India Workplace Wellness Market is expected to foresee a compound annual growth rate (CAGR) of 8.1% from 2020 to 2027

 

“India Workplace Wellness Market is expected to foresee a compound annual growth rate (CAGR) of 8.1% from 2020 to 2027; wherein, India Wellness Market on a whole is expected to witness CAGR of 23.3% from 2020 to 2027”, Says Accurize Market Research. Rising health awareness among people, rise in diseases such as diabetes and obesity are some of the major factors that are driving the growth of this market in the country. In addition, million of people in the country are lacking vitamins and minerals in their diets. Packaged food manufacturers continue to make their goods healthier in response to increasing health awareness among consumers. Manufacturers are reducing their products’ fat, sugar, and salt content so as to have a better penetration in the health aware market. Government is taking many necessary steps to improve the health and wellness of its people.

Wellness or Workplace wellness as a term has taken up a multi-dimensional meaning with the progression of time, encompassing the desire of the person for one’s own well-being, individuality, and collective wellbeing. Challenged by the launch of health and wellness goods by small businesses and start-ups, and promoted by government initiatives to improve the health of the population, big manufacturers are actively introducing healthy products. They are committed to reducing the amount of fat, sugar, salt, and caffeine in their products.

Due to the convenience and universal availability of the outlets, conventional grocery retailers remained the dominant health and wellness food and beverage outlet in 2019. However, with supermarkets and hypermarkets spreading into semi-urban areas, the value share of modern grocery retailers is substantial and steadily growing for most categories. Even the workplace wellness market has an impact owing to these factors, at present and in the coming years.

More options would be offered to customers by the growing availability of health and wellness goods and the expansion of distribution channels. Growing awareness among the consumers to consume healthy products would also drive the demand in the region in the coming years. Health characteristics, including the burden of diseases, the loss of productive years, and health care costs, are the main drivers of economic growth in emerging markets such as India, among others. Globalization has helped the common people understand the importance of health primarily affected by cultural changes and lifestyle patterns of individuals impacting the workplace wellness market.

Wellness players have responded by shifting their emphasis from conventional offerings such as curative health care and value-oriented mass products to new-generation offerings such as preventive health care, luxury goods, and customized services, in line with the above trends. However, due to the regulated environment of the insurance or health care companies, the final consumer scope of wellness is still limited and the regulators have now taken their first steps to promote wellness and this will drive the fragmented industry today to become a marketplace, offering a shared forum for different wellness aggregators. Pairing a life insurance policy with a wellness package, for example, allows clients to take steps to improve their personal well-being as well as decrease their premiums. Across India's workplace wellness market, employers are keener towards improving the lifestyle of their employees. Over the last 25 years, there has been a substantial epidemiological change in India, and the emphasis has changed from communicable to non-communicable diseases (NCDs). The key explanation for this is the shift in economic circumstances, leading to a transition towards an unhealthy lifestyle. In India, the prevalence of NCDs and the resulting morbidity in an aging population is much more prevalent. In the aging population, especially for those over 60 years, chronic NCDs have increased over five-fold. In a nutshell, all the above-mentioned facts and trends would have a heavy impact on the India Workplace Wellness market as well as India's wellness market as a whole.