India is developing at a fast clip and competitive lifestyle has led to increased stress levels. Anxiety, depression, high blood pressure, and lack of sleep are common even among the Gen X and this has given way to the rise of the wellness industry.
According to a study by McKinsey & Company the wellness industry is currently valued at $1.5 trillion globally. This study analysing 7,500 consumers in 6 countries (including India) has offered key insights into consumer behaviour. The consumer trends in this study can be grouped into the following broad categories:
People are investing in many remote medical devices that can constantly monitor their state of well-being. With the increase in popularity in digital wearables, telemedicine, and remote patient monitoring services, this trend is bound to increase.
Dieting has always been a significant part of being healthy. An increase in dietary food, supplements, and nutrition coaches has been observed in recent years.
Introspection, understanding the body and its processes to the molecular level, and figuring out ways to implement clarity of thought and methods for improving focus have been huge draws for the wellness industry. Further, with central government's schemes like AYUSH and the introduction of International Yoga Day by the United Nations, this particular trend has seen enormous growth.
People are exercising more whether it's jogging, going to the gym, investing in a Pedometer etc.
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CHANGING TRENDS OF THE INDIAN WELLNESS INDUSTRY
Let us look at some of the recent trend in the Indian wellness industry.
Spurt in Organic Products
India has become one of the largest producers of organic products. A growing number of people are actively investing monthly in organically grown produce, organically processed meat, wood-pressed or cold-pressed oil, cosmetics made from organic materials, and clothes made from pure cotton instead of manufactured materials.
People becoming more conscious of what they put in their bodies has led to a steady increase in organic shops across India.
Healthcare goes Phyigital
Apart from physical chemist stores, there has been an increase in popularity of telemedicine and remote-patient monitoring. Consequently, healthcare and the wellness industry are gaining an increased online presence. There are a plethora of online exercise videos, fitness and meditation apps which have flooded the internet space.
Increased Physical Activity and Nutritional Supplements
From using simple calcium supplements and energy drinks to adhering to a strict diet regimen, today's consumers are genuinely worried about falling sick, which has led to an increase in purchasing supplements.
Consumers have started buying Vitamin, Zinc, and Iron tablets to whip up their immunity. Indians have also begun consuming Gluten free cereals, cold-pressed juices, Avocados, and other food products recommended to be healthier alternatives.
Voice of Social media Influencers
With the increase in online dependence, the voice of social media influencers is soon to be gospel when it comes to maintaining a fit body and healthy mind. Much like how mainstream celebrities endorse various products, the wellness industry has seen great rewards in deploying online influencers to support their products.
India has become a wellness hub globally with a 12 per cent growth per annum. The Make in India thrust will bring in more investments in this sector. The government has earmarked a budget of around Rs 3,400 crore for the next 5 years to set up and strengthen Ayush Wellness Centres under the National Ayush Mission. This has sparked a rise in startups in the wellness sector.
Undoubtedly, the global pandemic has given rise to a new consumer behaviour where they are becoming more conscious about their well-being and choosing a lifestyle which is sustainable and healthy.
The aftermath of the pandemic has resulted in increased implementation of technology, and with the acceptance in the consumer market in India, the wellness industry will evolve and grow further.
(This article is authored by Madhav Sarda, Tea-Taster and Managing Director, Golden Tips Tea)