India Health and Wellness Market

India Health and Wellness Market:

The India health and wellness market size is expected to exhibit a growth rate (CAGR) of 5% during 2024-2032. The rising consumer awareness towards consuming a nutritional diet of fruits and vegetables, adopting an active lifestyle, and performing physical activities like running, walking, yoga, cycling, etc., is stimulating the market.

India Health and Wellness Market Analysis:

• Major Market Drivers: The rising participation of the masses across the country in several physical activities is bolstering the market. Moreover, the increasing number of sports and fitness training centers, coupled with the growing adoption of healing practices like naturopathy, is also stimulating the market.
• Key Market Trends: The introduction of health monitoring devices, mobile apps, and wearable instruments is one of the emerging trends catalyzing the market in India. Additionally, the elevating popularity of wellness tourism, which comprises various activities, including visiting agricultural fields, practicing yoga, numerous recreational activities, meditating at destinations, etc., is further contributing to the market.
• Geographical Trends: West and Central India exhibit a clear dominance in the market, owing to the inflating number of health-conscious individuals who are actively demanding enhanced services and products that positively support their lifestyle choices.
• Challenges and Opportunities: Compliance with changing regulatory policies is one of the primary challenges hindering the market in the country. However, the increasing focus of key players on providing improved preventive care to consumers will continue to drive the market in the coming years.

India Health and Wellness Market Trends:

Demand for Organic Food

The rising consciousness among individuals regarding the importance of maintaining an active lifestyle is augmenting the adoption of organic food in the country. According to the 2022 survey conducted in 187 countries practicing organic agriculture by the international resource data from the Research Institute of Organic Agriculture and the International Federation of Organic Agriculture Movements (IFOAM), organic food in India is cultivated in 2.6 million hectares, the fifth largest in the world. The report further revealed that India increased its organic agriculture land under cultivation by 145.1%. The Economic Survey 2022-2023 also mentioned that India has roughly about 4.43 million organic farmers, the highest in the world. Apart from this, government bodies in the country are introducing favorable policies to promote the adoption of organic products, which is elevating the India health and wellness market revenue. For example, in November 2023, the Union Home and Cooperation Minister of India launched the 'Bharat Organics' brand of the National Cooperative Organics Limited (NCOL) to encourage the use of organic food produced by cooperative societies in the country. Furthermore, extensive investments by key players are expected to fuel the health and wellness market across the country over the forecasted period. For instance, in May 2024, HOAC Foods India Ltd. (HFIL), one of the players in the organic food sector, unveiled its initial public offering (IPO) of 1,155,000 equity shares at INR 48 per share, aiming to raise INR 5.54 Crore.

Rising Medical Tourism

India is becoming a favored destination for health tourism, attracting international patients seeking affordable and high-quality medical treatments, wellness retreats, and alternative therapies. India's medical tourism market is expected to reach US$ 14.31 Billion by 2029. According to India Tourism Statistics, around 634,561 foreign tourists came for medical treatment in India in 2023, which was nearly 6.87% of the total international tourists who visited the nation. Besides this, in July 2021, the Ministry of Tourism in India established the National Medical and Wellness Tourism Board to promote medical and wellness tourism in the country. Additionally, in July 2022, to enhance medical tourism in the country, the Government of India extended the e-medical visa facility to the citizens of 156 countries. Apart from this, the increasing number of wellness centers, including nature retreats, meditation centers, yoga schools, etc., is also positively influencing the India health and wellness market outlook. For instance, in August 2022, SDM Group introduced Kshemavana, a wellness and naturopathy retreat in Karnataka, India. Apart from this, in February 2024, the Chief Justice of India launched the AYUSH Holistic Wellness Centre at the Supreme Court premises in New Delhi. Additionally, the inflating popularity of healing practices like naturopathy is strengthening the market across the country. For example, in January 2024, the Union Minister of Ayush and Ports, Shipping & Waterways in India, along with the Chief Minister of Assam, laid the foundation stone of the Central Research Institute of Yoga and Naturopathy (CRIYN) in Dibrugarh, India.

Increasing Healthcare Spendings

Government bodies and key entities in the county are significantly investing in preventive healthcare measures, including vaccinations, regular health check-ups, wellness programs, etc., which is one of the India health and wellness market's recent opportunities. Under the Interim Union Budget 2024-25, the Ministry of Health and Family Welfare in India allocated INR 90,659 Crore, an increase of 1.69% compared to INR 89,155 Crore in 2023-24. Moreover, in May 2023, Temasek, a Singaporean investment company, invested US$ 2 Billion in Manipal Health Enterprises, one of the healthcare providers in India. Besides this, regulatory bodies are further focusing on offering novel healthcare services, which is acting as another growth-inducing factor. For example, in February 2024, the Prime Minister of India marked a significant stride in the country's healthcare landscape by inaugurating five All India Institute of Medical Sciences (AIIMS) across different states. These AIIMS facilities, situated in Bathinda (Punjab), Raebareli (Uttar Pradesh), Rajkot (Gujarat), Kalyani (West Bengal), and Mangalagiri (Andhra Pradesh), signify a transformative step towards bolstering the healthcare infrastructures in the country.

India Health and Wellness Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the India health and wellness market forecast at the country and regional levels for 2024-2032. Our report has categorized the market based on the product type and functionality.

