Malaysia’s wellness and fitness industry is the highest revenue earner for the country and has a significant place in the everyday life of the Malaysians. It is observed that Malaysia has captured the wellness and fitness market by developing wellness tourism along with medical tourism which includes Malaysia Urban Retreat Festival (Murfest), yoga, spiritual retreats and fitness weeks.
Malaysians are attaining health and well being through physical, psychological or spiritual activities which has become an international trend among health-conscious people. Fit Malaysia is a brand program that encourages Malaysians to adopt healthy lifestyles, excel in sports and incorporates the mental aspect in consumers. Fitness is not just about physical sports, running, cardio, boxing, self-defence or cycling, but also about mind-body wellness. Fly yoga or aerial yoga are new forms of exercises that makes use of hammocks and is a popular program in Fit Malaysia event.
According to the report, “Health and Wellness in Malaysia”, the rise in the aging population in Malaysia is the major factor influencing the wellness and fitness market. Products related to age-related disorders such as digestive system, and products related to maintain blood sugar levels are of great demand. Probiotic products contribute to the health and wellness market growth in Malaysia which are used as a substitute for growth promoters and antibiotics. The leading companies in prebiotic products are Yakult Honsha and Chr. Hansen which developed patented strains of microorganisms (probiotics) advantageous to human health.
The vitamins and dietary supplements include weight management products, herbal and traditional products. The health supplement market in Malaysia involves international and regional vendors with quality and affordable pricing for consumers. The international competitors in Malaysia have inorganically acquired the regional or local competitors. The leading competitors in the health and wellness market are Amway, CCM, Cosway, Herbalceutical, Herbalife, Astana Biocare, Bioalpha, Dynapham Herbal, Era Herbal, QD Herbs, and White Heron Pharmaceuticals. The Malaysian population is increasing steadily demanding for more health and wellness products.
The next trillion dollar industry is the global health and wellness market considering the wealth of applications and products available in the market. The global health and wellness market incorporates a variety of industries such as nutraceuticals, cosmeceuticals, healthy eating, nutrition, weight loss, complementary and alternative medicine, preventative and personalized health, and beauty and anti-aging products have increased in leaps and bounds. The popular three trends in the health and wellness global market are athleisure, boutique fitness, and organic diet.
The global nutraceutical products in health and wellness market are categorised into functional foods, functional beverages, and dietary supplements. Cosmeceuticals market is again categorised into cosmeceutical ingredients, cosmeceutical products, and cosmeceutical sales. The market is driven by increasing health awareness and availability of health and wellness products. There is a great demand for healthcare devices such as exercise equipment, organic foods, and supplementary diets in the health and wellness market. The leading players in the global health and wellness market are Philips Healthcare, Abbott Laboratories, LifeScan, Inc., B. Braun Melsungen AG, Animas Corporation, L’Oréal, Johnson & Johnson, Nestle S.A., General Mills, Inc., Coca-Cola, Omron Healthcare, F. Hoffmann-La Roche, and Medtronic, Inc.
Majority of Malaysians are suffering from stress related diseases which has stemmed from rising stress levels at work. Considering the serious implications of stress at the workplace, Malaysian organizations have considered the work related stress and psychosocial risks as part of their safety and health strategy. Managing stress at work has created a healthy work environment with more positive business performances that have improved drastically as the employees turned more productive.
The segregation and analysis of the health and wellness market includes fitness equipment, preventive, personalized health, wellness tourism, beauty and personal care products, health and wellness foods. With the growing population and realisation of the importance of healthy products, there will be a growing demand for more and more health and wellness products in the coming years that will further assist in market expansion.
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Ankur Gupta, Head Marketing & Communications