10 Industries That Will See Post-Pandemic Profits
It’s a strange feeling to reminisce about what life was like one year ago, a time period which is now referenced by the majority of people as “Pre-COVID.”
We yearn for the “Pre-COVID” times, and we’re eager for the era that will be inevitably named “Post-COVID.”
Many businesses and industries have suffered during COVID and will have to claw their way back to “normal.” However, there are a number of industries that have actually seen profits increase and are expected to continue to thrive post-pandemic. Others that are currently struggling are set to boom in the aftermath of COVID.
Keep scrolling to check out 10 of the industries that have a positive outlook for 2021:
Personal Protective Equipment
- Demand for PPE has obviously been off the charts. Because of COVID, there will most likely be a call for hospitals to have stockpiles on hand in case a similar crisis happens in the future.
- PPE has expiration dates, so the demand for more will be constant to keep the stockpiles in place.
- Digital “smart” PPE is emerging and sure to see a boom as technology meets protective wear.
Online Meeting Platforms
- Who would have thought that virtual meetings would become so…normal? Zoom, Google Hangouts, and Microsoft Teams boomed during the crisis, and most likely will not disappear post-pandemic.
- Companies have adapted to allow employees to work from home, giving more flexibility and capability of work/life balance. 25-30% of the U.S. workforce will be working form home multiple days per week by the end of 2021, according to estimates by Global Workplace Analytics.
- Online Meeting Platforms will certainly still be in high demand, even when offices open back up.
- The increasing dependency on virtual meeting platforms has increased the demand for cybersecurity, as our data is more susceptible to hacking than ever before.
- Because so many companies were pushed to move their services online, and because there was somewhat of a “rush,” all of the necessary security steps may not have been taken to ensure that data is protected.
- Businesses have been and will continue to spend more money toward their online safety measures.
- Children are spending more time at home than ever before! In the U.S., there was a 16% growth in toy sales in the first six months of 2020. Games and puzzles made up 37% of the market, while outdoor toys, building sets, and arts & crafts were also very popular.
- This market is expected to expand 4% every year between 2019 and 2025. The industry is expected to continue to benefit from trends caused by the pandemic, with parents looking to find non-digital, more traditional toys to limit their children’s screen time.
Online Grocery Delivery / Food Delivery / Online Shopping
- This industry has bolstered business for many supermarkets across the United States; online grocery shopping is set to make up 6.4% of the global grocery sales by the end of 2021.
- Restaurants started to facilitate delivery orders so they could continue to operate after closing their doors. The current crisis has accelerated a trend that was already in motion, and food delivery is now set to make up 21% of the restaurant market by 2025, whereas pre-pandemic it was predicted to account for 15% of the market by the same year.
- Unsurprisingly, companies like Amazon are benefitting from the pandemic. With people stuck at home, online orders were the only way to shop for non-essential items, and Amazon's share price has gone through the roof. Online shoppers spent around $11,000 a second on the site according to newspaper The Guardian, and the money spent now will likely help the international delivery giant expand even further.
- Right now online shopping makes up 16.1% of retail sales worldwide, but that figure is estimated to rise to 22% by 2023, according to eMarketer, showing that our love of buying with a couple of clicks isn’t set to end any time soon.
- Billions of dollars are being pumped into the pharmaceuticals industry as companies such as Pfizer and Moderna create vaccines against COVID-19.
- The importance of continuing infectious disease prevention and treatment research now that several coronavirus vaccines have been found is huge, so that the world can be prepared for any future pandemics. The drug discovery market continues to climb in value, and it's projected that it will be worth $71 billion by 2025, which is more than double its 2016 value, according to market and consumer data site Statista.
- Stocks in biotech companies have also shot up, and this global crisis has demonstrated how crucial the pharmaceuticals industry is.
Personal Hygiene Products
- Good hygiene practices have become such a natural part of our daily routine that going back seems impossible.
- Looking through history, previous pandemics and epidemics have changed how people at the time behaved when it came to personal hygiene. For example, the 14th-century Black Death prompted authorities to improve street cleaning and change water maintenance practices.
- With additional hand sanitizing stations having been installed in most public places and businesses, it's safe to say that companies distributing hand washing products are unlikely to go out of business anytime soon.
- The pandemic saw those in lockdown turn their attention towards their gardens, providing a boost in sales for home and garden retailers. Even city dwellers were making the most of limited space, with balcony gardens and vegetable patches common.
- As lockdowns have reignited gardeners' passion for time outdoors and gave non-gardeners the bug, the industry is set to do well post-pandemic, and the gardening tools market is set to reach $105.53 billion by 2025 at an annual growth rate of 4.2%, according to Market Research Future.
Remote Medical Services
- It's understandable that people want to avoid visits to hospitals and doctors at the moment, and while medical staff are urging the sick to seek help as they normally would, it is likely that many are instead relying on remote medical services for advice.
- Systems such as Teladoc Health are seeing users flock to their platforms as the pandemic discourages people from leaving home. Remote diagnosis and treatment service Zipnosis reported a staggering 3,600% increase in its usage as a result of coronavirus.
- Governments are recognizing the importance of offering virtual treatment where possible, and in March the US government announced that there would be an expansion of such services across America. This is likely to become a global trend, and the telemedicine sector is set to grow to $16.7 billion by 2025.
- "What’s the first thing you’ll do once everything’s back to normal?" is one of the questions likely being asked around dinner tables all over the world. Having so much time on our hands means more time for dreaming about things we’d rather be doing, and as coronavirus has been a striking reminder that life is short, many will likely be keen to start crossing items off the bucket list once restrictions are lifted.
- As well as once-in-a-lifetime experiences, smaller local attractions have gained popularity as research shows that people are more likely to stay closer to home and take trips to zoos and theme parks.
- It's clear that we'll be keen to get out of our homes and experience something new as soon as we can.
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LoveEverything's Industries that will boom after coronavirus
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