The report from PwC says the 40-plus age group will be the largest potential customer base for the wellness industry
Mumbai: The domestic wellness industry that includes spas, and grooming and fitness products among others, is set to touch Rs95,000 crore in the next two years, reports PTI quoting a study by PwC.
Currently the market is estimated at Rs59,000 crore and cosmetic products contribute to nearly 60% of the segment, a PwC report, which was unveiled at a FICCI event on the industry on Friday, said.
The report says companies are looking at expanding their presence to tier II and III cities as real estate prices work in their favour.
The wellness industry, growing at a compounded annual growth rate of 18-20%, accounts for nearly 4% of the overall consumer expenditure in the country, the report claims.
"The scope in the wellness market is immense. Even a 1% increase in consumer expenditure can potentially generate an additional opportunity of Rs600 crore for wellness players," VLCC managing director Sandeep Ahuja said.
The beauty segment, largely dominated by the hair and skincare products, currently stands at Rs23,000-Rs24,500 crore is set to touch Rs40,000-41,000 crore by 2014, according to the PwC report.
The report also notes that of the Rs5,000-crore fitness and slimming market, 90% is dominated by slimming and fitness services and equipments and the rest by slimming products. The segment is expected to double in two years, it says.
With continued focus on health foods and fortified products, the report says the estimated health and wellness food and beverages segment that is growing at 12% annually will be Rs21,000 crore by 2014.
On the distribution model for this segment, the report notes that with limited reach across the country, e-commerce will become the most preferred method to interact with the customers.
About the growth drivers of the sector, the report says the 40-plus age group will be the largest potential customer base for the wellness industry. The 40-plus age group constitutes nearly 29% of the population and it is expected to touch 500 million by 2025, it adds.
It is imperative to ensure the safety of nuclear facilities in India, and the welfare of the people residing in the immediate vicinity of nuclear installations, emphasises Dr EAS Sarma, former Union Power Secretary, Government of India
Following the Comptroller and Auditor General of India’s (CAG) audit performance of the Atomic Energy Regulatory Board (AERB), some startling facts have emerged about how the Department of Atomic Energy will be ensuring the safety of nuclear facilities in India, and the welfare of the people residing in the immediate vicinity of nuclear installations, according to Dr EAS Sarma, former Union Power Secretary, Government of India, in an article published on Dialogues and Resources on Nuclear Nature and Society (DiaNuke.org). He has added that the Department of Atomic Energy (DAE) is underplaying the safety concerns and is projecting the mythical virtues of nuclear technology as though it is infallible.
DiaNuke has added a word of caution from prime minister Manmohan Singh whereby those who have favoured nuclear technology development belong to the ‘thinking’ section of the society. Also, in reference to the safety audits conducted at the existing nuclear facilities in the past, the Prime Minister’s Office (PMO) assured the public on 26 April 2012 that “action taken on previous safety reviews will be put in the public domain.” DAE is yet to do so.
The CAG report has highlighted the following points:
Even the NSRA Bill is not a final solution, as Section 21 of the Bill is bizarre. It reads as “the Authority, while discharging its powers and functions, shall not act against the interest of the sovereignty and integrity of India, the security of the state, friendly relations with foreign States, public order, decency or morality.” According to Mr Sarma, apparently, in its present form, the NSRA Bill will create a regulator who will be as ineffective and powerless as its previous avatar of AERB.
A statement from an anti-nuclear group said, “The obsession with GDP and growth has been behind the plans to expand eco-destructive energy projects—be it nuclear, huge coal-based plants or large dams. An alternative model of development has to be evolved to deal with the present crisis, rather than going for dangerous illusions like pursuing nuclear power. People are resisting these projects which stand to threaten their lives and livelihoods.”
The jury members including social activist Aruna Roy, member of the National Advisory Committee, former Navy chief Admiral L Ramdas, and KS Subrahmaniam heard testimonies of people, who are part of the grassroots movements at sites where nuclear plants were coming up, on 22-23 August 2012 in New Delhi. Nuclear plants are coming up in Kudankulam (Tamil Nadu), Jaitapur (Maharashtra), Chutka (Madhya Pradesh), Gorakhpur (Haryana), Banswada (Rajasthan), and Rawatbhata (Rajasthan).
National Advisory Council member Aruna Roy said in a statement, “Place for dissent is shrinking in our country which is evident in Kudankulam, where non-violent protests are being seen as intolerable by the Indian government.” This was after her visit to Kudankulam nuclear project site in Tamil Nadu.
“It appears another victory has been declared in the battle against Monsanto and GMO ingredients,” comments Nation of Change