the last 2 years and is still continuing. From businesses to lifestyles and jobs, the outbreak has changed our lives overnight.
For businesses across verticals, this has led to an unprecedented downfall with extended lockdowns in several countries. Some industries like retail, hospitality, travel and aviation have been worst hit due to lockdowns, travel restrictions, and a significant downfall in consumer spending.
However, even amidst this pandemic crisis, there are some sectors which have witnessed trend-defying growth. Let us look at the top 7 niche sectors that are enjoying a boom business despite the Covid Pandemic.
1. Online education
The COVID-19 pandemic accelerated the shift to digital learning in schools and colleges and universities as educational institutions were all closed, and students were made to study online at home. This has led to increased enrollment in online education, as well as demand for Chromebooks, digital versions of textbooks, and other digital programs that facilitate remote learning.
While consumers were anyway moving towards online shopping from traditional brick-and-mortar retail for years, the Covid crisis has speed up that transition more. For all types of essential and non-essential items, with lockdown and travel restrictions, people resorted to online shopping more and more. As a result, online retailers Amazon, Big Basket, Grofers, Myntra reported massive sales increases, and essential retailers like Big Bajaar, Reliance Trends also saw a sharp rise in online sales .
3. Online Food Delivery
While restaurants and eateries closed down or running at a loss due to the social distancing requirement, at the same time, the restaurant industry tried to offset the losses with online food delivery. People opted for Swiggy, Zomato and other food delivery platforms to get food delivered at home.
4. Frozen Food Packaging
Panic buying and increased indulgence shopping have brought about a significant growth in the demand for frozen foods during the pandemic as compared to previous years, thereby increasing the demand for the different types of packaging used for these products. It was seen that consumers were more keen to cook meals at home and keeping in store food items with longer shelf lives.
5. Online gaming
6. Medical technology
7. Online media and entertainment industry
Last but not the least, when most of the people had spent 90% of their time indoors, another sector which showed a boost during the Pandemic is the online media and entertainment industry. People spent most of the time online, browsing the net for quality content and quality shows. OTT platforms like Netflix, Amazon Prime, and Hotstar are seeing a significant rise in the percentage of viewers.
To Sum Up
Without an iota of doubt, these industries are the ones who are making the most out of the Covid situation with almost the entire world’s population turning to them. Their increased demand signifies that they are prospering and the road ahead for these sectors is all the more promising.