The wellness industry is big business. In fact, globally it is estimated to be worth more than 4 trillion USD. And growing year on year. From health and fitness to nutrition, beauty to specialty food products, wellness trends are here to stay. And the boost in demand has opened up huge opportunities for new businesses around the world. If you have considered a business in this sector, 2020 looks set to boost some of these big wellness trends.
Fitness at home
We’ve come along way since the Jane Fonda and Cher home workouts. These days consumers want to squeeze their next level fitness in whenever and wherever possible. From doing a quick 20 minute HIIT workout with a trainer via YouTube to building a personal gym kitted out with weights and TRX bands. The sky is the limit. Brands are capitalising on this trend and creating wellness options for home. And the opportunities are endless. Whether it’s cycling via Peloton or rowing via Hydro, in-app nutrition and fitness programmes and the possibilities of having 1:1 training via video link in the comfort and convenience of your own home. It’s no longer necessary to pay gym membership or commute back and forth to a local class. Consumers can choose whichever work out they want wherever they want to take advantage of it.
Plant-Based and Meat Alternatives
Almost one in four food products launched in the UK in 2019 was plant-based. And with the plant-based market worth around £443 million in the UK, we should all be paying attention to this sector. Shopping habits show that it’s not just vegans and vegetarians who are taking an interest. Many of us meat-eaters are also interested in introducing more plant-based days or meals into their lifestyle. Brands are finding new ways to produce and supply plant-based branding out into convenience foods and entering the restaurant market to make plant-based an option wherever possible. Whether you’re interested in launching your own plant-based product or your business complements a plant-based lifestyle, now is a great time to capitalise on this momentum and make your idea a reality.
Without a doubt, the future of the beauty industry is sustainable. Just as we’ve all become more environmentally conscious in our homes over the last 5 years, now, we’re becoming more thoughtful and sustainable in regards to our beauty products. Consumers are reporting that they want to find ways to limit their personal impact on the environment. Whether through the product itself, the packaging it uses or the materials used in production. Brands are increasingly aware of the demand and we can expect to see growth in this area of the wellness market in 2020 as competition for sustainable beauty increases.
As consumers shop with more intention, it may mean that smaller, niche brands have more of a chance to be seen. Modern consumers more often look for the purpose behind the product rather than the big-budget ad campaign so it’s a great time to launch a sustainable product. Perhaps you have an idea for a refillable beauty line or an eco-friendly waterless beauty product? Whatever it might be, now’s the time to share it.
Deborah Lamberton had dreamed of launching her own organic skincare line. Read on about how her wellness business So27skincare took shape with the help of the Go For It Programme .
Finding time in our lives to put wellness first is a problem for many of us. Time is our scarcest commodity. These days many of us are choosing to spend time off on wellness retreats. A specific, sacred space to prioritise wellness of the body and mind. The perfect antidote to the bustle of 2020 life. From yoga to meditation, from boot camps to vegan detox, the wellness retreat options are endless and range from budget to luxury. Finding something to fit your life and your income is completely doable and as the industry grows, the local, accessible options to complement the jet-set getaways, is on track to increase.
New tech making health data personal
The era of the Fitbit and sports watch is nothing new. But the evolution of new health tech means that wearables have leveled up significantly. Helping users by offering digital snapshots of their activity and recovery, as well as offering tips to optimise workouts and sleep health, the market is growing. While the Apple Watch was a huge hit, the cost meant it was out of reach for many consumers. 2020 looks set to pave the way for more affordable health wearables that you’ll see around more often.
Whatever your wellness business idea, whether it’s just something you’ve been mulling over or whether you’ve taken some steps on the entrepreneurial path already, we’d love to help. Read some of our Go For It Success Stories and get in touch.