Covid 2.0 has pushed people towards the need for effective health and wellness products and a healthy lifestyle by consumers and India have acquired a taste for healthiness in recent years.
Consumers these days are more fixated on purchasing the right products and services and have started paying more attention to preventive healthcare and holistic wellness. While the rising incidences of chronic lifestyle diseases, stress, and other diseases drive the Indian health and wellness market, the increasing number of new product launches affecting health and wellness push the market growth.
This immense change in people’s approach towards health has altered the health and wellness industry to develop as a prosperous sector. The desire to transform their lifestyles for the better, mainly between the Millennial for whom well-being and happiness take precedence, has been a driving force behind this change.
Covid has made people realize the importance of preventive healthcare and overall health and well-being.
The improving Indian economy has given the lower-and middle-class consumers to spend more on their health and well-being. And the Indian government’s role in inviting key players to invest in wellness under the flagship “Make in India” scheme and its move to establish the Ministry of AYUSH is also indicative of boosting the health and wellness market in the country.
Apart from high levels of investments, high-end tech integrations have also led the Indian wellness market to witness spectacular growth. For example, there are many high-end yoga studios, wellness spas, and retreats, mobile applications for personalized wellness, and several other wellness trends that have not only redefined how the industry was viewed but have also given the key players in the industry a much-needed boost.
In addition to that, social media marketing has been instrumental in spreading the popularity of health and wellness products among all demographics. Per a study by Numr Research, about 33 percent of Millennial spent more than Rs 4000 on their health and wellness every month.
Another significant rising wellness movement that has led to the rise in the health and wellness product sector is predictive genetic testing and wellness genomics. Genetic testing which is capable of revealing genetic mutations that might lead to illnesses can help people to be prepared for dealing with the issues, and more importantly, make lifestyle modifications that can help cut down their risks if any. This form of testing allows consumers to take up wellness measures such as Fitness and nutrition products and services well in time to lead a life of normalcy, characterized by good health.
Moreso, telemedicine is one more vertical that is currently gaining momentum in the Indian health and wellness market especially amid the current pandemic. It has enabled thousands of individuals, even from low-income groups to remotely access medical diagnosis and treatment using advancing telecommunication technologies.
With consumers dictating terms for product development, the manufacturers have no choice but to adapt to a customer-centric approach.
With a focus on cleaner eating, dietary habits such as low-carb, Keto, and intermittent fasting are some upcoming trends that appear to be gaining traction these days. There is also a surge in consumer-centric demand for food products that suit different kinds of lifestyle and dietary requirements such as keto, diabetic-friendly snacks, fortified foods, cold-pressed juices, gluten-free products, immunity-boosting foods, etc.
Both start-ups and established companies have caught on to this trend and have witnessed phenomenal growth. Per Nielsen’s insights, Indian consumers these days look at food labels and are willing to pay more for products that make the cut, especially those with added nutrients. They are also brand-conscious and are loyal to trusted brands.
The nation is waking up to health and wellness in a huge way and in particular, preventative measures and better eating habits seem to be the epicenter of the focus, just the way they ought to be!