2021 was the yr of revival and rebound for many industries as they learnt to pivot, innovate, and are available across the hurdles attributable to sudden disruption of life as we knew in 2020. Nevertheless, 2022, from the place I’m trying, appears hopeful and brilliant for nearly all industries. Hospitality, Journey, Leisure industries took an excellent hit, discovered methods to thrive and at the moment are seeing a rising development. Well being, Training, Meals industries additionally shortly tailored to the altering way of life of the world.
On this article, I’m going to concentrate on the expansion of 4 industries, I function in – Meals Processing, Apparels, Actual Property and Diamonds. Let’s see how they fared in 2021 and the way does 2022 appear to be for them.
Meals Processing Trade –
As per the Indian Model Fairness Basis (IBEF), the Indian meals trade is increasing at 11 per cent CAGR and the processing trade accounts for 32 per cent of the whole meals sector.
Meals trade had been pivoting in direction of more healthy and extra nutritious choices even earlier than Covid-19 hit us. The pandemic scenario helped propel the adaption, ensuing into sudden enhance in demand for wholesome and extra nutritious meals. Development in expertise and innovation have additional helped manufacturers enhance the meals processing methods. Packaged, nourishing and immunity-boosting meals like roasted snacks, seeds and nuts, natural pulses, fiber-rich and fortified meals & grains are and can proceed to be in greater demand. Millets can be a significant push for 2022-23.
In 2022, among the trade tendencies that we are able to remember to see in meals processing are, elevated security requirements, automation in manufacturing, adoption of sustainable practices, a shift to vegan/vegetarian diets and desire for extra useful meals – that’s well being over style and appears!
Pandemic or not, attire trade has and can proceed to see development in 2022, regardless that it could be an uneven one. Vogue isn’t any extra a luxurious however a way of life. The unprecedented instances we noticed, took a psychological toll on most of us and lots of discovered their solace in retail remedy. Pampering oneself via purchasing has been a first-rate indulgence for folks to point out self-love and care in previous couple of years.
The clothes trade has seen a rising demand not solely in India but additionally within the export phase. A latest article in Mid-Day states ‘As per McKinsey & Co.’s Vogue Scope report, India’s attire market is anticipated to be valued at $59.3 billion in 2022 and the Indian vogue trade will emerge to be the sixth-largest market on this planet.’
Actual Property will Rebound –
As per an article in Hindustan Occasions on Dec 31, 2021, ‘Based on the Knight Frank report titled ‘Actual Property Outlook 2022’, India’s realty sector is displaying indicators of wholesome development in 2022.’
Because the economic system of the nation stabilized in 2021, realty noticed itself redeeming out of the 5-year droop it was in. The residential sector noticed an elevated demand for spacious residences and gated townships, contemplating the emergence of recent work-from-home tradition. One would possibly assume that business and workplace areas might need taken successful in such a scenario. However curiously, they’re additionally seeing a shift to a extra accommodating, safer and hybrid setup to go well with the brand new working types.
Adhering to the rising and altering calls for shortly, together with adopting digitization has helped the trade into fast revival and development, not solely in metro cities but additionally in tier 2 and three.
Diamonds are Glowing Once more –
Curiously, Diamond trade noticed its greatest yr in 2021, regardless of the pandemic scenario. It noticed a development of 20% in 2021 as in comparison with a 15% in 2019. Seeing the development, I strongly really feel the trade goes to be on the rise this yr too and for the next causes –
- A extra prevalent need in folks to put money into luxurious merchandise, that add worth too
- A rising demand for minimalistic vary of diamond jewellery that may be worn for any event as an alternative of solely on particular events
- A rising potential in creating cities of tier 2 and tier 3
One of many main causes for an elevated demand for Diamonds regardless of the on and off pandemic restrictions and lockdowns is that one solely wants a certificates of authenticity from a reliable supply and one can simply make a purchase order with no retailer go to. Nevertheless, for coloured stones, the customer likes to have interaction with the stones bodily earlier than making a purchase order. That is additionally the rationale why coloured stones trade would possibly nonetheless need to wrestle a bit extra.
Although the specter of a brand new COVID-19 variant looms over us, I’m optimistic that our industries will carry out properly. 2021 was a preparation and revival time for many sectors and now they’re higher outfitted for 2022. Wishing good luck to all of us and cheers to raised instances forward!