Is your start-up set to surge this year? The 10 fastest-growing business sectors in UK
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For people looking to start their own business, it can be difficult to know what industry to set up in and where there is demand and room to grow. In order to help identify the sectors set to boom in the coming months and years, IBISWorld has provided expert analysis on the fastest-growing industries in the UK.
A theme of this top ten list is industries that were boosted by the COVID-19 pandemic, but these sectors are also predicted to continue to boom into the future as the repercussions of the pandemic continue to affect industry growth.
Safety equipment & supplies – 78 percent
It is no surprise to see safety equipment and supplies atop the list of high performers, with the COVID-19 pandemic a key reason for this sector’s growth.
Personal protective equipment is now more in demand than it ever was before the pandemic hit, and this has inadvertently presented a potentially lucrative business opportunity.
Online food orders and delivery – 45 percent
Demand for online dining has also grown during the pandemic.
Due to not being able to go out for a meal during lockdown, people had to turn to delivery options if they wanted a treat.
More restaurants began to offer home delivery that had previously refrained, and it looks like the trend towards takeaway dining is here to stay.
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Bicycle retail – 43 percent
One million more cyclists hit the road in 2020, meaning it could be a good time to enter the bicycle retail market.
Some people bought bikes to avoid using crowded public transport due to apprehension about COVID-19, whilst others simply want to get fitter.
Online alcohol – 42 percent
With online food orders surging, it is only natural that online alcohol orders followed suit as people looked to recreate a restaurant dining experience at home.
There are now more options for ordering to one’s home from convenience stores and off-licenses, contributing to the continued growth of this sector.
Ecommerce – 40 percent
Ecommerce companies such as the behemoth Amazon have massively benefited financially during the pandemic due to the need to order almost anything to one’s home.
Many people will have used ecommerce for the first time during lockdown, and people appear to be continuing to embrace the convenience of shopping online.
Here is the rest of the top ten high performers set to grow revenue this year:
Precious metals production – 40 percent
Online greeting cards – 37 percent
Video streaming – 33 percent
Language learning software – 31 percent
Online vitamins – 30 percent
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