Essay On Wellness Industry

“WELLNESS” THE WAVE FOR

THE FUTURE ECONOMIC DEVELOPMENT IN INDIA.

Mahendravishwakarma

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ABSTRACT

The wellness industry in India has evolved rapidly from its nascent unstructured beginning in the early 90s to a comprehensive ecosystemtoday including consumers, providers, adjacent industries, facilitatorsand Government. The overall wellness market in India is estimated at INR 490 billion andwellness services alone comprise 40% of this market.The growing wellness industry has attracted a large number ofdomestic entrants and international players. Established players are pursuing revenue maximization throughproduct and service diversification and are exploring new global and domestic markets. Franchising is emerging as a

The annual turnover of the Indian herbal medicinal industry is about Rs. 2,300 crore as against the pharmaceuticalindustry’s turnover of Rs. 14,500 crores with a growth rate of 15 percent. The export of medicinal plants and herbs from India has been quite substantial in the last few years. India is the second largest producer of castor seeds in the world, producing about 1,25,000tonnes per annum. The major pharmaceuticals exported from India in the recent years are isabgol, opium alkaloids, senna derivatives, vinca extract, cinchona alkaloids, ipecac root alkaloids, solasodine, Diosgenine/16DPA, Menthol, gudmar herb, mehndi leaves, papian, rauwolfia guar gum, Jasmine oil, agar wood oil, sandal wood oil, etc. The turnover of herbal medicines in India as over-the counter products, ethical and classical formulations and home remedies of traditional systems of medicine is about $ one billion and export of herbal crude extract is about $ 80 million.The herbal drug market in India is about $1 billion.

Manufacturer of herbal