According to a new report, the market for health and wellness among people 40 plus is under-addressed in India today. These people “are keen on prolonging their youth and increasingly willing to invest in staying young and fit”.
What is puzzling about the report however, is that it talks about the current size of the 40 plus population being “greater than than the total population of the US” yet the opportunity among the 40+ consumer is somewhere in the distance. Why not now, I wonder!?
The PricewaterhouseCoopers report states that the health and wellness market expanded by 20% in 2011 to Rs590bn ($10.6bn), with products securing between 55% and 60% of returns. In 2014, it should be worth an estimated Rs950bn.
About the ageing Indian consumer the report says:
- Key categories targeted at consumers aged over 40 globally include mental/cognitive health, heart health, skin health, bone health, etc.
- India, with an increasingly affluent population, is likely to witness similar growth in demand from the higher age segments
- The number of 40+ population in India is expected to touch 500 million by 2025.