Customer habits are changing as a result of the COVID pandemic. In order to remain competitive, nearly every business owner has had to adapt their delivery, communication method, and product offering.
This change is obvious for industries such as food service, hair salons, nail care, and other in-person businesses where profit margins have been hit especially hard… resulting in the closure of 200,000 businesses (and counting). However, some areas of the market are actually enjoying tremendous profitability.
Want to know what they are?
Here is a list of 64 types of industries that are growing in a post-COVID environment.
Food and Drink
We all need to eat! Restaurants now provide take-out and pick-up options, pre-ordering, and contactless/contact-free services. Delivery services such as DoorDash and UberEats allow customers to receive their meal conveniently at their doorstep. Even with dine-in options, the convenience of food pick-up and delivery is likely to continue.
Another area that has gained popularity is in wine, beer, and gourmet food making. Hobbyists can purchase kits and make beverages and gourmet treats in the comfort of their home. Luxury foods and beverages are also incredibly popular products.
- Community-Supported Agriculture (CSA), Food Banks, and Cooperatives such as the Isla Vista Food Co-Op
- Restaurant Food Delivery Services
- Specialty Grocery Stores
- Beer and Wine Making Equipment
- Gourmet Prepared Meal Delivery
- Food Trucks
- High-End Liquor
- Coffee, Wine, and Specialty Food Subscriptions
Health and Fitness
After a year of staying at home, consumers are ready to lose the dreaded “Quarantine 15” and get into shape. There is significant market growth in health services that are customized to meet individual needs—including mental health, wellness, and nursing care.
- At-home Gym and Fitness Equipment
- Online Fitness Services
- Telehealth, Remote Medicine, and “Virtual-First” Services
- Mental and Behavioral Health Services (including AI symptom tracker)
- Health apps that serve marginalized and under-served communities
- Chiropractic, Massage Therapy, and Alternative Health Services
- Medical Equipment
- Skilled Nursing Care
Home-Focused Updates
With more time spent where they live, millions of homeowners have decided to renovate. Home improvement continues to be one of the fastest growing markets, especially in niche products & services to create a more comfortable environment.
- Home Renovation, Remodeling, and Repair
- Flooring, Painting, and Cabinetmaking
- Home Office Furniture, Design, and Products
- New Single-Family Home Construction Contractors
- Building Materials
- Mattress and Bedding
- High-End and Hardwood Furniture
- Pool and Hot Tub Manufacturers & Retailers
- Firewood Sales
- Gas, Wood, and Electric Fireplaces
- Gardening Supplies
- Landscaping and Yard Care
- Cleaning Services and Products
- Internet Service Providers and Streaming Services
Travel and Recreation
As travel options open up, the need to get out of the house will become extremely popular. One area of need is for specialty services that provide customized travel solutions (with “schoolcations,” for example). Camping, off-roading, and shooting ranges are also incredibly popular sectors.
- Car and Motorcycle Sales
- RV rentals
- Boat/RV/Camper/ATV Sales and Storage
- Gun and Ammunition Sales
- Rifle Ranges
- Bicycle Repair and Maintenance
- Hiking and Camping Supplies
- Sports equipment and training
- Travel Services (who offer cocconing, ridesharing, digital nomads, glampervans, emergency conservation, and schoolcations)
Personal Services
Companies that offer creative and safe in-person services are also seeing tremendous growth. Tutoring and online learning are here to stay. We’re also seeing an increasing demand for home safety modifications and customized long-term care services. And since millions of new pets were adopted during the COVID Pet Boom, pet supplies and training needs are extremely popular as well.
- e-Learning with virtual training, microlearning, tailored content, xAPI (Experience Application Programming Interface), virtual reality (VR), augmented reality (AR), and mixed reality (MR)
- High-Intensity Tutoring
- Dermatology, Skincare, and Hair Care Services
- Hair Loss Centers
- Aging In Place and Home Safety Modifications
- Long-Term Care Services (transport, at-home care, technology)
- Mortuary, Funeral Home, and Cemetery Services
- Pet Training and Supplies
Professional Services
Another sector that continues to grow is with professional expertise. With more companies closing, new entrepreneurs are opening businesses that offer professional and practical specializations to meet niche market needs.
