Is health and wellness the next big business opportunity for Asia Pacific?

By Thomas Harms, senior vice president and managing director, Asia Pacific, Herbalife

In Asia Pacific, the entrepreneurial spirit is thriving as many individuals, from Generation Zs to the Boomers, aspire to own their own businesses. Despite the uncertain macroeconomic environment this year, the desire to earn more and have a business to call one’s own is fueling entrepreneurship aspirations in the region.

Data from a recent Herbalife Asia Pacific survey revealed that more than half of people in the region found 2024 to be a good year to start a business. More than three in five (63%) aspiring entrepreneurs in Asia Pacific also plan to start a small business in the next 18 months. With Asia Pacific’s dynamic markets and supportive government policies laying the foundation for entrepreneurs to flourish, the region is poised to see the rise of a new generation of entrepreneurs who tap into new trends to create opportunities for growth.

Wellness is among the industries that are experiencing growth in the region. Driven by changing consumer priorities, the sector is undergoing an evolution with the rise of individuals who are putting greater focus on improving their well-being. The Asia-Pacific Front Line of Healthcare 2024 Report by Bain & Company found that more than half of consumers in the region said that they are willing to increase healthcare spending, including spending on vitamins and nutritional supplements, in exchange for enhanced health outcomes, better experiences, and increased efficiency. This trend is even more apparent among Generation Z, where almost three in five (58%) are willing to spend more on healthcare.

While the shifting consumer spending trends reveal a clear potential for growth, will the health and wellness sector present a new wave of business opportunities for Asia Pacific?

Growing focus on health and wellness in Asia Pacific

Earlier this year, Herbalife surveyed 8,000 respondents across 11 markets for the Asia Pacific Business of Wellness Survey. The survey revealed that 51% of respondents in Asia Pacific plan to increase spending in the health and wellness sector this year, with the majority intending to increase spending by 25% or more, aligning with the findings from Bain & Company’s research. Herbalife’s survey also found that supplements (72%) and fitness classes (31%) are the top two categories for increased health and wellness spending.

As consumers lead increasingly busy lifestyles and seek to improve their well-being, Herbalife is experiencing growing demand for preventive healthcare options, such as nutritional supplements all across the region. The consistent demand for health and wellness products presents new opportunities for aspiring entrepreneurs to offer products and services that cater to this expanding market.

Amidst this rising demand for health and wellness, aspiring entrepreneurs have identified the industry as one that will continue to grow despite ongoing macroeconomic uncertainties. Data from the survey showed health and wellness as the fourth most attractive sector (20%) for starting a business, after the food and beverage (44%), retail (30%), and technology (25%) industries.

Health and wellness a bright spot for aspiring entrepreneurs

The health and wellness industry presents a significant growth opportunity for aspiring entrepreneurs, making the future of entrepreneurship in the region look promising. Herbalife’s survey found that 81% of existing entrepreneurs in Asia Pacific expect their businesses to be stronger in 2024 compared to the previous year.

Given the myriad of business opportunities available, aspiring entrepreneurs will need to consider their options carefully and make informed decisions rather than rush into a new venture quickly. Instead of following the traditional entrepreneurship path, which often requires significant start-up investments for setting up and stocking products, they can explore alternatives like social selling and direct selling. Through direct selling, entrepreneurs act as storefronts, engaging directly with their customers and the community. This creates a direct communication channel that enhances customer satisfaction. By providing advice to and receiving feedback from customers, this business model keeps entrepreneurs motivated, while offering them the flexibility to scale on-demand to maintain entrepreneurial momentum over time.

For aspiring business owners who are pursuing entrepreneurship as a side job, seeking more flexible work hours, or enjoy leveraging social networks to share nutrition advice and products, Herbalife provides an enabling environment to help them make the most of their entrepreneurial pursuits. With low start-up costs, mentorship and coaching from fellow distributors, and robust company support, this sets the tone for aspiring business owners to start, grow thrive in their entrepreneurial journey.

There is a high level of optimism around entrepreneurial pursuits and increasing spending in sectors like health and wellness. The future looks bright for aspiring entrepreneurs in Asia Pacific. However, to ensure a sustainable entrepreneurial journey, it is crucial to build a business on a strong foundation. For entrepreneurs, seeking out business opportunities in industries they are passionate about that have supportive communities can pave the way for fulfilling and enduring entrepreneurial journeys.