Self Improvement Industry in India
SELF IMPROVEMENT AND WELLNESS INDUSTRY IN INDIA
The self-improvement and wellness industry are two industries that are thriving in India. The wellness industry thrives as the purchasing power of youth in the country increases along with business or corporate pressure leading them to seek mental peace from elsewhere. The self-improvement industry finds its roots in globalisation where as the wellness industry finds its roots in Indian history itself.
These two industries aren’t very different in intent yet, we find they present a lot of contradictions amongst themselves. This report presents them and shows hoe they make a difference in how the Indian Market receives them.
Deloitte India reported that the fitness industry on its own was expected to cross the 1.1 billion USD (8387.7 crore INR) mark. This report talks about the causes behind this expansion. Globally the expected CAGR of the fitness app industry as a whole is 21.1% from 2018 to 2026 while for the digital fitness market it is at 32.6% CAGR from 2017 to 2022.
Industry Analysis
This report contains a detailed analysis of all the factors that create these industries and propel them forward. The factors that are leading to its growth and those that are stunting it are all discussed in this report. This is all discussed with consideration of COVID-19. It talks about the ecosystem in the wellness industry and how every component has a role to play.
Eco System
- Consumers
- Producers
- Adjacent Industries
- Facilitators
- Government
It discusses India’s dominant standing in the world market in terms of wellness and the reasons for it. The mentality of people towards their health is a big player in this industry’s standing.
Marketing Strategies
Marketing Strategies are the same to all industries. The difference is created by how each industry uses them to play in its favour in a unique way. The industry analyses what makes them special and which marketing strategy can make that speciality stand out. We have discussed the exceptional marketing strategies adopted by the industries that are leading them to grow today.
It talks about all the subsections of the wellness industry and how and why they are or are not growing in detail along with the unique strategies that these companies have adopted and what the bigger companies do that smaller one’s don’t do or can’t do.
The industry has conveniently used COVID-19 to turn market response further into their favour. The sector has expanded by 30%-35% post COVID hit. About 60% consumers are expected to increase their time spent on fitness apps and 30% to increase their monetary spend.
Conclusion
The conclusion talks about how these industries take different approaches to promote the same thing, mental and physical peace. It also talks about why and how the wellness industry is more organic and healthier for the Indian citizens while the self-improvement industry can them if not regulated.
Scope
No industry is perfect, especially in the world of capitalism where the very basis of running a business is profits and exploitation. Here we discuss the major flaws of these two industries and what they are doing to overcome those flaws and what they can do. This also takes on the government’s role in doing the same.
