The wellness wave
October 2012
Wellness is not just an idea or a concept of the New Age. It has become a brand and consumable commodity, on which billions of rupees are riding in the market.
Wellness: a mega-buck industry To cater to the demands and requirements of this new and fast developing industry, FICCI (Federation of Indian Chambers of Commerce and industry) the oldest and largest business organisation in India, organised its fourth Annual Wellness Conference on August 24, 2012, in Mumbai this year.
Focussing on the Wellness Consumer, the event had panellists from brands like VLCC, Kaya Skincare, Nestle, DSM nutritional products, Kairali Ayurvedic group, AVN Arogya Healthcare Ltd, Religare Wellness and other stakeholders of the wellness industry. Inaugurating the conference, Mr. Rashesh Shah, Chairman, FICCI, Maharashtra State Council and CEO of the Eidelweiss Group, said that the domestic wellness industry was on its way to touch one trillion rupees in term of investment, and market players needed to understand the shifting trends in the business. “There is a need for standardisation, accredition, regulation and sustained growth of this sector,” he said.
Ajay Pahwa, Co-Chairman, FICCI National Wellness Committee and CEO, Kaya Skin Clinic, said, “This industry is still not as organised as other sectors are and is faced with a talent crunch. Though it has huge potential because India is the origin of wellness concepts such as ayurveda, we have not yet fully tapped our resources.” He stressed on the need for having a roadmap for this sector.
Rachana Nath, Executive Director of PricewaterhouseCoopers Private Ltd said that the 540 billion INR wellness market constitutes less than four per cent of overall consumer expenditure in India. “There is a great opportunity for this sector in tier II and tier III cities also, which constitute 100 million people who are fast becoming aware of a wellness quotient in their lifestyle,” she said.
Mr Shikhar Aggarwal, member National Council on Skill Development, said that this sector badly needs skilled workforce and banks have approved of schemes for funding courses in wellness. “There is a huge scope for women and North-Eastern people in this market segment,” he informed.
Later during the programme, many business modalities were shared with the participants and light was thrown on areas which need to be looked after for ensuring sustained growth.
The wellness industry includes spas, gyms, health foods, fitness equipments, beauty care, organic products, medical care and hospitals and is rapidly growing worldwide thanks to the increased awareness among people about a holistic lifestyle.
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