Wellness industry in India: What does the future hold?
The current wellness industry
The wellness industry has evolved rapidly in a few years due to growing acceptance and understanding of health and wellness. With fitness being a matter of concern, people have started undivided attention to it. Youth and middle-aged people are proactively taking measures to maintain a healthier lifestyle and prevent any lifestyle-related issues.
Practices such as instilling fast food in the diet, lack of adequate exercise, sedentary lifestyle and heightened air pollution, all the factors together resulted in the citizens of the country falling prey to lifestyle-related ailments including diabetes, cardiovascular diseases, chronic kidney and respiratory diseases, etc. Witnessing the dire need of wellness, the individuals have consciously changed the tides and are working towards creating a better lifestyle which is ailment-free.
The wellness sector has been booming since the past couple of years as alternative therapies and measures are being deduced to shield the people of the country from sickness hazards. Securing a sustainable future and boosting health, the wellness industry has been reaching new heights of success.
The wellness industry has a market size of USD3.7 trillion representing more than 5% of global economic output. The Indian wellness industry was estimated at close to USD13.4 billion in 2014-15 and is expected to grow at a compound annual growth rate (CAGR) of nearly 12% for the next five years.
The upsurge of wellness
Wellness is about carrying a comprehensive, holistic approach towards your mind, body and soul.
In times of uneasiness, we tend to synthetic resorts of medicines and other treatments, but it is time we noticed the value of maintaining a routine that helps us prevent the illness rather than curing it at a later stage. Wellness could be tagged as the synonym for self-care.
Since last few years, there has been a paradigm shift in the way people preserve their health and maintain it. Speaking of the distinct measures, it can be seen that people in their 20s, 30s and even 50s are becoming mindful of their approach and are focusing on adopting the right approach to stay fit. People are eating consciously, indulging in physical activities, sleeping on time to maintain a healthy lifestyle. Wellness isn't about looking good, but rather about feeling good-- from within. And sadly that is not an aspect covered by health insurance policies or any organisation that claims to stand by a person to encourage their health naturally.
India, a country known to be associated with traditional practices of Ayurveda, yoga and other health practices is now expanding its footprint by encouraging comprehensive wellness and holistic health of an individual. Wellness is a nascent development in the industry, blending various branches to form a cumulative sector that represents health and a fitter lifestyle.
Various alternative measures and therapies are catching up with wellness, along with some rejuvenating measures that contribute a small share in the sector of health. Wellness is upping its market as it nurtures all aspects including physical, emotional and social, in the industry. Steered by a variety of factors such as the growing population in India, the inflating disposable incomes and a noticeable hike in the occurrence of both communicable and non-communicable diseases, wellness has now become a necessity for all. Strong economic growth in the past few years has resulted in a shift in dietary habits, which has further led to a surge in lifestyle-related illnesses.
With a wide scope for penetration in areas like nutrition, rejuvenation and fitness, the Indian wellness industry is a huge business opportunity waiting to be harnessed. The growing wellness space has attracted a large number of potential investors to invest in this growing sector.
What the future holds:
India is gradually becoming a hub of wellness services being rendered to the patrons and has been attracting people from all over the world. The country has observed a significant transformation in lifestyles of the citizens as a result of customised healthcare services, holistic fitness routines, wellness and self-care products etc. People are now luring international brands to the country of culture to further encourage healthy lifestyles and a fitter, comprehensive approach towards oneself. The government is also introducing programmes to promote the wellness industry in India. The Ministry of AYUSH with a separate department for Yoga, which has been exempted from service tax, is another example of government’s efforts. The sector has the potential to generate over 3 million job opportunities.
Wellness industry has opened doors to employment opportunities for a lot of people. The demand of services in this sector has led to people from all walks of life making the most of their talent and skills. People practicing yoga, meditation, running spa and health centres are all contributing in making wellness industry one of the fastest growing industry in India. People are now opting for all kinds of non-conventional jobs based on their talent or skills as they can now consider a variety of prospects that they can explore as a full time occupation.
Wellness has been presenting it’s a-game in the sector of healthcare and holistic development of oneself, and is bound to reach new horizons of success by every passing day.