The COVID-19 pandemic has significantly affected the world’s economy, particularly, India. It has been largely responsible for the disruption of India’s economy which is one of the fastest-growing globally. The economy generally began to decline as people were forced to stay at home amidst the lock-down period. Many businesses and companies had to stop operating which caused a drop in revenue. However, new and alternative markets have begun to emerge and are capable of significantly boosting the economy during this crisis. Here are some you may like to know.
iGaming
iGaming is becoming a trend among gamers and has taken a large proportion of the gaming industry in recent times. The introduction of VR and AR into the iGaming world has even made online gaming realistic, immersive, and more fun.
Of course, in India, the number of online gamers has ever been on the rise. This is attributed to several reasons. The primary reasons are; the high number of youth tech-savvy population, cheap data access, wide network coverage, cheap internet-enabled mobile devices, and easily accessible online games. More importantly, the pandemic especially during the lock-down phase enabled an unprecedented surge.
There are so many ways Indians can gamble on online casinos. This includes but is not limited to online casino betting, sports betting, online bingo, and virtual gaming. Since the pandemic, popular Indian gaming platforms have been recording an increase in users’ registration while also generating considerable income. Consequently, iGaming industries will continue to invest heavily in India’s gaming market and this will significantly boost the country’s economy.
Alternative accommodation
Alternative accommodation is one of the fastest-growing markets as there is an increasing preference for it amongst Indian travelers.
According to a report from a survey in 2018, over 60 percent of India’s travelers planned to stay in at least an accommodation they’ve not stayed in before. The accommodation market is now mobile-driven. Therefore more customers are accessing the platforms to make bookings via mobile devices. In fact, the percentage of bookings through mobile Apps is over 60 percent and is expected to increase continually.
The alternative accommodation segment in India covers the rent of apartments, caravans, villas, hostels, cabins, just to mention a few. Social media especially Instagram and Facebook uploads have always and will continue to influence potential travelers in making informed decisions on the type of accommodation they’d prefer.
Alternative dairy market
The alternative dairy types such as soy, coconut, almond, amongst others, has always been a mainstay of India’s economy. In 2018, soymilk dominated other diary types. According to a report, the revenue generated from India’s alternative dairy market was $20.9 million as of 2018. By 2024, the same source projected the total revenue from these products to appreciably increase to $63.9 million.
The alternative dairy sources are healthier for human consumption than the traditional diary. They are a better option especially for those who are allergic to milk or whose body doesn’t tolerate lactose. Additionally, they are the best option for low fat intake.
Different sales options and internet shopping is a very important tool to increase the marketability of these beverage types. The preference of the majority of the population for low-fat diets and the easy availability of this market will help to generate substantial revenue.
Cosmetic
Cosmetics such as soaps, hand sanitizers, and disinfectants are becoming a new market as well. The health organizations have advised people to regularly use these products as a means to stop the spread of infectious diseases including the current ravaging virus. Companies that are involved in the manufacturing of these products are now producing them more than usual. Taxes accrued from these companies will help contribute to a boost in the country’s economy.