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CONSUMERS’ PERCEPTION ON WELLNESS PRODUCTS AND SERVICES- AN OVERVIEWMs. Bhumika More
Assistant Professor, SIES Nerul College of ASC, Navi Mumbai Research Scholar, Madurai Kamaraj University, Madurai, Tamil Nadu
Dr. S. Fatima Rosaline Mary Associate Professor
Research Center of Commerce, Fatima College, Madurai Tamil Nadu
Abstract - Individual‟s pursuit wellbeing in terms of activities, choices and lifestyle has led to the inception of wellness concept. Lifestyle change, increased physical and mental stress, health consciousness and beauty consciousness are driving factors for the prosperity of the wellness industry in India. The desire for health and well-being has become a significant buying motive in wellness sector. It is imperative to study this industry because of its exponential growth in recent decades. Therefore, this paper focuses on studying the factors affecting consumer behaviour with respect to wellness industry.This theoretical research also highlights the SWOT analysis of wellness industry. The study provides a comprehensive view by executing an extensive review of published documents, including academic journals, trade publications, databases, government and industry websites. The research focuses on providing the link between consumer and wellness players and marketing implications for them. While some outcomes may be significant to marketing practice the overall goal of such research endeavour is to get an overview of buying behaviour with special reference to wellness industry.
Keywords: Wellness industry, Consumer buying behaviour, SWOT analysis.
1. INTRODUCTION
The wellness market in India has been on a quiet yet steady rise over the past few years, and as per FICCI‟s latest estimates, the industry is valued at a whopping Rs. 490 billion. Indians viewed health from sickness-and-care perspective i.e. healthcare professionals was only resorted to in times of illness. But now people are beginning to understand the benefits of preventive healthcare and overall well-being as a result of which wellness is now being looked at as a comprehensive and holistic approach towards the betterment of our mind and body. This shift in attitude is mainly driven by India‟s young millennial population which consists of approximately 443 million millennialsfor whom health and happiness has become the priority.
People today are willing to consistently invest in health and wellness products and services.
According to a study by Numr Research, 33% Indian millennials spend almost INR 4000 per month on health and wellness. This shows that people are willing to consistently invest in health and wellness products and services. Primary spending activities include purchasing gym memberships, doing annual health check-ups, consuming nutraceuticals, and using health-tracking apps. Moreover, Redseer Consulting reports suggest that India is home to 90 million Health Conscious Individuals (HCIs) and the expected consumer spending by this segment of the population on health and wellness products like health foods, nutraceuticals and organic beauty care is expected to be USD 30 billion by 2022.
Predominantly the wellness industry was more focused on food and nutrition, beauty treatments and healthcare using traditional practices. Emerging Health and Wellness Industries includes medical tourism, telemedicine, health information technology and diagnostics.Simultaneously, the wellness market is also seeing new introductions in the form of verticals like Nutraceuticals, Alternate Therapy, Aesthetic Dermatology, and Health Tracking Apps.
This rapid growth in the health and wellness market is being driven by various factors such as:
Increasing demand for affordable healthcare delivery systems in response to the rising healthcare costs,
Rising disposable income within the Indian middle class,
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Entry of private-sector investors in the new verticals of the health and wellness market,
Government initiatives, such as „National AYUSH(Ayurveda, Yoga, Unani, Siddha, and Homoeopathy) Mission‟, which cultivate the right environment and stimulate growth,
Tax benefits and incentives in the healthcare market, which attract investments and create a strong foundation to sustain this growth.
It is imperative to understand health and wellness sector as they are misunderstood as one and the same. Health and Wellness sector overlaps each other in terms of service requirements. But differentiation can be made with respect to who pursues the services.
Mueller and Kaufmann (2001) aimed to make a clear peculiarity between wellness and cure, from the health policy angle. The authors state a line should be drawn between wellness, which includes comprehensive service packages consisting of physical fitness, health, nutrition/diet, relaxation/meditation, beauty care, psychological activity/education, and illness prevention.
Wellness is an active pursuit of activities, lifestyle and choices that lead to a state of holistic health (Global wellness economy monitor, 2017).
With the progress of time, wellness as a concept has taken up a multi-dimensional definition, encompassing the individual's desire for one's own well-being, uniqueness and collective welfare. Primarily influenced by societal changes and individual's lifestyle trends, this revolution has also been enhanced by external factors such as globalization and a greater awareness of the need for wellness among individuals. This has resulted into increased involvement of consumers in buying process of wellness products and services.
