The Covid-19 pandemic not only brought the havoc on the lives of many and caused immense health issues to people all across the world, but it also brought down the growing economies of almost every major country in the world.
Almost all major economies have suffered the damage caused by this pandemic that has led to job loss, shrink in GDP, decline growth rate, reduced and low income, sale and purchase of products and so much more.
The cycle of economy is like an equilibrium, you do one thing here and its impact will be felt somewhere else.
Thus, a total lockdown that led to shutting up of all work led to loss in jobs, reduced sale and purchase, lower income, GDP contraction and many more.
Though things are now improving gradually but it will still take a few months more to recover fully. Sectors like automobile, hospitality, electronics, tourism, airlines, travel, real estate, etc. almost all have suffered during this pandemic.
The only sector that has maintained its growth or I must say has even increased its growth is the technology sector. Many of us who were in our homes during the lockdown remained glued to our phones and laptop. Others enjoyed watching their favourite soaps on television.
Apart from the technology sector, most of the sectors have only seen decline. But there are also three non-tech industries that have seen vibrant growth during the pandemic and they have utilised this opportunity not only in growth but also in diversifying.
Here are the three non-tech sectors that are thriving during this pandemic.
The Hygiene Sector:
This pandemic has cautioned the world that was still lazy in maintaining personal and social hygiene. People who were too lazy to wash their hands every time they went outside or before having a meal have somewhat become conscious and are regularly washing their hands.
Thus, products related to maintaining hygiene have topped the list in growth. Whether it is hand sanitizers, wiping tissues, soaps, handwash, disinfectant, various kinds of cleaners, etc. The sale of such products has seen immense rise and is expected to grow further as people have become much more aware.
The market share of hygiene products has been growing. At present the global market of such related products is at $50 billion and it is expected to grow up to $58 billion by 2027. Since the global pandemic is still continuing, the fear of pandemic and awareness has raised the demand of hygiene products to a new height.
For hygiene products, the United States is the biggest market capturing close to $13 billion of market while China is growing at a speed of 4% and is expected to capture $12 billion of market. The market that had become dull over the years has become a place for tremendous growth and opportunity for small players.
The stocking of such products like toilet paper, handwash, sanitizers during the early days of Covid-19 has somewhat changed the behaviour of people towards hygiene and one can easily see that people are much more aware and are keeping a bottle of sanitizer with them always.
The Food Sector:
The other sector apart from the health sector is the food sector that has shown immense growth in the market. Lockdown made people insecure regarding their food supply and therefore had hoarded food items for months of use.
During lockdown, people sitting at home found food the best company to survive. That led to a rise in the food market which has immensely grown. The other truth is that we cannot survive without food and when we have nothing to do much, we crave for more food and delicious food.
The food market is expected to grow at 3.6% in 2020-2025 period. People with decent income have been found to invest more in food, food especially of their choice which is delicious. One would have already seen your friends posting pictures of delicacies on their social media account.
The food sector can face impediments due to shortage in supply of raw materials which will remain a temporary issue. But some countries have done well in agricultural production despite other sectors failing.
The online food market is the new reality. There has been an immense rise in online food orders. Especially in the suburban region, there has been a rise in online food shopping through various apps. Both cooked food and groceries.
Due to major lockdowns all around the world, the factories and automobile sector has seen a downward fall. This has seen a major fall in oil supply and this has led to fall in oil prices. After lockdown, now things are coming back to normalcy.
The other reality is that we are also seeing a rise in renewable energy and countries and tech companies are also committing towards renewable energy. Rise in electric cars and technology based clean energy has pushed the world towards investing in renewable energy.
As per IEA report, 37% of the investment has come from renewable energy from overall investments in the energy sector around the world. It is a six year high which was less than 30% six years ago.
During the pandemic, the oil and gas sector has seen 40% fall but the renewable sector has only seen 10% fall.
A total investment of $281 billion was recorded in the year 2020 in the renewable industry. The oil and gas industry along with other industries that lead in the fossil fuel industry is mostly held by monopoly of some companies but renewable source energy is much more diverse as it is tech dependent.
Thus, the rise in investment is a great option for small and medium scale businesses. There is lot of scope for people to invest both money and resources. One can see a very bright future for those who are investing in renewable energy.
Despite the negative impact of pandemic that we have seen, there is always hope and that hope can be well seen in these sectors. If one invests at a local level as MSME then there are good chances of success. Many small businesses have seen great growth in the last few months while investing in the health, hygiene, renewable energy, and food sector.
Food sector is easy to cover as it requires less investment and tech support. With a good idea and digital marketing plan one can easily gain good returns. You can use a reputable online B2B marketplace such as Globartis, or otherwise LinkedIn, Google, or any other appropriate means to reach your target audience.
This pandemic has reset many industries and order, there are great opportunities for those who are new and want to make an impact in these sectors. There are no rules defined and one can create a new order for themselves and others.