The health and wellness industry in India has been growing rapidly over the past few years. We have seen the industry witnessing a marvellous growth from Rs. 901.07 billion in 2018 to an estimated Rs. 2463.49 billion in 2021. Further, the market projections suggest an expected compound annual growth rate of 18.40% for the wellness industry in India from 2019-2024.
The awareness around wellness, physical, and mental health has increased in India over the past few years. We have seen a trend where people are more willing to invest their time and money in improving or sustaining their mental and physical health. The Indian government and Prime Minister himself have played an important role in spreading this message with the popularization of Yoga and structuring the Ministry of AYUSH to give a push to alternate medicine.
The coronavirus pandemic has further increased the focus and attention of the people towards their health and well-being. This is primarily because everyone now understands the importance of building strong immunity and dealing with stress and anxiety. Therefore, the pandemic has, in a way, has made people aware of the benefits of a healthy lifestyle. This is the reason why we are seeing a major growth in the wellness industry in the last one year.
The Internet Factor
While there is an increased awareness, the reliance on technology has added another dimension to the wellness industry. Internet and digital technology have played a major role in this pandemic. Businesses made the shift to an online or internet-based work culture after the lockdown was imposed. This ensured that the businesses could continue to thrive during this crisis.
The tech-enabled or tech-based wellness service providers have been engaging the customers creatively through home workouts, fitness schedule management, yoga, and meditation sessions, etc. We have also seen the major players or brands in fitness industry making use of technology and providing online services. On the other hand, the growing demand for health and wellness-based gadgets like fitness watches, etc., has also escalated.
During the past one-year, various fitness and wellness-based tech start-ups have secured investments, and this is a motivating signal for the industry as a whole. The tech-enabled wellness platforms provide an opportunity for the consumers to access these services from the convenience of their homes, which is something in high demand currently. The coronavirus pandemic, especially, has increased the dependency of people on the products and services which can be accessed from home without the requirement of human contact.
The wellness industry is seeing a growth even while the others have suffered during the pandemic. This is the reason why many wellness-service providers, whether businesses or individuals, are now moving to digital platforms. Whether it is the gymnasiums, nutritionists, yoga trainers, meditation teachers, psychologists, or general practitioners; they have made this important switch to provide their services online.
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The Growth Opportunity
The global wellness industry is estimated to be around 4.2 million dollars, compared to which India’s share is still extremely small. With an estimated 1.3 billion people, India is also stated to be the youngest country in the world, which means the average age of our population is lower as compared to other countries across the world.
This shows that India has a huge potential to grow in this area as the younger population tends to be more aware of fitness and wellbeing, while being tech-savvy at the same time. The industry in India is dominated by large players at the time but 70% of the businesses are Micro, Small, or Medium-enterprise, or emerging start-ups. This is promising prospect for the wellness industry as there is a huge untapped potential for future growth.
There is an increased awareness around mental-health as well which has created a market for mental-health professionals and therapists in India. The urban population is also spending increasingly on nutrition-rich diet, food supplements, and immunity-building products. Therefore, we can see a continuous growth in demand for novel health and wellness products in the country.
The start-ups have been able to tap into this potential and enter the market because of easy access to the potential customer through internet, low-cost technological innovation, and robust marketing strategies. We can expect to see this growth continue in the future as well.
Wellnessta’s contribution
At Wellnessta, we understand this bustling potential of the wellness industry and are working to provide a robust platform which connects the service providers with customers across the country. We are achieving this through tech-enabled innovation as we have created B2B SaaS software which helps the businesses and service providers in running their operations efficiently.
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At the consumer’s end, Wellnessta is just like an online marketplace where they can access and book wellness services through their digital devices. The businesses, on the other side, receive assistance in managing online bookings and other requirements at a low cost.
We have currently launched our operations in Mumbai and are looking to expand our services to seven metro cities in India during the second phase, creating a country-wide presence by the end of the year.
Our goal is to become a market leader in the wellness industry by helping every salon, spa, gym, meditation, yoga, and other wellness service providers to digitize their services. This is akin to bringing a revolution in the health and wellness industry in India and we are excited for what lies ahead.
By: Mr. Sanjeev Singhai, Founder, Wellnessta.com
