- Amway’s multi-year strategy gives impetus to global growth-focused on health, wellness, and entrepreneurship
- Aims to unleash inclusive entrepreneurial opportunity for millions of Indians
- Announces global investment of over USD 300 million through 2024 to boost innovation & science, digital technology, and entrepreneurship
The world’s number one direct selling company, Amway has continued its growth trajectory in India powered by its nutrition and wellness portfolio along with its thriving community of entrepreneurs. The company is now set for the next-level transformation, further building on the growth strategy charted out by Global CEO Milind Pant. Aligned with the focus on unleashing entrepreneurship and creating long term value in the health and wellness category, Amway has earmarked a global investment of over USD 300 million through 2024 to boost innovation and science, digital technology, and entrepreneurship.
Among the 100 plus markets that Amway operates in, India is one of the key growth markets. Further, India is among the top three preferred investment destinations for Amway with a focus on digital, manufacturing automation, innovation, and nutrition segment. Known for its quality health and wellness products and unparalleled business opportunities, Amway has established a strong foothold in India over the last two decades of its operations in the market. The leading entrepreneur-led health and wellness had announced an investment of over $20 million (INR 170 crores) to boost research and development, manufacturing automation, innovation & science and strengthen digital capabilities in India.
Milind Pant, Amway Global CEO, said: “Amway’s global growth trajectory is focused on health and wellness and entrepreneurship. Today, entrepreneurship is being democratized like never before. And, at Amway, as an entrepreneur-led social idea, our vision is to unleash the next generation of entrepreneurs with our all-inclusive business opportunity, making it 10x easier for them to acquire and retain a community of engaged consumers. With unprecedented changes in the employment landscape and the rise of the passion economy, entrepreneurship is becoming one of the preferred choices, especially for women and the youth. Amway has been capitalizing on this growing trend by creating a robust ecosystem, providing avenues for those aspiring entrepreneurs to own and operate their business based on interests and passion they follow, irrespective of the background, education, or financial circumstances. Amway is for everyone! We have made significant strides towards driving entrepreneurship, especially among women and young millennials, through various initiatives like Nari Shakti and AmYoung to help them power their passion and create successful business ventures, thereby turning them into Passionpreneurs”.
A recent report by McKinsey stated India will be required to create 150 million jobs by 2030 to fast-track growth and meet the expectations of the aspiring workforce. This clearly is an opportunity for an entrepreneur-led company like Amway which has immense potential to generate self-employment opportunities. Currently, with more than 550,000 direct sellers and retailers, Amway is poised to make a formidable impact by creating alternative employment opportunities, and thus contribute towards the economic and entrepreneurial progress of India.
“Alongside, with the rising health-conscious consumers around the world owing to the heightened awareness for health and wellness, the market is growing significantly. Being the market leader in the nutrition category, Amway has been at the forefront, aggressively innovating and indigenously developing health and wellness product solutions to meet the ever-evolving consumers’ needs. We have also witnessed a startling shift in consumer behavior in India. A recent consumer survey indicated that 85% of Indians are making a positive change to improve their current health status which clearly underlines the tremendous market potential for the nutrition category in the country. India is one of the potential markets to drive work in digital innovation and research to meet Amway’s global business needs. Aligned with this, our India team is relentlessly working on products and experiences while focusing on simplifying nutrition with differentiated formats. Through this, we are targeting the masses, especially the youth. Lastly, we are also strengthening scientific capabilities with digital innovation, research and development centre, and nutrition labs in the country,” he added.
As a global leader in the health and nutrition space, Amway is eyeing a global contribution of 65% from the nutrition category to drive business growth by 2024. Also, with the growing spirit of entrepreneurship in the country, Direct Selling today plays a significant role in fueling the rise of the gig economy and for Amway, this will be a key area of investment to build and offer a value proposition to these home entrepreneurs. The move to entrepreneurship is being further fueled by the rise in the passion economy, as people are increasingly turning their passions into businesses using social platforms and technology.
As India’s burgeoning millennial population ushers in the era of creator economy and social commerce, Amway is empowering the new-age entrepreneurs with digital tools and mentorship programmes. With this, Amway aims to help them better engage with their community and turn their passions into prosperity.
The Global CEO of Amway, Milind Pant, took charge of the overall leadership of the company in 2019. As the first non-family CEO in Amway, Pant joined a select league of Indians to head large global firms. Under his leadership, Amway continues to build a disruptive enterprise that is customer-centric, agile, and future-oriented. He also serves as the vice-chair on the US-India Business Council Global Board of Directors.