The rise of pollution level across the country has increased the demand for wellness services like massages, face therapies and more.
According to the latest report, Indian millennials are the world’s fastest-growing economy which is thriving changes and opportunities for new franchisors to mark their presence in the wellness industry.
The wellness industry is becoming an employment generator, providing numerous business opportunities for investors. According to NSDC and KPMG report (2017) the estimated market size of the global beauty and wellness industry is around $1.4 trillion with a CAGR of 15 % over the last five years.
Here are a few trends which can transform the wellness industry in India.
The rise of independent brands
Millennials are emerging and disrupting all sorts of business existing globally. Gone are those days when people invest in certain product/service merely based on television commercials. Keeping the demands in mind, new franchisors are selling and advertising their offering via social media, showcasing the uniqueness of their service.
Thus, independent brands carry the best potential of making big in the wellness industry with lower entry barriers because of the fast-growing global set of consumers.
The industry is already witnessing the transformation on how people are consuming services and products. Millennials prefer to try a product/service on their own rather than being explained on what to consume.
With limited choice, on-demand offerings are the key to attain success as wellness franchisors. With most of the offerings becoming available online, franchisors need to shift their gear towards the advanced technology for walking with the latest trends.
Veganism to gain popularity
Veganism which was famous in the western countries is now gaining popularity globally. People have started to accept it as a part of mainstream offerings. Meanwhile, India has also joined the race which has caused many supermarket owners to introduce vegan-friendly option on their shelves.
This trend is believed to stay for a longer period of time as people are turning more health conscious than ever.
Therefore, considering these trends while establishing your wellness business can help you attain success, quickly generating profit as a brand.