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Weight Loss dominated Wellness Industry booms in India
Riding on the boom in Indian Wellness Industry, India is set to become a major wellness hub in the coming years.
The report notes that of the Rs 5,000-crore fitness and slimming market, 90 per cent is dominated by slimming and fitness services and equipments and the rest by slimming products. The segment is expected to double in two years, it says.
As per market analysis, companies from the wellness sectors are on a look out at expanding their presence to tier II and III cities as the real estate prices take a dip and the rupee plunges.
The Indian wellness industry, that is busy growing at a CAGR of approx 20 per cent, accounts for nearly 4 % of the overall consumer expenditure in the country.
In the words of Health Sanctuary’s Director R H Choudhary, "There is ample room for growth in the wellness sector with companies getting organized and more professional by the day. With our PM Mr. Manmohan Singh’s daring and much appreciated steps to further open up the FDI, time is not far when India will emerge as a major wellness hub in the whole of Asia."
The Indian Wellness sector is largely unorganized, to the tune of 70%. Only brands like Health Sanctuary have the distinction of rising above the threshold and establishing themselves in the organized weight management segment. Sharing the company's strategy, Ms Shubi Husain, the CEO & MD of Health Sanctuary said "Health Sanctuary is the only company in the whole Asia Pacific region that has maintained its character and focussed on its core business i.e. Weight Management."
As per the Report, there is also a continued focus on health foods and fortified products. The report estimates the health and wellness food and beverages segment to be growing at 12 per cent annually and will be Rs 21,000 crores by 2014.
About the growth drivers of the sector, the report says the 40 plus age group will be the largest potential customer base for the wellness industry. The 40-plus age group constitutes nearly 29 per cent of population and this is expected to touch 500 million by 2025.