Project Feasibility Study Services for India’s Growing Wellness Businesses
The Indian wellness business is on an upswing. The country which has a long tradition in Yoga, Ayurveda, and holistic living, has the potential to become the global capital of wellness and preventive healthcare. The market is currently sized at USD 32.9 billion and is set to reach USD 72.3 billion by 2025, growing at a CAGR of 28%.
India’s rich expertise in alternate healing is also backed by its multi-faceted beautiful terrains with plenty of scenic locations throughout the length and breadth of the country. The country is witnessing a pick-up in new hotels, resorts, wellness centers, Ayurveda centers, Pancha Karma centers, nutritional centers, naturopathy cottages, etc. Likewise, the other segments such as Swiss spa, Thai spas, hydrotherapy centers, yoga, and mindful training, etc are thriving amidst hilly terrains, sea shores, countryside, etc. catering to the growing demand for preventive and curative healthcare systems.
Factors that are driving wellness Juggernaut in India
There are multiple factors driving the alternative healing system market in India, just like in other parts of the world.
- India’s rise in middle-income population, the surge in disposable income, and young demographics is not just driving general healthcare but also creating new opportunities for alternate systems.
- Just like in other parts of the world, In India as well there is a growing shift towards preventive and curative health care and seeking long-term solutions rather than quick solutions.
- The steep rise in lifestyle diseases has led people to think about alternate cures as well. If applied and practiced properly, Ayurveda, Yoga, and Homeopathy have effective cures for numerous lifestyle diseases such as diabetes, hypertension, obesity, etc. As they try to address the root cause, they are more effective in bringing in a well-balanced solution sometimes.
- After covid, there is growing clarity towards going natural, adopting holistic living, systematically shunning chemicalized substances, and reducing dependence on them.
- The hospitality industry is also understanding the inherent lucrative potential in the wellness industry. Hence resorts, hotels, and homestays are integrating wellness businesses with other forms of tourism such as nature & eco-travel, adventure sports, leisure tours, etc.
- There has been a major makeover in the psychology of Indians by large. People now want to periodically disconnect from noisy urban living and spend some time amid natural environs, scenic beauties, and tranquility. The idea of healing, relaxation, and rejuvenation, is no more fad but a reality. There is a genuine interest in a wider population these days to find the right balance b/w mind, body, and spirit.
- The Ministry of Ayush has also played a pivotal role in spreading awareness about wellness in the country. In the form of AYUSH ministry, for the first time in the world, a separate ministry has been created for alternate healing therapies.
Throughout the Length and Breadth, New Opportunities Unveiling
As the market for wellness is growing steadily in India, new destinations are also emerging, catering to the hundreds and thousands of tourist populations from India and abroad. Mentioned below are some of the popular wellness destinations in India
- Rishikesh: located in the Shivalik mountains, Rishikesh is known as the Yoga capital of the world with numerous popular Yoga ashrams and spiritual centers. Located beside the Ganges River and flanked by green-capped hills, Rishikesh is registering tremendous growth in massage centers, naturopathy villages, eco hotels, etc. Its proximity to Delhi (5 hour’s drive) and availability of plenty of hill stations in the vicinity such as Dehradun, Mussoorie, Haridwar, Dhanoulti, Chakrata, Narendra Nagar, etc. further make it a lucrative location to consider.
- Kerala and Backwaters: The state of Kerala known for its pristine natural beauties, large extended coastlines, secluded beaches, world-famous backwaters, and lagoons is also one of the most popular wellness and Ayurveda destinations in the world. People from all over the world come to Kerala to take special spa and massage sessions, indulge in natural Ayurveda food, and learn Yoga and other related practices. From hilltops in Munnar to the islands of Cochin to the backwaters in Trivandrum, there are plenty of apt locations in Kerala to start a wellness business.
- Goa: Though Goa is traditionally one of the biggest beach tourism and nightlife destination in India, the coastal state on the western coast of India is also a thriving hub for rejuvenation, wellness, and relaxation. Both on the coastline as well as inland, there are growing concentration of spas, wellness resorts, eco-hotels, yoga, and spiritual retreat centers, etc. Goa has recently received one more international airport at Pernem, the MOPA airport. The newly built international airport at Goa- Maharashtra junction is also adding new vigor to the tourism industry.
- Lonavla: Located b/w Mumbai and Pune, the beautiful hill station of Lonavla is known for its spellbinding valleys, verdant sceneries, thick forests, and quaint villages. The location is a perfect weekend/ workcation/ staycation gateway for the vast population of Mumbai and Pune. In a time, when people are yearning for natural living, Lonavla with its tranquil and pristine natural beauty and plenty of tourist spots is a perfect destination to relax and refresh.
- Sariska, Neemrana, and Jaipur: Located at an approachable distance from Gurgaon and the wider national capital region, the beautiful tourist spots in Rajasthan have been underutilized hitherto. However rich in natural endowment and party to equally enthralling heritage & monuments, the region is a potential hub for wellness centers, spas, cosmetic and skin care studios, etc.
Types of Wellness Business
There are numerous categories of wellness businesses that can be started in India.
- Ayurveda centers, Pancha karma centers, Ayurvedic nutritional business, etc.
- Traditional Swiss and Thai massage spa, hydrotherapy centers, Aromatherapy businesses, etc.
- Nature resorts, hotels, hillside and beachside properties with healthy nutrition and wellness facilities, eco-tourism hotels, etc.
- Coffee tea plantations, coffee tea resorts, orchards, farm stays, plantations tours, etc.
- Spiritual retreats, Yoga & pranayama training, mindfulness training institutes.
- Cultural tours and villages, fairs,
How to Conduct a Project Feasibility Study of Wellness Business
The Indian market is fertile to start a wide range of wellness and lifestyle businesses. Meanwhile, the industry is still in its initial phases and requires a lot of groundwork, data, and insights before taking off successfully. This requires conducting feasibility studies or market studies to learn about the project. A good project feasibility study can refurbish a lot of actionable insights, mitigate risk, and create a future roadmap for the business to flourish and grow.
For project feasibility-related requirements, feel free to connect with The India Watch, by dropping a mail at email@example.com . Besides, The India Watch also offers other services such as
- Prepare pre-feasibility, detailed project reports, and business plans on new business ideas.
- Conduct market research and tailor-made market studies.
- Offer custom intelligence on market, consumer behavior, industry trends, supply chain, value chain, competition, regulation, etc.
- Prepare starting roadmap and growth plan including marketing and PR strategy.