Healthcare
How wellness SMEs are making India healthier
17 May 2019
With people becoming aware of their personal wellness and fitness, a whole new segment comprising consumers, providers, facilitators, adjacent industries and the government has been evolved. The segment combines sports, fitness and wellness, and has gained immense popularity in India from its nascent unstructured beginning in the early 1990s to a comprehensive ecosystem today. A 2016 report by FICCI and EY Consulting named “Value Added Service – Wellness and Preventive Healthcare” revealed that, during FY15, the Indian wellness industry was valued at around ? 85,000 crores. While a combined report from Research firm, PGA Labs and YourNest, a venture capital fund on the emerging market of Sports, Fitness and Wellness (SFW) market in India highlights the potential of the market. According to the report, the SFW market is set to grow from $35 billion in 2016 to $90 billion by 2022 at a CAGR of 17 percent in India.
The report titled “Health is Indeed Wealth” confirms the trend of growing health awareness with 45 percent of people prioritizing healthy lifestyles, while 60 percent and 21 percent disapproving of smoking and drinking, simultaneously. The report also highlights the catalyzing impact on the peripheral products and services industry that will create 2.5 times more opportunities in the SFW segment. Madhur Singhal, Managing Director with PGA Labs, says in the report, “Millennials want to live better, eat better and feel better, and SFW-led brands will grow in appeal due to the promise of a more fulfilling consumption experience”. Rapid urbanization is further fuelling this trend. India’s urban population, as per census 2011, was 31.16 percent, growing at a CAGR of 1.2 percent. Urban infrastructure is being revamped with the government planning smart cities. All these factors together are shaping the future of the wellness industry in India.
Featured Leader: Aryaman Tandon
This article was originally published on SME Futures. Read more.
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