(Anderson & Golden, 1984) Consumer behaviour involves the psychological processes that consumers go through in recognizing their needs, finding ways to solve these needs, making purchase decisions (e.g., whether to purchase a product and, if so, which brand and where), interpret information, make plans, and implement these plans (e.g., by engaging in comparison shopping or actually purchasing a product). An understanding of how they arrive at a decision allows the marketer to build an offering that will attract buyers.
2. OBJECTIVES OF THE STUDY The main aim of the study is:
(i) To conduct SWOT analysis of wellness industry.
(ii) To study the factors influencing consumer behaviourwith respect to wellness industry.
3. METHODOLOGY
This type of research is theoretical in nature. It examines the concepts andfactors of consumer buying behaviour. It states the scenario of wellness industry at domestic and global level. The study includes SWOT analysis of wellness industry in India.The secondary data has been collected from various databases, journals, books, websites, etc. It is an integration of reviews related to consumer buying behaviour and forms as a foundation to analyse new emerging issues/patterns in consumer buying behaviour with respect to wellness industry.
4. REVIEW OF LITERATURE
Wellness is a state of being described as positive health (Mazzeo, 1993). Wellness tourism is the sum of all activities resulting from a journey and residence by people whose main motive is to preserve or promote their health. They stay in a specialized hotel which provides the appropriate professional know-how and individual care. Customers are provided with a comprehensive service package comprising physical fitness, beauty care, healthy nutrition and diet, relaxation, meditation, mental activity, and education (Mueller and Kaufmann, 2001).
The international market for wellness services is estimated to be $150 bn (Chandramouly and Kannan, 2005). Many international destinations, including Austria, Switzerland, Ireland, Slovenia and Finland, Singapore, Malaysia, Thailand and Croatia, have strategically realigned their brand position with wellness and wellbeing (Crook and Stevens, 2009). Even US businesses have responded to rising healthcare costs by motivating and encouraging employees to participate in wellness programs (Slutzky, 2008).
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Health clubs are service organisations that sell experiences, not goods. The service sector has become increasingly important in recent decades (Cunha, 2002). According Cunha (2002), the main characteristics in services are intangibility and the consumer‟s simultaneous participation in the production. Following Cunha (2002), it is expected that a small number of fitness attributes play significant roles in consumer satisfaction.When referring to the retention of clients, it is important to mention that one of the main tendencies of the health and fitness industry is the development and the massive implementation of advanced Customer Relationship Management (CRM) systems – with a strong focus on technological novelty. Using sophisticated hardware and software, health and fitness clubs will be able to know, in detail, the preferences of their members and that will also allow them to develop creative relationship marketing actions (Peppers and Rogers, 2004).
Both male and female users may perform differently in their online activities such as communicating with others, viewing photos and videos, tracking people, events, posting or forwarding information, playing online games, reading and sharing promotional information with others (Luna-Nevarez and Torres, 2015). For instance, men and women become loyal in their behavior for different reasons, as a lesser influence of trust on loyalty towards Internet service providers, while effects of satisfaction on commitment and of trust on loyalty are stronger for men than for women (Sánchez-Franco et. al., 2009). Riegner (2007) found that consumers perceive emotional and practical benefits in participating in electronic word of mouth activities and recognize that they pose a great influence over the products and brands they consider when intending to make a purchase.
Some authors pointed out predominant influence of certain factors on consumer purchasing decisions. For example; Duesenberry (1949) focused on the influence of social environment. Schor (1991); Solnick & Hemenway (2009) claimed that consumers are more affected by fashion trends and reference groups. Reingen & Kernan (1986) pointed out that a consumer first gathers information about new, unknown market and then uses it during purchase decision process, additionally emphasizing the word-of-mouth effect. Cialdini &
Goldstein (2004) defined consumption norms valid for the certain society as a main source of consumer behaviormodeling. Hopper & Nielsen (1991) wrote about the strength of normative influences and impact attitudes, while Ajzen & Fishbein (1980) analyzed the effect of an individual‟s beliefs and norms on their attitudes, intentions, and consequently behaviors. Yuldasheva (2006) explored consumer behavior and factors influencing it within consumption standards.
