The COVID-19 pandemic has caused a significant toll on everyone, most of all essential workers and small business owners who have had to scrape by with the bare minimum. Now more than ever, mental health and wellness have become an important facet of our day-to-day lives.
Investing in health and fitness has never been this essential, not just literally but in business terms as well. Investing in the wellness industry might lead to major profit, especially in a post-pandemic world. Venture capitalists predict that the wellness industry could face a steep increase in profit soon. In fact, some have already begun to invest in it, particularly in companies that promote mental health, healthy food options, and everyday fitness.
In a time when the health and safety of people are at risk, there couldn’t be a more opportune moment to invest in the wellness industry. And here’s why.
Consumer demand
A global health crisis naturally leads to more demand for effective health solutions. As consumers fight off the pandemic as best as they can, many seek quick and easy methods of combating illness and staying healthy. This includes but is not limited to medicine, exercise, nutrition, and even beauty. It’s not just physical health solutions either. Mental health is an increasingly prevalent problem among the masses, with many either developing mental health problems or exacerbating existing problems as the pandemic continues.
Other than that, many people seek better methods of rest, such as sleep-inducing medication, sleep-enhancement guides, and massage devices. With the high consumer demand for easy health solutions, it should be no surprise that investments and ventures in the wellness industry have only continued to grow in the past year.
Among the products that have faced increasing demand from at-home consumers are meditation guides and apps like Headspace, fitness apparel and equipment, and Osim AU massage chairs, to name a few. Online therapy chat sessions have also seen a rise in popularity since many cannot book face-to-face appointments. Whatever the case, with consumer demand at a near-record high, it’s no wonder that many venture capitalists have started to invest millions in the wellness industry.
Future innovations
With a focus on what consumers want or need, future innovations in the wellness industry could help it grow even further from now on. Consumers continuously want more — more effective products, more cheap prices, more accessible choices in an ever-growing market.
The opportunity to fund innovations that could be the next big thing is all the more tempting when you consider how the wellness industry can only continue to expand and grow from here. With the prospect of a post-pandemic world slowly but surely getting closer, it might be time to start planning for what consumers might be demanding in the future.
Innovations in skincare and beauty products are always a guaranteed hit in the market. The cosmetic and skincare industry is one of the biggest in the world, and the rise of organic skincare and makeup products has led to an increase in sales and innovation.
Personalized products to fit the needs of those not often represented in the market have also seen a rise in popularity with subscription-based companies and start-ups. Once this pandemic is over, the world will undoubtedly be changed completely, giving companies and investors alike the opportunity to come up with innovations to adapt to this changing world.
Wellness will never go out of style
No matter the time or place, wellness and health products are never low in demand. Before the pandemic, the wellness industry was booming, with a net worth of 4.4 trillion dollars in 2019. And that number is only predicted to grow exponentially from here.
As more awareness is given to wellness and mental health solutions, demand for these products and services shows no sign of abating and will most likely remain at the same level of demand or will increase. Investing in this industry will always ensure profit. As long as consumers continue to need and want to improve their health and well-being, the wellness industry will remain strong.
In a post-pandemic world, health and wellness will remain in the spotlight as the whole world recovers from a global pandemic. In fact, the recovery period could be where wellness is needed the most. An investment in wellness will help the world through its recovery and be very beneficial in the long term.