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With the market surveys projecting a massive growth potential in the health and wellness industry in the near future, let's look at the prevailing trends in the Indian market.
SINCE ancient times, the concept of wellness has been in vogue and has evolved rapidly from its nascent unstructured beginning to today's new era when it has taken a leap ahead with franchising of spas and ayurveda centres. Entrepreneurs who have become involved in the wellness industry are finding it extremely lucrative and are poised to do well financially in the future.
According to FICCI, players in the wellness industry have responded to this change, shifting their focus from traditional offerings like curative healthcare and value-oriented mass products to new generational offerings like preventive healthcare, luxury products and personalised services. Adjacent industries such as retail, healthcare, hospitality, among others, are assimilating wellness as a part of their value proposition, opening up huge opportunities as they move forward.
According to a recent study by the Stanford Research Institute International, the global wellness industry represents a market of nearly $ 2 trillion as opposed to the Indian wellness industry, which is a $ 9.8 billion market; accounting therefore, for less than 2 per cent of the global wellness industry.
Interestingly, the wellness industry has used the business potential of traditional Indian practices and home remedies and has moved from being a notion about luxury services to becoming a necessity. This is attributed to the fact that people want to live longer and healthier lives and so wellness, at some level or the other, is no longer the comfort of the rich. It is believed that with the active involvement of the government and private participants, the wellness industry in India can create a visible impact on a global scale. By 2015, wellness services alone are expected to have the potential to generate three million job opportunities.
The report, “India Wellness Industry Outlook 2016 - Robust Growth in Alternative Therapy and Nutraceuticals Market” by Research and Markets provides a comprehensive analysis of the various aspects such as market size, segmentation of fitness and slimming products and services market, Health Spa, alternative therapy and salon market, cosmetic products market and nutraceuticals market in India. The report also denotes lucrative revenue generated by the wellness industry as well as market prospects and future business opportunities for this industry.
This sector of wellness industry is slated to grow in the near future with increasing material comforts for the people belonging to the Indian middle class as also increasing their awareness about health and good living habits.
Franchising in the wellness industry has helped many chains of body spas in their growth by offering opportunities to aspiring entrepreneurs with a range of investments suiting their pockets. Mystic Spa, Zazen Spa, Body Spa, Tatha, The Four Fountains Spa, The Palms Spa and many more are among the organised and big players in the category of body spas.
Darshan Rawal, Director, Zazen Spa, says: “Our company is surely the fastest growing in the spa and wellness industry in western India. There is no other spa chain that has opened five outlets in 18 months. We provide an excellent business opportunity for young and budding entrepreneurs who are keen to be a part of the service industry.”
With increasing disorder in health and lifestyle, medi spas have gained momentum in the wellness industry. They are not only treating their customers holistically but are also providing opportunities to potential franchisees to grow in the industry.
The leading players in this category are Kairali Ayurveda, Salt Room Therapy, Aroma Thai Spa, Olivia, Deep Ayurveda, Seven Sees Spa, Pure Touch Spa, Birla Kerala Vaidyashala and others. These brands have been successful in making their names known in the wellness industry via the franchise route and are planning to expand their footprints across India.
“We have had a tremendous response from a cross-section of the community for various conditions and have many testimonials on our website. Some of the customers that we are treating will also be our future franchise partners,” says Sanjay Mehta of Salt Room Therapy.
He also adds that Salt Room Therapy follows the franchise model and is operational with low running costs. “Our aim is to spread Salt Room Therapy across India and encourage budding entrepreneurs to achieve their potential while providing a much-needed service to the community.” Currently, the brand operates three franchise outlets with a target of 25 more across India by the end of 2013.
As the name suggests these premium spas cater to the needs of high-end customers with their luxurious services and business opportunities with bigger investments and expertise. Mostly operational in resorts, high-end hotels and airports, premium spas follow the concept of Indian traditional massages in contemporary and urban couture and lifestyle. IOSIS beauty and wellness boutique, Aura Thai Spa, Kaasha, Aradya and others are operating their chains across the country as well as overseas offering international standard services and potential business to their investors.
Kashiff Khan, Founder & Chairman, Aura Thai Spa, says: “The $13 billion Indian spa industry proves that no matter what the economy, people will always find the time and money to bring beauty to their lives. Aura Thai Spa presents entrepreneurial opportunities for people who would like to be a part of this growth story. Aura Thai spa offers a turn-key operation that's perfect for the absentee owner or an owner looking for limited involvement with great returns.”
The brand envisions making health, beauty and wellness available to all. In India, the brand's first spa was started in Mumbai and it has sold 55 units so far.