- Architecture Services (including wellness architecture design)
- Smart Cities Design (potable water delivery, green solutions, transportation digitalization, Artificial Intelligence in waste disposal)
- Real Estate, Lenders, Appraisers, Inspectors
- Insurance (Property, Casualty, Life)
- Remote Professional Services (Accounting, HR Consulting and Training, Legal, Engineering, and Business Consulting)
- IT Services (Software Design, Cybersecurity, Digital Marketing, Artificial Intelligence, Cloud Computing)
- Computer Repair
- Online Investing
- Telecommunications
- Image and Color Consultant
Product Sales
Along with a significant shift from in-person shopping to online buying, consumers are interested in products that will enhance their lives and allow for connection with others. Natural products are also extremely popular, especially with a renewable and recyclable ingredients.
- Board Games (including Tabletop, Card and Dice, Collectible Cards, Miniature Games, and RPGs [Role-Playing Games])
- Video Games
- Educational and Teaching Supplies
- Cosmetics, Beauty, and Skin Care
- e-Commerce (direct to consumer)
- Natural and Organic Cleaning Products (surface cleaners, glass cleaners, and fabric cleaners are expected to grow by 11% until 2025 and beyond)
- Eco-Friendly, Biodegradable, Solar and Renewable Energy, and Sustainable Packaging
As you can see, there are many profitable ways to serve customers, even in a not-so-great economy.
Do you want to step away from the constant stress of running your business? Wondering how much it will be worth when you’re ready to sell?
If you want to create a plan that allows you to enjoy your business, we can help.
Sources:
Business Insider (https://www.businessinsider.com/small-business-closures-pandemic-less-expected-past-year-fed-survey-2021-4)
Beverage Industry (https://www.bevindustry.com/articles/93851-online-sales-drive-55-of-wine-growth)
Food Truck Nation (https://www.foodtrucknation.us)
Well + Good (https://www.wellandgood.com/fitness-wellness-trends/health-trends)
National Institute of Mental Health (https://www.nimh.nih.gov/health/topics/technology-and-the-future-of-mental-health-treatment/index.shtml)
Lendio (https://www.lendio.com/blog/9-industries-to-watch-2021)
Realtor.com (https://www.realtor.com/advice/home-improvement/wellness-architecture)
The Brookings Institution (https://www.brookings.edu/research/artificial-intelligence-in-americas-digital-city)
Condé Nast Traveller (https://www.cntraveller.com/gallery/10-travel-trends-for-2021)
Veranda (https://www.veranda.com/travel/a34634977/2021-travel-trends)
U.S. Chamber of Commerce (https://www.uschamber.com/co/start/strategy/coronavirus-successful-businesses)
Yelp Economic Reports (https://www.yelpeconomicaverage.com/yea-q1-2020.html)
Manufacturing.net (https://www.manufacturing.net/economics/news/21208221/how-different-business-sectors-fared-during-a-pandemicstricken-2020)
Qualified Remodeler (https://www.qualifiedremodeler.com/market-forecast-2021-remodeling-on-track-for-growth)
Construction Coverage (https://constructioncoverage.com/research/cities-spending-most-on-residential-construction-2021)
Clean Technica (https://cleantechnica.com/2021/01/11/electric-fireplaces-safe-cozy-clean-flames)
Timberline Magazine (https://timberlinemag.com/2021/01/growing-firewood-business-in-washington-is-adding-a-second-kiln-from-kiln-direct)
Linchpin SEO (https://linchpinseo.com/trends-rv-industry-outlook)
eLearning Industry (https://elearningindustry.com/elearning-trends-predictions-2021)
Home Health Care News (https://homehealthcarenews.com/2021/04/why-covid-19-has-made-universal-design-more-important-for-seniors-home-based-care-providers)
Cognitive Market Research (https://www.cognitivemarketresearch.com/consumer-goods/dog-training-services-market-report)
KSU The Sentinel Newspaper (https://ksusentinel.com/2021/04/13/card-and-board-games-market-emerging-trends-global-demand-and-sales-2021-to-2026)
Grandview Research (https://www.grandviewresearch.com/industry-analysis/natural-household-cleaners-market)
Investopedia (https://www.investopedia.com/articles/investing/022217/study-shows-surge-demand-natural-products.asp)
Research and Markets (https://www.researchandmarkets.com/reports/5239380/sustainable-packaging-market-growth-trends)
Grace LaConte
Grace LaConte is a strategic growth expert, writer, and speaker. She is the founder of LaConte Consulting, providing business owners with practical solutions to improve their profit, growth, and value. Grace shares her thoughts about risk management and the dangers of predatory marketing tactics used in MLM (multi-level marketing), which you can find at https://laconteconsulting.com/blog. She is based near Houston, Texas.