The Indian wellness industry is sized at USD 42.1 billion in 2023 and is slated to cross USD 70 billion by 2025, growing at a CAGR of 28-30%. Increasingly the traditional boundaries between wellness, hospitality, vacations, and serviced living are blurring, as Indians are now prioritizing health and wellbeing, just like their global counterparts.
Though previously, wellness was mainly preferred by affluent foreign tourists and senior corporates, these days urban youths, across both metros and non-metros, are realizing the significance of wellness and rejuvenation and taking their lifestyle goals seriously.
The demand for holistic health, wellness, and feeling good is soaring all over, making wellness real estate a lucrative business option. India’s rich and diverse landscape, which is blessed with scenic hill stations, picturesque foothills, lush green valleys, secluded sea beaches, etc. further makes it a fertile ground to start wellness business ventures such as general-purpose spas, Ayurveda centers, destination spas, ecohotels, etc.
Also Read: 5 realty hotspots in Gurugram with promising investment potential
Mentioned below are the five key trends that will shape the wellness business in India in 2024:
The demand for holistic health will rise: The meaning of wellness won’t just be limited to medical wellbeing, curing of ailments, skin & beauty care, etc. Rather, the focus will be equally strong on holistic well-being, feeling good from inside and staying away from unnecessary stress and anxieties of daily lives. People will take vacations not just to have fun but also to recharge, refresh, and pick up new lifestyle changes to lead more meaningful & productive lives. Alongside general wellness packages, the demand for curated packages on stress management, sleep management, weight loss, spiritual enhancements, etc. will sharply rise.
From line extension to concept hospitality: Spas & wellness were built inside hotels and resorts to diversify and create a new revenue stream. However, now many hotels and resorts are built in tranquil and picturesque destinations revolving around the concept of overall well-being, The new-age wellness resorts will not be just limited to an idea of luxe property with a slew of amenities such as spas, pools, aromatherapy, and fitness centers. Rather it will understand the fundamental connection between nature and human beings and smartly leverage it to have a far-reaching impact on mind, body, and spirit. From ambiance to décor to spatial designs to the sounds & services, everything will be based on distinctive wellness philosophies.
Wellness to positively impact adjacent industries: Wellness will positively impact and influence other related industries such as tourism, real estate, retail, fashion & lifestyle. We will see traditional boundaries coming down and interplays between various industries will be visible. Wellness will work in tandem with retailers, salons, health centers, F&Bs, etc. to offer higher values. Technology and media will also play a larger role in aggregating the space and developing new stacks of services.
Wellness and fitness packages for hectic Business Travelers: Besides recreational and leisure wellness, there will be a growth in business wellness, to cater to busy corporate travelers. Despite busy schedules, these days business travelers do not want to lose on their fitness, lifestyle, and wellness goals. After a hectic day, everyone wishes to relax, unwind, and pamper their body and soul. Corporate hotels will actively partner with wellness providers, health clubs, and fitness professionals to come up with holistic recreational and fitness packages and healthy dietary solutions.
Farm-to-Table Concept will Thrive: As more resorts and ecohotels will be developed across verdant locations in India, the concept of farm-to-table will be taken more seriously. Many resorts will grow their food, grains, wine, fruits, and dairy offering 100% natural, organic, and nutritious diets to the guests. Food & nutrition is a very important constituent of wellness and we will see an increased focus on the same.
(By Ankit Kansal, MD, Axon Developers. Views are personal)
