New Delhi. This year wellness industry saw a rise in Ayurveda added wellness and global trends indicate that wellness is now a dominant life style value. It is changing the market as well as the consumer behavior .Wellness is approximately 4.5 trillion global industry now. Basic problem with the traditional Ayurveda players is that they want bigger share of the cake but don’t want to be seen as profiteers. ” Some are greedy, some are too conservative and some others want to do something but don’t have financial backing,” a small Vaidyashala owner from Jaipur told Ayurved Sutra. ” If you have money , you can sell Ghee from Bikaner branded as Haridwar product. Who cares the ethics and values ?” , he added. Although all the players accept that future of the industry is brighter and investment according to consumer behavior holds the key.
Personal care and beauty, Healthy eating, nutrition and weight loss,Wellness tourism,Mind-body Fitness,Traditional and complementary medicine are the known sectors but new sectors like Wellness real estate business are also booming. Workplace wellness and financial wellness are the new buzzwords. ” I want my boss to go along with me for a quick yoga and than ask me about sales target.I bet, things will change like anything,” says Ramesh Kapoor, working with an IT startup at Gurgram-India. Someone suggested him Arjuna leaves for healthy heart and he suddenly started to search its availability online. Middle level executives are more interested in meditation, rather than management Guru workshops. Sadhguru Jaggi Vasudev style combination of corporate spiritualism is in vogue. Patanjali’s Swami Ramdev has a grip on urban middle class consumers who believe that, pure and natural means Patanjali ayurveda products. Spa business is more organized now. Fitness Companies are facing competition too as gym alone doesn’t work. Apps, watches, vacations are clubbed in the new emerging holistic market. Wellness travel has around 18 percent share of the total tourism. In last October, Global Wellness Institute released a report. According to that report, “We’re a getting to the point where the whole wellness economy–the economy part–has to start engaging with the public part.Wellness tourism to grow at an average annual rate of 7.5% through 2022, considerably faster than the 6.4% growth estimated for overall tourism. By 2022, the spend will hit $919 billion, with 1.2 billion wellness trips taken annually.”
Here are the projections by GWI-
Asia-Pacific market is entering in to a new phase with socio-economic reforms. Urban working class is more health conscious and the metro elite is flaunting the wellness gadgets as a fashion statement. The new year, 2019 is going to be a year of consolidation of wellness market. So, hey consumer, Eat, Meet, Breath , Wear the wellness!