The Business of Yoga sees an upsurge in the Pandemic
According to data by Statista, yoga is expected to be a $11.6 billion industry in the United States by 2020, with close to 55 million actively practising it by then.
With the sedentary lifestyle and increase in anxiety and stress in the current lifestyle, a lot of the population is drifting towards making healthy lifestyle choices. And when it comes to the wellness industry, According to FICCI, in India, the wellness industry figure is estimated to be INR 490 billion. In the wellness industry, speaking an indispensable category i.e. Yoga in which not only the population from India but global population has also been showing a keen interest; has been growing.According to data by Statista, yoga is expected to be a $11.6 billion industry in the United States by 2020, with close to 55 million actively practising it by then.
Consider the fact that the government has dedicated a department named -The Ministry of AYUSH that inculcates Ayurveda, Yoga, Unani, Siddha and Homeopathy, has been proposed by the government for the propagation of indigenous alternative medicine systems in India. The Ministry of AYUSH with a separate department for Yoga, which has been exempted from service tax. Increasingly, many investors and incubators have begun to offer their support and are mentoring startups in the wellness space.
The Business of Yoga sees a steady rise in the Pandemic, the factors that have contributed to such a notable upsurge are - The rise in disposable income, aspiration and experimentation and health consciousness. During the Pandemic, there has been an upsurge in the demand as well as supply. With free-flowing capital income and a sedentary lifestyle at home, people have drifted towards making healthy changes in their lifestyle.There is an upsurge in both instructors as well as practitioners of Yoga. In India the culture of online classes has seen a rise lately, and with Yoga as a profession, it is easy to train the practitioners via online classes.
The Yoga phenomenon has stretched to the population of every age. But, yoga is not only about proper postures but a wholesome ecosystem that includes clothing, healthy diet, nutrition, equipment, classes, healthy lifestyle choice, seminars and festivals, instructors, and even training the instructors.Thus India has been a lot of startups that are budding in this space. If targeted well, then there is a huge scope in this sector for the people to learn.
We need more such startups in future to generate knowledge amongst the population. Apart from the revenue from the startups, In recent years there has been an upsurge in wellness tourism also, where people not only from India but globally also have been visiting for a focussed knowledge on Yoga and other practices.
There will be more such startups and populations that will be keen to explore Yoga and its benefits in future. This will also result in the rise of health tourism in India. It is safe to say that, of the many wellness services that are unique to India, yoga can take up a sizable chunk of a revenue-building healthy opportunity.Understanding the demands of the day, the population has started to concentrate on yoga to cater to an urban consumer’s everyday needs.
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