Amid Global Coronavirus Market Crash, Canned goods, At-home Entertainment, and Other Few Industries View Higher Growth
Owing to the outbreak of the Coronavirus, while many industries across the market are experiencing a threatening impact, some seem to have gained an advantage over the others.
Many industries suffer, as most major business centers and hubs are put under lockdown across the globe. However, not surprisingly, despite being a source of distress for the people as well as the economy, some markets continue to flourish under the wake of the COVID-19. What are some of these industries?
Pharma companies are seeing a major boost in stocks as the increasing demands for a cure emerge. While not every company can develop a successful vaccine, which could also take up to several months, the stakes seem to be high for many major as well as certain small contemporaries in the medical industry. Meanwhile, many companies issue an extensive search on the treatment front in hopes to create an antiviral.
As China implements a lockdown on the Hubei province, India is looking into ways to increase the in-house production of APIs by encouraging domestic manufacturing, making it a lucrative front for pharmaceutical companies.
The demand for sanitization products has been off the charts. Household cleaning products are being wiped off the shelves. With more cases of the virus claiming lives, people are employing preventive measures. Fearing a pandemic, these products are being stockpiled in many households. This has paved a way for increased production as a result of high demands. In fact, many companies manufacturing these products have reported a hike in the stocks through the past weeks.
In keeping with the general fear, people are stocking up their pantries with non- perishables. Canned foods are now a go-to, including essentials like easy-to-cook pasta. Furthermore, the sales in many eateries and restaurants have declined since people are keeping away from public spaces and places of gathering, forcing more of them to eat at home. While many restaurants are being forced to shut down, some are now offering at-home delivery services lest run the risk of being obsolete, making them extremely lucrative. People have taken to ordering in, avoiding crowds including grocery stores and supermarkets.
Reduced footfall in supermarkets, has led to a spike in demand for items that can be ordered online. More people are opting for having even their daily use items delivered to them at home. However, in some cases, high demand has proved dangerous for these e-commerce companies, as more items go out of stock, creating pending or delayed deliveries.
Apart from delivery channels, telemedicine and teleconferencing—are becoming critical for enterprise operations amid the pandemic. As most regions are seeing telemedicine on the frontlines of fighting coronavirus, it is seeing a higher demand in recent times, suggests the latest telemedicine market report. Many employers have increased their reliance on enterprise teleconferencing tools as their employees switch to working from home at a need for social distancing.
While there isn’t a lot to do as almost the entire world is going under lockdown, most of the public turns to entertainment from the comforts of their own homes. Online streaming platforms are flourishing along with workplace, educational applications. As more people take this time to connect to their loved ones virtually, the use of video conferencing has become beyond important. Video-conferencing, along with online study programs, etc. has also made a huge impact on the market.
The urge for local products has been around for quite some while now. With the break of this epidemic, there has been an increasing demand for these products than ever before. As many grow distrustful of imported foods and other goods, local markets have been holding up their own. While these industries are doing pretty well in the current scenario, the question remains, whether this success will continue in the long run. However, the short term effect seems to be positive for these industries and may also continue to affect a shift in market structure in the future.