Adoption by community is among the most influencing factors stimulating consumption of green and eco products (Moisander, 2007). This influence might come from family, friends, school and colleagues (Cialdini & Goldstein, 2004; Nicholson & Xiao, 2011), different types of opinion leaders (Shoham & Ruvio, 2008), family doctors or role models like celebrities (Brace-Govan, 2013). Such tools of marketing communications as green advertising, eco labels, environmentally friendly packages and social actions are also among the important influencing factors (Leonidou et al., 2011; Shabunina et al., 2017). Promotion of healthy lifestyle by media is also proved to have a positive influence on the choice of wellness products and services (Maynard & Franklin, 2003; Chao et al., 2015).
The wellness industry is very promising and has great potential for research in every verticals of industry. Only a few academic studies were made in the past. An empirical study can be made individually on each sector of the industry to identify the significant factor and their impact on the competitive advantage of the industry.
5. FACTORS AFFECTING CONSUMER BUYING BEHAVIOUR WITH RESPECT TO WELLNESS INDUSTRY
Consumer behaviour is a complex area, but marketers do need to find out about who their customers are in order to identify their needs, how they behave, which factors influences them to make a decision to buy and what processes they follow when selecting a product/service.In wellness industry, Consumer buyer behaviour is influenced by four major factors:
1) Cultural, 2) Social, 3) Personal,
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4) Psychological.(1) Cultural Factors:
Cultural factors have the broadest and deepest impact on consumer behaviour.
The culture of South India influences the consumer to purchase and use more of Ayurvedic and herbal products over other parts of India. So, natural Ayurvedic ingredients are increasingly being integrated into a growing number of products, ranging from shampoos, skincare creams, oils, and powders, toothpaste gels, and soaps to cough syrups, teas, packaged juices, and nutritional supplements, among other fast-moving consumer goods.
In Western culture, consumers are more diet and health conscious which results in higher sales of dieting and healthy products.
This set of factors mainly includes broad culture, sub-culture, and culture of social classes. Every nation has its own unique culture that shapes and controls behaviour its citizens. For example, Indian culture, American culture, Japanese culture, Chinese culture, African culture, etc. Consumers of different nations hold different behaviour toward the company‟s products and strategies. Spa centers are influenced by culture as a result of which we have Thai spa services, Indian Panchkarma Ayurvedic spa, and many others in the market. Different countries follow different spa techniques based on their nationality.
Every religion has its culture in terms of rules, values, rituals, and procedures that have impact on its followers. Commonly, consumer behaviour is directly affected by religion in terms of products that are symbolically and ritualistically associated with the celebration of various religious events and festivals/holidays. Buddhists meditation practice is different from Jains techniques. All the wellness products required for their respective meditation centres will be influenced by their religion practices.
Each geographic region represents specific culture and differs in terms of needs, preference, habits, usage rates, and uses of products. Consumers in Urban areas are more inclined towards technology based fitness products and wearable technologies like health apps, fitness trackers than consumers in rural areas.
Social classes reflect differences in income, occupation, education, their roles in society, and so on. Social classes differ in their dress, speech patterns, recreational preferences, social status, value orientation, etc. They show distinct product and brand preferences in many areas like clothing, home furniture, education, leisure activities, and automobiles. Normally, with reference to India, on the basis of income level, or status in society, we have three social classes like upper class, middle class, and lower class. Upper middle class consumers purchase high performance medical products and undergo treatments and surgeries to maintain their beauty conscious image whereas lower income consumers prefer to buy inexpensive and cheap fast moving consumer goods.
(2) Social Factors:
Consumer response to product, brand, and company is notably influenced by a number of social factors – family, reference groups, and roles and statuses.
Wellness industry is primarily influenced by societal changes and individual's lifestyle trends.
Family who are more conscious towards Physical, emotional and spiritual wellness will be influenced to buy more wellness products and services.
Film stars, Social media influencers, Sportsperson, Spiritual Guru‟s do influence sales of wellness products and services. Beauty conscious consumers consider celebrities as their role models and eventually purchase wellness products and services endorsed by them. In India, we have so many spiritual organisations selling their wellness products and services which are regularly purchased by their followers.
In order to strike balance between all the roles, consumers are these days influenced to buy wellness products and services which will give them physical, emotional and spiritual wellbeing. Higher income group buys many expensive brands of wellness products and services to maintain their status in the society.
