The World Health Organization defines wellness as a state of complete physical, mental, and social well-being, and not merely the absence of disease or infirmity. The wellness industry includes beauty, nutrition, physical fitness, alternative streams of therapy and rejuvenation. People are becoming more conscious about their health and are taking preventive measures to take care of their overall well-being during recent years.
The mental and physical health industry offers significant opportunities for startups and businesses with innovative models disrupting the sector. Consumer-centricity is on the rise in the wellness industry, with on-demand products and customization being key factors. One of the fastest-growing categories is the Wellness-based apps offering anytime-anywhere information tailored to the users' profile. The on-demand premise means wellness to be served at home or work wherever users want to have services delivered. This is anticipated to move towards a predictive approach empowered by AI. With health and wellness becoming mainstream, the industry expects a boom in the coming years.
Trends in Wellness Industry
• Anti-Inflammatory and Gut Healthy Products: Consumers have been insatiable when it comes to food products in this category. Healing spices are being loved everywhere due to their properties of being anti-inflammatory and other health benefits to the human body. For a start, turmeric lattes are being hailed all over the world. They taste good as well.
• Need-based Subscription Boxes: Subscription boxes are the new specially-crafted surprises that not only look adorable but also make one feel special. These boxes are made according to the various wellness and health needs of a person. Menstruation subscription boxes are the most popular ones at the moment. They also help circumvent the whole process of running to different stores to collect the stuff one needs. The trend for subscription boxes is yet to expand and 2019 seems to be the perfect year for the same.
• The Evolving Athleisure: Athleisure has been in vogue because it fits style and comfort into one basket. Everyone wants to look good while at ease with the choices they make for their wardrobe. Athleisure brought a new revolution in the way stylish clothes were worn and felt. The next level in the era is work leisure. The term is inspired by clothes that make a perfect wear for formal attire with being super comfortable to be athletic.
• Functional Food & Drinks: Functional foods have been buzzing since 2017. Enjoying a healthy drink only to realize later that it was full of calories is every health-conscious person’s nightmare. Functional drinks are here to save the day. Consumers have been loving quality food that has a profound effect on their sense of mental and emotional well-being and does not lead them to count the calories. Vitamin drinks and iced teas with zero calories are in and topping the charts.
The wellness industry in India has grown from being an extremely unstructured ecosystem in the 90s to a more active and growing sector. Over the years, the Indian wellness industry has expanded in its scope, from physical fitness and beauty to a holistic goal of physical, mental and emotional wellness.
The Indian wellness industry is expected to grow at a CAGR of 12% for the next 5 years. From its current size, this industry is projected to achieve USD 23 Billion by 2020 according to a report by FCCI and EY. The government’s consistent efforts to promote wellness have led to a resurgence of interest in traditional medicinal and health practices.
Ministry of AYUSH
AYUSH is the acronym for Ayurveda (A), Yoga (Y), Unani (U), Siddha (S), and Homoeopathy (H). It is the medical system that is being practiced in India and is promoted by the Ministry of AYUSH, Government of India. The method is based on certain medical philosophies and outlines a way of healthy living with the concepts focusing on the prevention of diseases and promotion of health. The system endorses a holistic approach to health, diseases, and treatment. Ayurvedic, homeopathic, Unani and Siddha medicines are constantly gaining popularity worldwide due to their observed minimal side effects. Ayurvedic medicines are marketed in various forms in India, including pills, tablets, powders, fermentation products (Asava & Arishta), medicated fats (Ghrita and Tel), decoctions et al.
The Ministry of AYUSH has proposed to make alternative medicines and formulations to compete in global markets. The Department of Pharmaceuticals has allotted a budget of INR 144 crores for 2018-2020. The current market share of AYUSH medicines is USD 3 billion and the Ministry of AYUSH has anticipated the market share of its medicines and services to be USD 10 billion in the next five years.