We have seen a generation focusing on recovering from illness. A whole new parallel industry has emerged out of illness. Pharma, medicines and healthcare are the industries which are truly based on peoples urge to get cured in what so ever way. This not only gave rise to actual industry but also in creating highly qualified professionals to help people recover their lost health.
Not completely though, the scenario is changing now. We can see lacks of people, youngsters, adults, men, women and even senior citizens, organisations, corprates proactively investing time and money in leading an individual to well-being.
India’s wellness industry has evolved over the years, from being focussed on traditional medicine and preventive practices such as Ayurveda, Naturopathy and Siddha to a more multi-dimensional concept of physical, mental and emotional well-being. In the Financial Year (FY) 2015, the wellness industry in India was valued at USD 13 billion.1 With a spike in health risks and growing need for quality healthcare, the sector is poised to grow at a Compound Annual Growth Rate (CAGR) of nearly 12% for the next five years and reach USD 23 billion by 2020.
The wellness industry is becoming an employment generator, providing numerous business opportunities for investors. According to NSDC and KPMG report (2017) the estimated market size of the global beauty and wellness industry is around $1.4 trillion with a CAGR of 15 % over the last five years.
Here are a few trends which can transform the wellness industry in India.
The rise of independent brands
Millennials are emerging and disrupting all sorts of business existing globally. Gone are those days when people invest in certain product/service merely based on television commercials. Keeping the demands in mind, new franchisors are selling and advertising their offering via social media, showcasing the uniqueness of their service.
Thus, independent brands carry the best potential of making big in the wellness industry with lower entry barriers because of the fast-growing global set of consumers.
Even an individual can become a brand. Now there are thousands of insta-famous youth, who have become brands in wellness of health. This industry is offering unlimited opportunities for young men and women in India.
The industry is already witnessing the transformation on how people are consuming services and products. Millennials prefer to try a product/service on their own rather than being explained on what to consume.
With limited choice, on-demand offerings are the key to attain success as wellness franchisors. With most of the offerings becoming available online, franchisors need to shift their gear towards the advanced technology for walking with the latest trends.
Veganism to gain popularity
Veganism which was famous in the western countries is now gaining popularity globally. People have started to accept it as a part of mainstream offerings. Meanwhile, India has also joined the race which has caused many supermarket owners to introduce vegan-friendly option on their shelves.
This trend is believed to stay for a longer period of time as people are turning more health conscious than ever.
Therefore, considering these trends while establishing your wellness business can help you attain success, quickly generating profit as a brand.
The wellness industry is being driven further by a range of factors including India’s young population, rising disposable incomes and an increase in the occurrence of both communicable and non-communicable diseases. Strong economic growth in the last few years has resulted in a transition in dietary habits, which has led to a steep rise in lifestyle-related ailments. According to a report released by the Confederation of Indian Industry (CII), one in four Indians is likely to die of non-communicable diseases by the age of 70.4 Never before have Indians been more conscious about how fit they are and how they look. Changing lifestyle patterns and nutritional status have been contributing to bringing the wellness industry to the forefront. Rapid urbanization is further fuelling this trend. India’s urban population, as per census 2011 was 31.16% growing at a CAGR of 1.2%. Urban infrastructure is being re-vamped with the government planning smart cities. All these factors together are shaping the future of wellness industry in India.
Currently, the industry comprises a range of segments –alternative medicine, healthy eating and nutrition, preventive and personalised health, workplace wellness, yoga and fitness. To be more precise, the key sub-segments in the sector are beauty care and nutritional care which constitute the maximum industry share at the moment and this is likely to continue to be the scenario in 2020. Fitness centers and Alternative Therapies are catching up and Rejuvenation too constitutes a small share in the market. With significant scope for penetration in areas like nutrition, rejuvenation and fitness, the Indian wellness market is a huge business opportunity waiting to be harnessed. Be it Physical Wellness, Emotional Wellness or Social Wellness, the sector is evolving in its various dimensions. The sector primarily comprises of Micro, Small and Medium Enterprises (MSME) that account for 80% of the market share.5 Almost 75% of the product market is occupied by over-the-counter products such as digestives, health food and pain balms.
Fortunately I became part of this incredible industry six years ago and doing fantastic. I have made fortune for myself and my family while helping people with their health goals and that too when wellness was a thing only for a few. But now even someone with average income family is also becoming aware of wellness. The future is definitely bright for India.
महेश ठोंबरे – 9923062525
Business leader and motivator
I am a wellness coach. I help people with physical well-being. Continuous support, coaching and structured/proven approach is the key. You also can become a coach like me, its easy, trust me. To contact me please call – 9923062525
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