In order to follow social customs and traditions, many buyers purchase natural and herbal wellness products and services.
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Organic food products, natural food products, GYM facilities, spa centres etc are little expensive and hence purchased by higher income group.(3) Personal Factors:
Wellness is defined as “A conscious, self-directed and evolving process of achieving full potential”. Hence, wellness is an active personal process through which consumers become aware of, and make choices towards, a more successful and healthy existence. Hence, usage of wellness products and services is a personal choice of consumers.
Wellness products and services such as Health drinks, Gymnasium facilities, beauty products etc are available in wide variety based on age and life cycle stage. Consumers select and purchases such wellness products and services based on their age and life cycle stage.
Occupational wellness and financial wellness fall under this scope.
Individual‟s pursuit wellbeing in terms of activities, choices and lifestyle has led to the inception of wellness concept. Lifestyle change, increased physical and mental stress, health consciousness and beauty consciousness are driving factors for the prosperity of the wellness industry in India. Consumers, who are conscious about diet plans, regular exercise, adopt healthy lifestyle by consuming organic and natural products. Consumer who focuses on healthy lifestyle buys organic products, natural products, green products, works on work-life balance by practising yoga & meditation, visits spa centres, gym and fitness centres. She/he buy products after getting feedback from social media, online product reviews; verify product certificates, carbon footprints, performance of products and services, etc. Consumers, who are conscious about feeling and looking young, buy beauty products in skin, hair, weight, appearance categories. Consumers who give importance to development of their personality will be influenced by wellness products and services such as Fitness centres, Alternate therapy centres, Nutritional care/dieticians, Disease management centres, Vaccination/ preventive care Public immunization services, hospitals, Corporate wellness, Beauty care, Rejuvenation & Spa centres, Health tracking equipment‟s, etc. Consumers who are inclined towards spiritual wellness and who sees themselves as spiritual person will be influenced to spend their more time in Meditation, Yoga and life coaching services. Wellness products and services in beauty segments have various different categories of products for male and females. Services such as, education/skill development, critical thinking skills, time management skills fall under the gamut of Intellectual wellness. Consumers in cities are more inclined towards using such services.
(4) Psychological Factors:
Wellness is viewed from a holistic perspective and represents a perceived positive state of being and embraces a body-mind-spirit concept. Emotional wellness deals with mind management which is the ability to understand ourselves and to cope with life's challenges.
To cater to the needs of such consumers, many new wellness products and services are evolved in the market.
Motivation is closely related to human needs. A wellness conscious customer has a desire to achieve well-being, well-conditioned or well-shaped personality. In order to fulfil these needs, he will be motivated to buy health conscious products, Ayurveda products, face-body care products, anti-aging products etc.
Person‟s motivation to act depends on his perception of situation.
Consumers who perceive to strike balance between physical, mental and social wellbeing state will be influenced to buy wellness products and services over those consumers whose perception will be purchasing other commercial FMCG products.
Consumer who perceives that yoga will keep him mentally and physically fit will be influenced to practice yoga regularly.
Most human behaviour is learned. Learning is basically concerned with experience of an individual. As consumers learns about new products like nutritional supplements or new services like enhancing their looks through dental and dermatological treatments they will be influenced to use more such wellness products and services.
Beliefs of the buyers affect product and brand image. Consumers who have strong belief in spirituality and want to grow spiritually will be influenced to become member of Meditation centres.
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An attitude is a person‟s enduring favourable or unfavourable evaluations, emotional feelings, and action tendencies toward some object or idea. Attitude of using wellness products and services in western countries is more than in India. In India, wellness industry is still in introductory stage. Marketers need to develop right strategies to target the right audience and influence them to buy such new wellness products and services.These factors cause consumers to develop product and brand preferences in wellness industry.
6. SWOT ANALYSIS OF WELLNESS INDUSTRY:
SWOT analysis is a tool to help businesses create their strategy by determining the strengths, weaknesses, opportunities and threats of the company. SWOT analysis is applicable for businesses of all sizes and useful to do when starting up a new business, before making strategic changes in the operation of the business or phasing in new elements. It is particularly important in fast-growing and highly competitive wellness industries.
6.1 Strengths:
1. The wellness industry commits itself towards a result oriented approach to attract and maintain customers in highly competitive market,
2. According to the needs of target audience, the wellness products and program are well structured and maintained.
3. Qualified, trained, helpful and friendly staffs are hired by the industry to maintain good relationship with the customers.
