India’s wellness market is predicted to grow from INR 590bn (US$9.9bn, £6.5bn) in 2011 to over INR 1tn (US$16.9bn, £11bn) in the next four years.
The growth comes as rising income levels and increasing awareness of health create significant opportunities for wellness groups, according to a report by PricewaterhouseCoopers,
The Winds of Change – The Wellness Consumer, an analysis of which is published in the current edition of
Spa Business magazine.
The report says growth is being fuelled by a number of factors. In smaller tier-two and tier-three cities, demand has grown for cosmetic products, fitness services and salons. Interest in wellness has been matched by an increase in the number of new spa and wellness businesses, while branded products and salons, such as Jawed Habib, have grown in prominence.
Salon and beauty care, India’s most valuable section of the wellness market, is predicted to grow from INR 230-245bn (US$3.9bn-$4.1bn, £2.5bn-£2.7bn) to INR 400-410bn (US$6.8bn-$7bn, £4.4bn-£4.5bn) by 2014, while developing market sectors like fitness and slimming will grow from INR 50bn (US$848m, £550m) to INR 110bn (US$1.8bn, £1.2bn) in the coming two years.
Coupled with these developments in demand, perceptions have changed, as more men choose to buy wellness services, leading to an increase in the sales of men’s grooming products.
The study was launched at a conference of the Federation of Indian Chambers of Commerce and Industry (FICCI). Copies can be downloaded
here.
Click here for an analysis of the report in the current edition of Spa Business magazine.
