Based on various industry reports and projections, here are the top 5 franchise industries in 2022 and what the future may hold for franchise businesses:
1. Fast Food & Restaurant Franchises – Despite the COVID-19 pandemic, fast food and restaurant franchises continue to be a popular choice for franchisees. According to the International Franchise Association (IFA), the restaurant industry is expected to see a steady growth rate of 2.5% annually through 2025. Many brands are pivoting towards technology and digital ordering to stay relevant, such as implementing mobile ordering, delivery, and curbside pickup.
2. Fitness & Wellness Franchises – Health and wellness has become a top priority for many consumers that has many positive benefits, and the fitness and wellness industry is growing as a result. According to the IFA, the fitness franchise industry has grown at a rate of 4.7% annually from 2015 to 2020. With the pandemic leading to increased demand for home workouts, virtual training, and outdoor fitness classes, franchises in this industry have the opportunity to adapt and innovate.
3. Education & Tutoring Franchises – The education and tutoring industry is expected to continue to grow, driven by the increasing demand for educational support services. Tutoring has been shown to improve academic performance. According to IBISWorld, the tutoring and test preparation industry has grown at an average annual rate of 4.4% from 2015 to 2020. As the demand for online education and tutoring services increases, franchises that offer digital and remote learning solutions may have a competitive advantage.
4. Cleaning & Maintenance Franchises – With the pandemic leading to increased demand for sanitation and disinfection services, cleaning and maintenance franchises are in high demand. According to FranchiseDirect, the cleaning industry is projected to grow by 7% in 2021. Franchises that specialize in disinfection and sanitation services may have a particular advantage in the current market.
5. Senior Care Franchises – As the global population ages, senior care franchises are expected to see continued growth. According to FranchiseHelp, the senior care industry is projected to grow at a rate of 7.8% annually through 2026. As the demand for in-home care and assisted living facilities continues to rise, franchises that offer personalized and compassionate care solutions may be in high demand.
Overall, the future of franchise businesses will likely be shaped by technological advancements, changing consumer preferences, and market conditions. While there may be challenges such as increasing competition and economic uncertainty, franchises that can adapt and innovate may continue to thrive in the years to come. Contact Kate Ross at 425-300-6900 to learn more about your very own Franchise business opportunities.
References:
- International Franchise Association. (2021). IFA Franchise Business Economic Outlook for 2021.
- IBISWorld. (2020). Tutoring and Test Preparation Franchises in the US – Market Size 2005-2027.
- FranchiseDirect. (2021). Cleaning Industry Analysis 2021 – Cost & Trends.
- FranchiseHelp. (2021). Senior Care Industry Analysis 2021 – Cost & Trends.
