The Future Of Wellness Brands In India

An average Indian millennial now spends INR 4,000 per month on fitness and wellness. This spending will rise in terms of ticket size and the number of people in this bracket

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The largest change in mindset that the 21st century has witnessed is probably the perception of wellness. Never in human history was wellness such a sought after outcome by such a large portion of the population. During most of human history, specific fitness and wellness activities have remained confined to specialist groups, while the remaining population thought of the impact of their lifestyle on their daily wellness as a natural occurrence.

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We live in a time when over 50 per cent of the population believes--actively or latently--that their health and wellness can be controlled and cultivated actively. Although for 90 per cent of wellness seekers, health and wellness still remains driven by tangible parameters linked to rising individuality: looks, managing health conditions, and entertainment there is a segment of the population that is driven by the idea of holistic wellness, longevity, quality of life, and perpetually maintaining healthy vitals.

Companies are delivering their best, as we witness no shortage of technologies pledging to make us well, from wellness products, fitness wearables, telehealth apps, to smart home gyms. But the fact is we need a good balance of everything to make these products, services, technologies to result in healthy living—a unique collaboration between the technology industry and the wellness industry can help us achieve that. Wellness industries are introducing new technologies and virtual worlds that deliver a far more enveloping experience and fundamentally change how wellness is offered to global consumers.

Out of the $5 trillion wellness market, India will contribute around 3-4 per cent by 2025. This is a huge jump from the total contribution of less than 0.25 per cent of the total global market. An average Indian millennial now spends INR 4,000 per month on fitness and wellness. This spending will rise in terms of ticket size and the number of people in this bracket.

Wellness brands can be classified into the following categories: health, fitness, appearance, nutrition/taste, sleep, environment, mindfulness and social. Let's talk about few of them:

Health: Consumers are spending more on health and are increasingly demanding convenient, affordable care access. Furthermore, consumers are trading up in health and safety and are willing to pay more on health-branded products post-pandemic. Hence, health will be defined by the requirements of different patient populations and their associated effective care journeys and beyond that. These ecosystems' consumer-oriented nature will also increase the number of healthcare touchpoints to modify patient behavior and improve outcomes.

Fitness: The future of fitness is set to persist on an innovative and visionary path, where gradual and immediate needs will meet modern solutions. The last two years have demonstrated challenges for those in fitness as they have learned valuable lessons. The future of fitness will depend on the success of how optimally the technology to provide immersive and cutting-edge experiences is leveraged. For example, with the ability of fitness software to offer an in-built streaming service or blend with wearable fitness technology, fitness consumers have a more significant possibility to exercise from home, be engaged and stay fit.

Nutrition: The escalated attention towards nutrition has resulted in more people being interested in finding the solution. As we advance, technology will play a significant role in this as well. For example, food tracking will help companies and buyers track the sources and journeys of their foods. Better access to details will reengineer the way people think about food and its relationship. Additionally, augmented awareness of inadequate nutrition's catastrophic and across-the-board effects will ultimately direct to the adoption of more competent, healthier, more endurable eating habits. We don't need an option: we need a reboot to the bases of healthy eating that delegate our bodies and brains to live fuller, lengthier lives. Nutrition fights will be on the front lines of this revolution.

Mindfulness: The pandemic has advanced our understanding of the vulnerability of our mental health. Sitting squarely at the crossroads of our physical health and external circumstances, we've seen how quickly circumstances and challenges impact our moods and behaviors. We've even realized just how strong and resilient our minds can be. It's also feasible that artificial intelligence could progress to the point where it could provide rudimentary care.

Wellness will become a standard feature of almost all product and service offerings in the coming decades. It will become a central pillar around which solutions are designed. At this point, it will be normal to assume that anything designed or delivered by any company will be conducive to better health and fitness outcomes. This is similar to how safety and quality features became a standard part of all product and services offerings in the 1950s and the 1960s.