Here are the Sub-categories that Account for the Increasing Wellness Industry’s Market Size
When we talk of overall wellness of a human being, it is impossible to assess that by assessing just one dimension of their health. Wellness is multidimensional – physical, emotional, intellectual, social, spiritual, environmental and occupational– these are the seven dimensions of wellness.
As there are different dimensions of wellness, the wellness industry becomes multidimensional too, hence giving wellness entrepreneurs so many sub-categories in which they can start their businesses. With so many opportunities in the wellness industry, its market size is expanding drastically and has become an industry worth $4.2 trillion globally.
Here are the sub-categories that account for the increasing wellness industry’s market size.
Beauty and Anti-aging
To look their best,customers spendbig bucks on beauty products that range from skincare to haircare products to nail art to perfumes,so on and so forth. With the ever-evolving trends and standards of beauty, anti-aging and other beauty related products are the segments that have shown an immense growth in the recent years. The global beauty and anti-agingindustry is now worth $679 billion, which gives so many new opportunities to those who wish to enter the wellness industry. It is also the biggest contributor to the increasing size of the wellness market.
Fitness and Yoga
Being physically healthy and fit is everyone’s dream. With so many types of fitness regimes emerging in the wellness industry, being in shape is now achievable for almost everyone who possesses the dedication to work hard.
As more and more gyms, fitness studios, yoga centres and other fitness-related centres are coming into the picture, consumers are becoming aware of the importance of fitness and hence enrolling themselves in some or the other programme as per their convenience and needs. The fitness and yoga segment has contributed heavily in terms ofincreasing the size of the wellness industry by reaching a mark of $390 billion.
Nutrition and Weight-loss
As eating patterns are constantly changing due to changing lifestyles, people are not able to attain the required nutritional value in their food. This is why they are turning towards dietary supplements to fulfil their nutritional requirement. Also, people are more welcoming towards eating healthier food so that they can lose weight and alsoensure that their nutritional requirements are upto the mark,simultaneously.
The nutrition and weight-loss segment has a huge variety of business opportunities, which have pushed the industry to reach the mark of $277 billion.
Alternative medicines like nutraceuticals, naturopathy, homeopathy, ayurveda, and holistic therapy among others, are much in demand by the millennial. Alternative medicines and therapies ensure holistic healing and is considered much more effective with almost no side-effects.
Despite being expensive and time-consuming,people find that healing from these alternative medicines/therapies are more effective. Therefore, a majority of them are ready to spend their money to attain holistic health.
Wellness tourists are those who travel for the purpose of promoting wellness and health through physical, psychological, or spiritual activities. Wellness tourists are high-yield tourists who spend more bucks than an average tourist. These are the factors that are fuelling the growth of the wellness industry to give it a bigger chunk of the market share.