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Effects of Covid-19 on Wellness Industry Trends and Opportunities

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2020 Trends in Wellness Industry:

With this ongoing Covid-19 situation there is a constant demand from the wellness industry. Demands have increased on a larger scale for:

Convenaient diagnostic

Symptom tracking solutions

Digital medical guidance

Health education

Home therapy

Healthier products

Healthier cooking practices

Mental health altogether has gained a lot of attention converting it into a major sector with lots of opportunities. This also gave a boost to the food and beverage industry along with the beauty industry. The main aim behind all this is to focus more on supporting self-care, sleep, stress-reduction, and evoking a sense of indulgence and happiness.

The wellness industry has started promoting services and products like nutrition, fitness, sleep, yoga, natural remedies, meditation, and self-care on a wider lineup. They started providing you with a variety of options.

However, through this process, an unrealistic approach towards skin colour and body types is been circulating. Leading the wellness industry as a recipient of criticism.

In 2020 due to this Covid-19, pandemic people have started prioritizing their mental and physical health. Rapidly grabbing consumer attention to wellness.

According to a recent study, a leading market research firm says

“Wellness resonates well with consumers in the current climate,”

It is further explained as It is acting as a lifeline to cope with the current anxieties, insecurities that surround us.

Wellness product and services in such a chaotic situation is a helping hand for cultivating inner peace and calm. It also acts as a support system for your mental health giving you a selfcare value. And a sense of individual control.

Current trends include:

Clean conscious living

Ethical sourcing

transparency

safety assurances

Simplicity

minimal ingredients

Virtual experiences

Sale via social networking or live streaming

Adoption of virtual health

Scrutiny over supply chains

shifting toward local brands

Emphasizing immunity

Brain health,

Energy-boosting attributes

Use of traditional herbs

Adaptogens and sleep aids.

A stronger relevance can be seen in the consumers amid the COVID-19 pandemic. It is the result of products and services which ultimately helped embrace the principles of prevention and protection in the mindset of the people.

Suggestions for Wellness Market

With the increasing demand for the wellness industry, there is a larger space for growth in this field. But the major concern brands is to stand out and maintain a good customer relation. Every brand should keep in mind the effect that the current situation has created on the people's mindset leaving the nonessential luxury stuff sidelined. So, the brands should focus more on the products that are essential prioritizing the peoples need. Brands should avoid financial insecurity. And their brand should have a clear message to embrace accessibility, affordability, and inclusivity.

According to a recent study the demand for wealthy privileged product and services is seeing a downfall.

Additional Wellness Industry Research

  • The global wellness economy is currently valued at $4.5 trillion (2018 data) is the current economic value of global wellness
  • Based on WHO data wellness expenditure ($4.5 trillion) is more than half if compared with global health care ($7.8 trillion).
  • Since 2015–2017 this industry grew by 6.4 per cent annually, from a $3.7 trillion to a $4.2 trillion market.
  • It's nearly twice as fast as global economic growth (3.6 per cent annually, based on IMF data).
  • The wellness industry represents 5.3 per cent of global economic output.

© 2020 Harshanair