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DOHA: The wellness market in Qatar is poised for significant growth reaching $2.3bn by 2020, according to Ken Reasearch — a global industry research and information service company.
According to Ken Research’s latest publication on “Qatar Wellness Market Outlook to 2020 — Rising tourism industry and Prevalence in Lifestyle Diseases will drive the Market,” the wellness market will grow at a considerable compound annual growth rate (CAGR) reaching $2.3bn by 2020, in which wellness services will contribute over $350m and wellness products will contribute to over $1.5bn revenues.
The wellness service market in the country has witnessed a tremendous growth in the past few years due to the increase in the obesity rate, heart problems, skin problems and increase in consciousness about the looks. The demographics of Qatar are changing, the youth population in the country is changing which is the main target of the wellness services centres.
According to Ken Research, the wellness product market had witnessed a robust growth in the past few years in the country. The fragrance product is the major contributor to the revenues of the overall wellness product market.
The wellness market in Qatar recently showed vigorous growth, primarily on account of the young urban population who have high disposable income and are generally inclined towards wellness and fitness activities, says the report.
The major reason for the growth in the market is increase in the demand of personal care products and the services offered by fitness centres and spa and salons. Wellness product market is the major contributor to the revenues of the wellness industry followed by wellness services market, according to Ken Research.
Increase in working female population, expansion of tourism industry, increasing prevalence of lifestyle diseases are anticipated to boost the wellness industry.
© The Peninsula 2016
