Top 5 Businesses expected to grow in 2022
2021 is about to end and we are learning to live with COVID-19. Life is getting to normal with lots of if and buts. 2022 will be the year of growth and new ideas which will change the economy.
Here is the list of businesses expected to grow in 2022:
1. Pet Care
India is the fastest-growing pet care market in the world and the pet care market is expected to grow by 14% annually to become $490 million by 2022. The pet food segment is dominated by the dog food segment. The pet food market is expected to reach $310 million by 2022.
Pet Care can be categorized into pet food, pharmaceuticals, grooming, toys and accessories.
2. Fitness Service
The whole fitness sector is expected to grow at a 27% annual pace and reach $32 billion by 2022, with fitness services (such as gyms, slimming services, and formats such as Zumba, aerobics, CrossFit, and so on) contributing around $6.6 billion.
3. Cloud Kitchen
High rent and scarcity of space in major cities along with the growing middle class will drive the growth of cloud kitchens in the coming years.
The Indian cloud kitchen market is predicted to grow to $3 billion by 2024, up from around $400 million in 2019.
4. Online Tuition
Despite the challenges that have developed in the age of online learning, online education has a number of advantages. Students may thrive in a virtual learning environment if they have access to the right educators and materials. Starting an online tutoring business might benefit both students and teachers.
The global Online Tutoring market size is projected to reach $278 billion by 2026, from $150 billion in 2020, at a CAGR of 10.82% during 2021-2027.
5. Organic Food
COVID-19 made people health-conscious and consumers started to perceive that organic food is healthier and good for immunity.
By FY2026, the organic food market is expected to grow from $177.14 million in FY2020 to $553.87 million, representing a CAGR of 21%
Conclusion
The above list is purely based on research and each one of us will have a different outlook towards it. If you can plan and keep an open eye on the market not just about India also outside, you may be able to find the next billion-dollar business idea.
If any suggestions/recommendations or help required, please feel free to contact me.
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