The beauty and wellness industry are wide enough to capture in them every possible aspect that concerns the daily lives of consumers. From looking good outside to feeling good inside, the industry covers up all. Various companies and brands have ventured and explored the markets of beauty and wellness industry and do have experienced growth and development. The state of beauty and wellness industry has always been all good and bright, providing enough scope and opportunities for new brands and start-ups to establish themselves.
Ayurveda- A significant part in wellness
Ayurveda is gaining popularity with each passing day. No wonder why Indians are growing close to ayurveda, it feels great to see international markets showing interests in the ayurveda biz. Many organisations have established their place in ayurveda and have been doing really good in all the categories under the same.
Speaking in detail about ayurveda at the Salon and Wellness Congress 2017, Mr. Anurag Sharma, Managing Director, Shree Baidyanath Ayurved Bhawan Pvt. Ltd., said that Ayurveda has been in use even before the life sciences were conceived. It has derived from the word Atharaveda which means knowledge is the storehouse of sages. Ayurveda is not just about medicine just like wellness is not about being free from diseases. Wellness determines lifestyles. Today, the west is waking up to these concepts and has started to accept ayurveda.
The Market
Going further with the session, Mr. Anurag stated that he believes there is a lot of scope for growth and improvement in the industry. There has been a huge resurgence in ayurveda in the last five years. Large international companies are introducing ayurveda and there has also been growth in Indian brands like Patanjali. The industry is near to $ 316 million currently and is supposed to grow by CAGR 19% for the years 2017- 2022.
Yoga – The other half of wellness
Yoga and ayurveda go together and it has become the next hot thing in the world. According to Mr. Sharma, Yoga is one part of wellness while the other is having ayurvedic products. The current market for wellness is estimated to be nearly $ 100 billion out of which 60% is occupied by herbal products.
Yoga is being practised worldwide and is driving many lifestyles to perfection. It has not only added to a fit life but also to mental peace and wellbeing which seems impossible in the current times of stress and workload.
Salon and Spas – The refreshing industries
Salons and spas are mushrooming up everywhere and customers have a wide category and options to choose from. The industry is growing strong and expanding with full force. Looking back to the time the concept was new, Mr Nitin Passi, Director, Lotus Herbals, recalls that 10 years back, India was just emerging from barber shops. Basic shaving, waxing, hair dying etc were preferred more and air conditioned barber shops were called salons.
There is a huge change in the way salons and spas were looked up at and this has brought with it a whole new wave of fresh opportunities. He added further that now salons need to be visible from malls and their locations are also changing which is a big factor to influence customers. Services are also changing and are becoming much more private and personal. Salons and spas are focussing on the neglected parts of the body as the services are turning towards those areas and not just to face and hair.
Conclusion
As said by Mr. Nitin Passi, the scope of the industry seems large and to leverage the scope, there needs to be a deep collaboration between salon owners and brands. Unless and until these two come together and realise the potential, there will only be a 10-15% growth every year which is not going to be very disruptive.
The state of beauty and wellness seems bright and has definitely improved from the time the concept arrived. This has added a whole new dimension to the various categories and areas under the industry and has helped them move ahead with times to serve only better.