4. Good location, physical evidence and clean hygienic environment are main factors that attract the consumers towards wellness industry.
5. The latest equipment‟s and quick personalised services are used by the wellness industry service providers for their busy professionals of urban areas.
6. Lot of foreign tourist get attracted to the facilities of wellness tourism available in India to avail the benefit of price benefits.
7. Wellness products and services promotes wellbeing and holistic lifestyle practices which helps make a positive difference in one‟s day to day life as well as maintain work life balance.
8. Wellness industry gives solutions to problems of physical, mental and emotional health of society.
6.2 Weaknesses:
1. Personalised wellness products and services are of higher costs/expensive over other fast moving consumer goods available in the Indian market.
2. Due to lower number of technical and qualified staff in wellness industry, it can be difficult to provide service to a large group of consumers at a same time which can hinder the business growth.
3. Marketing budget and various tools to implement the plan are not enough to attract large consumer and business clients.
4. Some wellness service providers offer too many services and hence spend less time in market research to understand each area of the services offered by them and check their competitive position.
5. Target audience of wellness industry are mainly higher income group customers.
Hence consumers with lower income group find these services beyond their reach.
6. In metro cities, due to space constraints, wellness centres have to compromise on services that they render.
6.3 Opportunities:
1. India has rich cultural heritage and natural environment which can widen the scope of wellness industry.
2. Significant changes in lifestyle related to lack of physical activity and increased consumption of fast foods among both affluent and working class population has led
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to the greater need for healthy lifestyles through sports, fitness centres and counselling on dietary habits, yoga, meditations etc.3. Due to lifestyle and occupational diseases such as obesity and other heart diseases, people are developing interest towards health care and wellness industry.
4. New technologies and techniques are exploited to modernize the wellness services and attract larger urban audience.
5. Digital marketing used as marketing tools helps to reach out to more number of potential buyers in wellness industry.
6. In India, 40% of population in the age group of 20-44(in 2016) can be targeted for various innovative and new types of beauty and food products.
7. Corporate sector believes in well groomed employees and hence employees in metro cities visit wellness centres.
8. Government of India is also supporting the growth of wellness industry through Make in India initiatives.
9. New avenues of job openings like beauty therapists, independent wellness consultant, hair stylist/specialist, colourist, Nail professionals and many more will generate more employment opportunities.
10. The Covid pandemic will force major lifestyle changes such as more vegetarian diet, less travel, more meditation, more „me‟ time which will be a new beginning in pursuing „lifestyle health‟
6.4 Threats:
1. There are too many competitors in the wellness industry offering variety of products and services.
2. Many small business service providers have low budget for implementing new techniques and technologies and personalised services.
3. Many service providers especially in health care industries violate many rules and regulations to earn more profits which result into vigilant policies.
4. The economic cycles like Recession and economic depression can slowdown the progress of wellness industry as people spending habits will decrease.
5. Retention of manpower is difficult due to high attrition rate in this industry.
6. Cheap Imitation and duplication of original and popular brand is the major concern for wellness industry.
SWOT analysis evaluates the Indian and Global business environment in a detailed manner so as to help wellness industry to take strategic decisions for the future course of action.
7. FUTURE PROSPECTS OF WELLNESS INDUSTRY
The Wellness industry is in a prosperous state in the country. The high population of our country attracts more products and services in diverse geographies. The social and psychological approach of the consumer draws the industry to come up with out of the box solutions with integrated technologies for ease, experience and excellence. A clear focus must be made by researchers, institutions, corporate‟s and government to explore to its optimum extent to reap maximum benefits.
8. CONCLUSION
The wellness industry in India has rapidly evolved from being a highly unstructured ecosystem in the 90s to a more active and growing sector today. Concerted efforts are been put in to consolidate wellness sector and convert business potentials to achieve maximum benefit for the country. Regular Environmental analysis would further help wellness companies to plan for effective marketing mix and innovative marketing strategies. The knowledge of consumer behaviour with respect to wellness industry will help the marketer to understand how consumers think, feel and select from alternatives like health, beauty and food products/brands and services and how the consumers are influenced by their environment, the reference groups, family, salesperson‟s, social and psychographic parameters and so on. This information will help marketers to position their product/brands/services and target their marketing activities as precisely and cost effectively as possible.
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