New Delhi: Notwithstanding the current economic slowdown which has impacted several sectors, the Indian wellness services market is expected to remain buoyant and has the potential to sustain a compounded annual growth rate (CAGR) of approximately 30-35% for the next five years, says a latest study by FICCI and professional services firm, Ernst & Young. The wellness services market is currently estimated at Rs 11,000 crore.

The FICCI-EY report, titled Wellness- Exploring the untapped potential, highlights that the growth is expected on the back of favorable market demographics, consumerism, globalization, changing lifestyles, increasing availability across categories and regions and rising awareness among people.

Says Farokh Balsara, Partner, Advisory Services, Ernst & Young “Given the favourable demand and supply dynamics, wellness presents strong business potential. With this report, we have sought to present a comprehensive picture of the complete wellness economy, comprising users, service providers and the facilitators, the challenges faced by each one and the way forward for each of these stakeholders, to successfully ride this wave.”

The Report has classified the wellness industry into seven core segments within different products & services, such as Allopathy, Alternative therapies, Beauty, Counseling, Fitness/slimming, Nutrition and Rejuvenation. Of these, rejuvenation services such as spas, alternative therapies, ayurveda treatments and beauty services are expected to show growth rates as high as 30%. At the same time, fitness comprising gyms and slimming centers are expected to grow by more than 25%. Nutrition products, including dietary supplements, health food and drinks have shown a growth rate of 8-10%, whereas allopathy as a segment was not classified due to its traditional linkage to healthcare.
» Read more: Indian wellness services market to grow at 30-35% CAGR, says FICCI-Ernst & Young Report