Increasing health awareness in consumers, wellness is on the rise in Singapore. According to the Singaporean government statistics, the demand for annual gym visits marked growth from 1.8m to 2.5m in the five years to 2015. With the rising concern of Singaporean consumers towards their health and wellness which is growing day by day because of increased rates of obesity, larger food portions, greater total dietary intake and individuals using less energy. To stay fit and healthy the consumers are actively participating in weight management wellbeing and seeking the whole food solutions, such as whole grains and fibre. Weight loss always remains a pivotal concern of topic amongst Singaporeans. They are most conscious about their outlook always wants to look attractive, physically fit and in shape and this is one of the major reasons why weight management and wellbeing industry is the emerging one in 2017.
Demand for weight management and well-being in Singapore is growing & it is forecasted that it will be one of the strong sectors in the coming years. In 2018, the revenue in the fitness segment amounts to US$ 19 million and it is expected to show an annual growth rate (CAGR 2018-2023) of 9.3%, resulting in a market volume of US$29m by 2023. Wearable is the largest segment of health and wellness with a market volume of US$ 14 million in 2018. With the rising disposable income of Singaporean consumers, they are willing to spend on health and wellness products and services to stay slim, fit and young. 66% of Singaporean are trying to lose weight and actively participating in health and weight management activities.
Rising Trend of Weight Management and WellBeing in Singapore:
In 2017, weight management and well-being continued to post strong positive growth. Singaporean consumers are highly image-conscious, especially females, they are more conscious about their looks and always want to look fit and in shape. They are highly attracted to the products made of natural and healthy ingredients and are expected to opt it quicker than other products. More and more people are going with health and wellness trend, where they are opting organic natural products for losing their weight rather than the consumption of OTC obesity on a long-term basis. Besides this, increased consumer awareness toward preventative healthcare, consumers are avoiding sweeteners, sodium, trans fat and cholesterol ingredients in their food to avoid the different type of diseases, such as hypertension, obesity and cardiovascular disease, etc.
In comparison to other Asian consumers, Singaporeans have higher amounts of abdominal fat at lower BMIs. Singaporean consumers are consuming more calories than ever before and expected that the percentage to increase to 36.5% for men by 2025 from 31.7% in 2014 and 21.7% for women by 2025 from 21.2% in 2014. Eating healthy foods and beverages poses greater opportunities for consumers in maintaining their shape and stay healthy. Now Singaporean consumers are actively taking charge of their health and, at times, experiment with wellness alternatives to traditional health care medicines, therapies and procedures. Various athleisure, weight loss and health and wellness brand are actively running the campaign to aware people about their health and teaching them how they can stay fit despite their hectic work schedule.
Large and Wide Distribution Networks of Weight Management and WellBeing Products:
In 2018, various retail channels were distributing weight management and wellbeing products across the country. Singaporeans have segmented their diet into three categories, such as meals, beverages and supplements, in meal products, they are preferring meal replacement, low-calorie sweetener, low-calorie diet and organic food. In beverage products, diet soft drinks, Herbal/ Green Tea, Slimming water and other low-calorie beverages and in supplement products, proteins, fibres, Green Tea Extracts and CLA (Conjugate Linoleic Acid) based products. Direct selling brands hold the biggest share in the market for meal replacement brands, such as Nutrilite, Nu Skin and Herbalife. Hypermarkets and supermarkets, as well as pharmacies, possess strong distribution share in supplement nutrition drinks and weight loss supplements. Whereas, the brands, which do not hold any position in direct selling brands, they are strongly engaged in price competition to fight for share to gain.
International brands are targeting to launch their products on Singapore as a South East Asian launchpad. But the brands need to review their marketing strategies to target the island and to hold a strong brand position in the country. It has been noticed that the Singaporean consumers are increasingly shifting to the permanent lifestyle changes and to target this, the manufacturers have to retain the consumers’ interests in weight management and well-being by modifying their marketing strategies accordingly. Such as Herbalife International Singapore is offering strict weight loss products to a holistic approach for the wellbeing, shifted its product positioning. Whereas, the leading player, such as Nu Skin continued to outperform rivals through highly-renowned meal replacement products, namely its ageLOC TR90 range.
It is Singapore’s no.1 fitness app that provides caloric and diet dashboards, health challenges, diet tracking (with access to countless foods and drinks) a record of steps taken and distance covered, synchronization with friends and much more. Health 365 integrates with Fitbit, Apple Watch and other popular apps. Also, it satisfies the need for user interactivity and motivation. It calculates calories based upon the dietary styles of Singaporeans and has a myriad of useful features and is more a health companion than simply an extremely efficient calorie and weight loss tracker.
Singapore-based healthy snacks brand was founded in May 2015. BoxGreen creates and delivers tasty, natural snacks to your office or doorstep in environmentally friendly materials for all their packaging. It has a customer base of over 2,000 users and has seen revenue grow tenfold year-on-year since inception. They aim to make snacking easy, fun and most importantly, nutritious and also provides customisable gift boxes for corporate branding and vending machines to clean things up.
Challenges in the Weight Management and WellBeing Industry of Singapore:
Any industry is not without its challenges though. Building consumer trust is an essential part of any company. In Singapore, lack of trust among consumers is also a challenging part for the existing and emerging companies. There are several competitors and several segments in the weight management and wellbeing industry of Singapore which actually segregates the customers. The weight management and wellbeing industry are also comprised of segments such as the spa industry, wellness tourism, and workplace wellness. All the companies cannot provide all the services due to the smaller geographic reason, so the customer size is limited. It becomes a challenging part for new entrants to attract the customers when there are already stable players in the market.
In Singapore, the availability of slimming and weight management centres is huge in numbers but if we talk out about the right kind of awareness among the consumers, where they are majorly lacking in. From right kind of awareness we mean the right procedure for the different body types, lack of motivation but knowledge of a healthy lifestyle, efficient results and overall wellness, a treatment which is economic and most of all does not harm the body for the longest time. Competing with the leading brands, such as Herbalife International Singapore is a robust deal for the new entrants of the market in Singapore. The industry is in a battle to protect margins as well with meeting consumer demand, besides increased competition, currency concerns, and encroachment from companies outside the weight management and wellness space.
Opportunities in the Weight Management and WellBeing Industry of Singapore:
Explosive growth has been seen in the weight management and wellbeing industry with over the period of time and expected to be grown with pace in the coming years. Also, there are many opportunities for wearable technology, wellness tourism, wellness makeovers, such as spa, beauty, travel and yoga connections, etc. The weight management and wellbeing industry is one of the rapidly growing industries with future technologies that will potentially alter the way of delivering and experiencing health and wellness products in the market. Startups are working in the direction and have the ability to transform the technology, such as the use of smartphones, applications, and apparel into health and wellness tools.
Globally, consumers are moving towards a more holistic approach and adopting the weight management approach in order to improve health and Singaporeans are preferring exercise more than any other options. Opportunities for healthy eating maker startups is also growing people are trying to eat healthy food instead of eating any junk food. These are some factors that are reshaping the weight management and wellbeing industry and shifting consumers towards innovations around clean labelling, personalisation and plant-based ingredients, to compete with weight loss alternatives such as apps, online programmes and wellness coaches.
For customised market research reports for any kind of startups and business in any industry, you can contact Craft Driven Market Research team here directly.Tags: BoxGreen, Craft Driven, Fitness and Wellness Center, Fitness Center, Health 365, Herbalife International Singapore, market research, Singapore Market Research, Slimming Industry, Weight Management, Weight Management & WellBeing