An Overview of the Spices Market of India

Wellness Industry

Growth and Changes over Time
2020

Wellness Industry – Growth and Changes over Time

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All over the world, wellness, as an industry, has been the dernier cri of all times. With the ancient practices of Ayurveda and Yoga presenting the concept of healthy body and mind, the industry, over time, has evolved far wider from its scattered and unstructured nascent form. It is widely acknowledged that while the traditional practices of ‘yog’ and ‘ayurved’ can be traced back for their roots to India, different parts of the world have been propounding various forms of health and wellness. Over the years, with increased awareness and consciousness among individuals coupled with changing lifestyles, the wellness industry has grown to become a comprehensive ecosystem. The growing prevalence of chronic lifestyle diseases across the globe is one of the key factors driving the growth of the market. Owing to the sedentary lifestyles and hectic schedules, the prevalence of diabetes, blood pressure, asthma, arthritis, cancer, dementia and other stress-related disorders has increased significantly. This has encouraged the masses to adopt various healthcare activities, including yoga, meditation and athletics. Furthermore, the emerging trend of using wearable devices, such as fitness bands and trackers, is also providing a boost to the market growth. Other factors, including rapid urbanization and rising disposable incomes, along with the increase in the number of health- conscious consumers across the globe, are projected to drive the market further. Looking forward, the publisher expects the market to register a CAGR of around 4% during 2020-2025. Particularly, compared to the last few decades, these last few years have seen a massive change in consumer consciousness and wellness mindset across the globe. This has impacted their daily decision making in terms of consumption of both goods and services. Reflecting across all domains related to health, fitness, recreation and lifestyle, this shift from wellness being a luxury to becoming an essential lifestyle value, from episodic interactions to a more intentional one, from a one-time purchase to a holistic lifestyle integration, has spurred exponential growth for the sector.