United States / Coronavirus Insights
Top 5 Industries Outperforming the Economy

What information do you want to see from IBISWorld on COVID-19? We'd love to hear from you

by Jeremy Moses, Lead Analyst
Oct 29 2020

Although the economy as a whole has experienced significant negative effects from the ongoing COVID-19 (coronavirus) pandemic, some industries have managed to thrive and outperform the overall economy. For example, industries that are helpful for social distancing and remote work have expanded rapidly during this ongoing public health crisis and subsequent recession. Industries that have sources of revenue insulated from the pandemic and industries that have been able to take advantage of the rise in financial volatility have also managed to thrive.

Online Grocery Sales (IBISWorld report OD5085)

As individuals seek to social distance and protect themselves from risk of infection, many households have turned to online grocery purchases as an alternative to trips to the grocery store. According to IBISWorld estimates, revenue for the Online Grocery Sales industry is expected to increase 72.7% in 2020 alone, far outpacing the overall economy.

Cough & Cold Medicine Manufacturing OTC (OD4117)

Consumers have purchased large amounts of cough and cold medicine to treat the upper respiratory symptoms of the coronavirus. As no antiviral drugs or vaccines are currently available, individuals have instead chosen to stockpile items for symptom relief. The industry has benefited similarly in previous pandemics, such as the H1N1 epidemic in 2009. Reflecting this, according to IBISWorld estimates, revenue for the Cough and Cold Medicine Manufacturing is expected to increase 65.7% in 2020.

Online Pet Food & Pet Supply Sales (OD5086)

Similar to online grocery sales, the Online Pet Food and Pet Supply Sales industry is expected to benefit from increased e-commerce sales as individual follow social distancing recommendations. Additionally, pet ownership is expected to rise in 2020, since more people have chosen to purchase or adopt pets due to increased leisure time and stay-at-home orders. Revenue for the Online Pet Food and Pet Supply Sales industry is expected to increase 27.2% in 2020.

Autonomous Underwater Vehicle Manufacturing (OD4420)

The Autonomous Underwater Vehicle Manufacturing industry, which manufacturers vessels that travel underwater with their own power source and without an operator, has much of its revenue earmarked each fiscal year through federal funding for the Department of Defense, which is included in Congressional appropriations bills. As a result, this industry is somewhat insulated from both the coronavirus pandemic and general economic fluctuations. As a result, revenue for the Autonomous Underwater Vehicle Manufacturing industry is expected to increase 24.4% in 2020.

Stock & Commodity Exchanges in the US (52321)

The onset of the coronavirus pandemic and an associated increase in economic uncertainty has led to a sharp increase in trading volumes. Investor uncertainty has caused many individual and institutional investors to revise their portfolio, increasing trading activity. Additionally, many investors have sought to take advantage of growth in equities for much of 2020, after an initial crash in March 2020 during the onset of the pandemic. Therefore, revenue for the Stock and Commodity Exchanges industry is expected to increase 23.9% in 2020.

 

 

Edited by Alexandria Valenti