Indian consumers are willing to spend more on fitness classes and activities, consuming natural foods, health supplements, and following specialised diets with the COVID-19 pandemic creating ‘the biggest seismic shift’ taking health and immunity to the centre stage, according to a survey by consultancy firm EY India.
Around 94 per cent of Indians are worried about their family’s health against 82 per cent globally, while 52 per cent of respondents think changes in their approach to mental wellbeing will persist beyond COVID-19, globally it is just 39 per cent as per EY India’s report ‘The Sunrise Consumer Health and Nutrition Sector’.
“While some see this as a short-term phenomenon, we expect this phase to catalyse a larger acceleration in the propensity towards personal health, hygiene, fitness and holistic nutrition,” EY India National Leader Consumer Product & Retail Sector Angshuman Bhattacharya said in a statement. European and Asian nations have adopted functional foods and supplements, the Indian consumer is still predominantly showing a preference for “better for you” foods and home remedies, he added.
“Ayurveda and herbal are increasingly becoming ‘back to roots’ answers to modern problems,” Bhattacharya noted.
EY said Indian consumers have opened their wallets towards fitness classes and activities, consuming natural foods, health supplements, and following specialised diets. According to the survey, 40 per cent of Indian respondents stated that they will pay a premium for products promoting health and wellness, which is higher than their global counterparts at 29 per cent.
The survey numbers are based on EY Future Consumer Index (November 2021) with a total of 16,000 global respondents out of which 1,002 were from India. The dietary supplements market, always considered to be high potential given the growing lifestyle diseases, has witnessed an accelerated adoption curve, post COVID-19, EY India said, adding over the last year, the demand for herbal supplements and vitamins and minerals have witnessed a growth of over 25 per cent.
The growing interest in natural and ayurvedic products has encouraged companies, already active in this segment, to assert their credentials more strongly, while it has also attracted the attention of players from pharmaceuticals, the EY report said.
