By Gulshan Bakhtiani
The wellness market has a USD 1.5 trillion value, and it grows 5-10 percent annually, based on a recent report by McKinsey & Company. This denotes that although the industry had quite a late start on the global front, it has been able to gather significant responsiveness from consumers, and their interest seems to be growing every day.
Higher wellness consciousness has led to mindful eating, targeted eating, and outcome-based eating. People who are aware of the importance of taking the time to savor every bite are on the verge of the mindful eating trend, which encourages people to enjoy their meals for 15-20 minutes while staying mindful of the moment.
Mindful eating is a daily way of observing the foods and drinks we eat. Choosing the right food is easy when we understand how food affects our feeling. As a result, food condiments such as millet atta and products utilizing beneficial ingredients, such as aloevera, have been developed in the market.
The health and wellness products market has seen significant changes in consumer behavior. Consumers are now more socially aware and tech-savvy than they were before the pandemic, which has led to the emergence of the health-conscious consumer segment of the new age. This recalibration of consumer attitudes is on the verge of transforming India’s retail pharmacy sector.
To meet the growing demand for health foods, manufacturers and retailers are enhancing their supply chains. Various brands are being forced to adopt an omni-channel supply model by e-commerce giants and retailers.
Many companies employ aggressive procurement strategies, such as creating buying alliances, reducing inventory levels, and tightening up on SKU proliferation. In addition to consolidating smaller brands, they seek differentiation to strengthen their brand. Tata Group, for example, is diversifying further with its strong market presence by acquiring stakes in Big Basket and 1mg.
Despite the challenges in many markets, over-the-counter formats continue to do well, especially in the mobile space. The consumer demand for keto-friendly, vegan, gluten-free, and clean products has led to a number of brands offering them. Startups are now offering personalized foods which are laying the foundation for personalized medicines.
In the next two to three years we foresee more humans moving towards technology detox and people going back to basics in the form of Ayurveda and nani-dadi ke nuskhe. Additionally, the onset of disruption is going to be seen in the mental wellbeing space. The stereotypes and stigma around mental health will be broken and impetus will be given to mental health.
(The author is Founder and Promoter, Wellness Forever Medicare. Views expressed are personal and do not reflect the official position or policy of the Financial Express Online.)
