2020 held back no punches for the business sector. As the COVID-19 pandemic swept across the globe since March 2020 several businesses entered a fight or flight mode as the pandemic went on to bring a sweeping change in the business world. Things started returning to normal gradually since May 2020 and the use of the vaccine has started taking effect but the market experts are closely tracking the economic impact of the coronavirus. Here are some sectors that are doing well despite the impact of the pandemic.
E-learning
The coronavirus pandemic accelerated the shift from conventional learning to digital learning in colleges and schools as many institutions had to send the students home. This resulted in massive enrollments in the online institutions with a rise in demand for the digital version of the textbooks, Chromebooks, and other related digital programs typically those that are compatible with Zoom and Google Meet. All these programs facilitate remote learning.
E-commerce
Although consumers have been using the e-commerce platforms for shopping for years with many people preferring them over conventional brick and mortar retail for several years, the COVID-19 pandemic has quickened the transition further. Due to the advent of the pandemic, different governments shut down several non-essential retailers in March 2020 thereby eliminating the brick and mortar alternative for the customers. Several customers concerned about the pandemic situation began to lessen the in-person visits to the grocery stores and other similar places that were deemed to be essential. Due to this, online retailers such as Instacart and Amazon reported a huge increase in sales. Other retailers saw a sharp rise in their online sales.
Cannabis
The global medicinal and recreational cannabis market are estimated to be around 20 billion dollars by 2020. It is projected that the industry will continue to rise despite the pandemic to reach a whopping 90 billion by 2026. This market is driven by aspects such as growing medical applications of the product, more legalization of cannabis, and a rise in social acceptance of cannabis. You can find more growth in North America than in other areas but the regulatory structure in various countries can provide a restraint on its use and obtaining cannabis financing for the business.
Online food delivery
One of the sectors that were hit the hardest by the advent of coronavirus in 2020 was the restaurant business. The economic shutdowns and social distancing requirements meant that the food joints will be attempting to offset the lost revenues because of the dine-in capacity restrictions and the general unease of the consumers about eating out during the COVID-19 by using the online alternative. Online food delivery alternatives such as UberEats, GrubHub, and DoorDash have been in business for some time but had to face a stubborn customer preference to eat out especially from the US market.
Frozen food packaging suppliers
Due to the panic buying and raised indulgence buying, things led to a remarkable rise in ice cream and frozen food demand during the pandemic. It reached a historic level and boosted the demand for several other kinds of packaging used for packing these products. The packing products are expected to gain quite a bit from this and among the products that are expected to gain from the rise in the sale of frozen food are cups that are normally used for the conventional ice cream pint, along with the ready-to-heat bowls and trays utilized for the single-serve frozen foods.
Pet industry
Due to the spread of COVID-19, things led to a boom in business for the pet industry. There was a surge observed in pet adoption that was widely reported by the press and this fact was confirmed by other experts working in the industry. One of the major components involved in the surge consists of a range of pet lovers that added to their menageries. The new kind of pet adoption has extended beyond cats and dogs to other kinds of pets such as small mammals and even reptiles.
Conclusion
Amid the COVID-19 pandemic with its economic implications, several opportunities are rising for many kinds of industries. Many of these organizations working in different fields are experiencing unprecedented growth. There is some debate about whether these growth prospects are temporary or if they will indeed be sustainable in the long term. But, the industries mentioned above are seeing promising opportunities.
