New Delhi: Notwithstanding the current economic slowdown, the Rs 11,000-crore Indian wellness services market is expected to grow at about 30-35% for the next five years on the back of rising consumerism, globalisation and changing lifestyles, according to a study.
According to a FICCI-Ernst and Young study titled ‘Wellness-Exploring the Untapped Potential´, the wellness services market, presently estimated at Rs11,000 crore, would sustain an annual growth rate of about 30-35% for the next five years.
The report classified wellness industry into seven core segments of allopathy, alternative therapies, beauty, counseling, fitness/slimming, nutrition and rejuvenation.
While rejuvenation services such as spas, alternative therapies, ayurveda treatments and beauty services are expected to grow by as much as 30%, fitness comprising gyms and slimming centers are expected to grow by more than 25%, the study said.
“Given the favourable demand and supply dynamics, wellness presents strong business potential,” Ernst and Young Partner (Advisory Services) Farokh Balsara said.