Breakup by Product Type:

• Functional Foods and Beverages
• Beauty and Personal Care Products
• Preventive and Personalized Medicinal Products
• Others
   

Among these, beauty and personal care products currently hold the largest market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes functional foods and beverages, beauty and personal care products, preventive and personalized medicinal products, and others. According to the report, beauty and personal care products represented the largest segmentation.

The growth in this segmentation is driven by the rising consciousness among individuals towards their personal appearance. E-commerce platforms have played a pivotal role in this market's expansion, providing convenient access to a vast array of products and brands. In April 2024, Cipla Limited signed a business transfer agreement for the purchase of the distribution and marketing business undertaking of cosmetics and personal care business of Ivia Beaute Private Limited, India. Besides this, the demand for natural and organic beauty products is surging, as consumers seek safer and environmentally friendly options, which is propelling the India health and wellness market demand. For instance, in April 2024, AFFOREST Green Beauty launched its first jackfruit skincare range in India. Furthermore, the growing popularity of personal grooming among men will continue to drive the market in this segmentation over the foreseeable future. For example, in December 2023, Bravado introduced male grooming products at Cosmoprof India 2023 in Mumbai.

Breakup by Functionality:

• Nutrition & Weight Management
• Heart & Gut Health
• Immunity
• Bone Health
• Skin Health
• Others
   

Skin health currently exhibits a clear dominance in the India health and wellness market share

The report has provided a detailed breakup and analysis of the market based on the functionality. This includes nutrition & weight management, heart & gut health, immunity, bone health, skin health, and others. According to the report, skin health represented the largest segmentation.

The tropical climate of India, characterized by high humidity and intense sun exposure, makes skincare essential for preventing issues like tanning, pigmentation, sun damage, etc. Furthermore, increasing pollution levels have heightened concerns about skin health, driving demand for products that offer protection and rejuvenation. The influence of social media and beauty influencers has also played a significant role in promoting skincare routines and products, making them more accessible and popular among the younger generation. Additionally, there is a growing awareness about the importance of skin health in overall well-being, leading to a surge in the use of natural and organic skincare products, dermatological treatments, and cosmetic procedures. For example, in April 2024, the Indian plant-based nutra brand, OZiva, introduced a bioactive gluta fizzy drink to target common skincare concerns in the country. Similarly, in April 2024, NIVEA expanded its sun care range, thereby ensuring care and protection for consumers in India. As individuals become more educated about skin health, they are willing to invest in a wide range of skincare products and services, thereby elevating the India health and wellness market's recent price. For instance, in April 2024, SKINOS launched its first-ever pharmacy location in India to sell exclusive hair and skin products that are dermatologist-recommended.

Breakup by Region:

• North India
• West and Central India
• South India
• East India
   

West and Central India currently dominates the market

The report has provided a detailed breakup and analysis of the market based on the region. This includes North India, West and Central India, South India, and East India. According to the report, West and Central India accounted for the largest market share.

Cities like Mumbai, Pune, and Ahmedabad in the west, along with key urban centers in Central India are witnessing a surge in demand for health and wellness products and services. For example, in February 2024, the Union Government in India gave approval for the establishment of a Central Government Health Scheme (CGHS) wellness center in Mangalore, fulfilling a long-standing demand of retired central government employees. Moreover, in March 2024, Pride Hotels Group introduced its property, the Pride Elite Wellness Resort Becharaji, in Gujarat. The population in these areas is increasingly adopting healthier lifestyles, thereby elevating the popularity of fitness centers, yoga studios, and wellness retreats. Additionally, as per the India health and wellness market overview, there is a significant increase in the consumption of organic and natural products, as well as dietary supplements, driven by the growing health consciousness among consumers. The expansion of healthcare infrastructure, including hospitals and clinics offering preventive and specialized medical services, is also a key factor propelling the market. For instance, in June 2023, iiV Health Solutions, an emerging technology-driven innovative company in the preventive health-tech space in India, organized an interactive metaverse experience for dignitaries who attended the Rotary Community Care Excellence Awards at Radisson Blu, Mumbai. Moreover, the influence of social media and health influencers is substantial, promoting fitness and wellness trends that resonate with the urban youth. As per the India health and wellness market statistics, with the increasing number of traditional wellness practices like Ayurveda and modern health solutions, the market in West and Central India is poised for continued growth and innovation over the forecasted period.

Competitive Landscape:

• The competitive landscape of the industry has also been examined along with the profiles of the key players.
• India's health and wellness market companies are focusing on niche segments like organic foods, vegan products, and personalized nutrition plans. Moreover, they have a strong presence, offering a variety of personal care and nutritional products tailored to the market across the country. 

India Health and Wellness Market Recent Developments:

• April 2024: Apis India Limited, renowned for its commitment to ethical brand practices and responsible sourcing, launched organic honey that aligns with the rising demand for natural and sustainable choices.
• February 2024: The Chief Justice of India, DY Chandrachud, inaugurated the Ayush Holistic Wellness Centre in the presence of companion judges of the Supreme Court of the country.
• January 2024: The Union Minister of India laid the foundation stone for the permanent campus of the Regional Research Institute for Homoeopathy in Assam.

India Health and Wellness Market Report:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India health and wellness market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India health and wellness market.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India health and wellness industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.