With fast lifestyle changes and evolving, it’s no surprise that wellness centers are currently blooming in wellness industry and the following could be the factors.
From a highly unstructured ecosystem in the 90s to a more active and prominent sector today, India has shown a dynamic spurt in the wellness industry. According to a study by FICCI and EY the wellness industry is expected to grow at a CAGR (compound annual growth rate) of Rs. 1.5 trillion by 2020. One key factor that contributes to this growth is the rise in disposable income and increasing prevalence of communicable diseases.
Ever since India was mentioned among the list of Top 15 Destinations with Best Hotels for Wellness across Asia in 2015, the growth has only fueled. Three major cities – Jaipur, Mumbai and New Delhi have been claimed to be the best for a rejuvenating experience by defeating all other centers throughout India.
India is home to the world’s two oldest, safest, and most effective wellness practices of all times – Yoga and Ayurveda. Come to think of it, India has always advocated for good health and well-being. It’s not just these hubs but also the entire country that bears a rich history in medicine and health. Factually there are numerous places all around the country that’s important in wellness tourism for both domestic as well as international guests.
But even when India is known as the land of Ayurveda, Yoga, alternative medicines and many other branches, they haven’t been accustomed to pay heed to overall wellness. There’s been a tendency towards sick-care and treatment rather than preventive care and overall health maintenance – a pattern contradicting.
Over the years, however, there’s been a huge shift in the pattern. Youngsters in their 20s and 30s are now a lot more conscious than ever before. Today, they are willing to invest in a healthy diet, healthy working and living lifestyle. Since people are more health-savvy now and love to keep track of their progress, an influx of gyms, fitness apps and other such tech has gained prominence in the market. The importance of mental well-being is just as important as physical but has long been treated as some sort of taboo in Indian society. That outlook is also changing, as people are getting more exposed to this area and actively seeking help to address such concerns. All these little but consequently big factors are providing significant opportunities for startups and businesses in the spectrum of overall wellness.
One major trend we’re observing is the consumer-centricity, that is, shifting focus on more personalized products and services. Another major trend is the personalizing of products and treatments, by gathering the individual’s data and analyzing it. We can also see corporate tie-ups as well as mergers and acquisitions paving bigger opportunities for the Indian wellness market in 2018 and beyond.
As for the government, it too realizes the need for support and has begun pushing for wellness industry in the country. Similarly, many investors and incubators have begun to offer their support and are mentoring startups in the wellness sphere.
To conclude, the future of the industry is a wide-eyed one: constantly creeping up with new expectations and roads. The need of the hour, however, calls for a coordinated effort between private and public government bodies to confront the wellness sector and convert the business potential to a maximum beneficiary outlet for the people.
