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The wellness industry in India is poised to touch Rs 1,00,000 crore (Rs 1 trillion) by 2015, with a compounded annual growth rate of 15-17%, from about Rs 70,000 crore in 2012.
This was revealed, on Monday, by a study jointly conducted by industry body Federation of Indian Chambers of Commerce and Industry (Ficci) and global consulting firm PricewaterhouseCoopers (PwC).
Of the entire wellness industry, beauty care would continue to dominate with almost 50% (about Rs 49,000 crore), followed by alternate therapy (about Rs 21,000 crore) and health and wellness food and beverages at about Rs 27,000 crore, according to the study.
The size of the beauty care industry is estimated at Rs 29,000 crore in 2012 estimate, while fitness and slimming market was estimated at Rs 60,000 crore in 2012. About 60% of the market is dominated by products.
However, the industry is facing issues in getting standard skilled manpower, and no standard is followed across the industry.
“The sector lacks skilled manpower, and there is an urgent need to skill the workforce. Retaining skilled human capital is another hurdle for the industry,” Sandeep Ahuja, chairman, Ficci (National Wellness Committee) and MD of VLCC Healthcare, said at a programme organised by Ficci, on Monday.
Wellness services in India are projected to generate more than three million jobs by 2015. “The need for skill development, training centers, accredited and certified courses, consistency in quality of products and services became vital for the wellness industry to meet these growth projections,” said Ficci president and HSBC country head Naina Lal Kidwai.
Meanwhile, the industry has seen good interest from private equity and venture capital firms since March 2009. Enrich Hair and Skin Solutions, YLG, VLCC, Four Fountain Spa, trichology chain Richfeel, Healthkart.com and Guardian Lifecare are the key players who have already received investments from venture capital and private equity firms.
