Does the fitness industry have a bright future?

The Indian fitness industry has grown from its unstructured beginnings in the early 1990s to a complex ecosystem that comprises suppliers, consumers, neighbouring industries, facilitators, and the government. The evolution of the fitness and wellness business has been tremendous, from very simple gymkhanas to uber-rich and well-equipped gymnasium.

The 2020 global pandemic has also given rise to a new normal, which is working out at home with the help of internet lessons. And, since the epidemic, the fitness sector has gone online in order to compete in the cutthroat environment.

Here are some numbers:

1. Fitness app downloads increased by 46% globally during the first and second quarters of 2020. And India came in first place.
2. India experienced the greatest rise in downloads, with a 157% increase.
3. In 2020, there will be 58 million active users registered through various health applications.

The data presented above explain a lot about the unexpected boom in the fitness business, which has been exacerbated by the pandemic. In the foreseeable future, India's fitness industry will experience tremendous expansion. As more people choose to live a better lifestyle, the demand for fitness and wellness centres will continue to climb unabated.

The Fitness Industry Is Set to Expand

A study by Stratview Research indicates that a number of variables would cause the health and fitness sector in India to expand by double digits. The availability of different ways to exercise and concentrate on your health is one of these reasons, as is the progress of technology. Additionally, a number of investors are stepping up to make large investments inside this business due to the great potential and market fragmentation.
Even though the global epidemic shocked the world, one beneficial thing it did was raise people's awareness of the importance of keeping good health. People have learned more about the benefits of regular exercise, including how it can improve health and strengthen the immune system, on a global scale.

With the rise of technology and internet usage, especially among young consumers, there has been a seeping in of knowledge that has caused people to take health and fitness seriously. This was further supported by the global pandemic, which caused customers to actively seek information about all services and goods available to aid in their fitness. It goes without saying that consumers tend to be more likely to receive what they want in a developing market like India where new goods and services are constantly on the rise.

While many of these customers choose to work out physically in the gym to increase their strength or stay in shape, others of them are spotted choosing more entertaining and interesting activities like kickboxing, Zumba, or aerobics. These events have provided the fitness sector the necessary boost, bringing in a large number of domestic and foreign competitors.

In 2017, the Indian fitness market surpassed the $1.1 billion milestone, according to a Deloitte study report. Since then, the industry has experienced a boom. In reality, the Indian government's efforts to prioritise health and fitness in its "Make in India" programme are helping the industry as a whole. Although Ayurveda, meditation, and yoga are among the traditional Indian practices that promote fitness or wellness, more recent demands from the younger population and their constantly evolving lifestyles have given rise to new modern technology in the fields of health and fitness.

Approximately 71,000 new health and fitness applications were released in 2020, a more than 13% rise from 2019. This is according to a recent report. However, a recent article from the World Economic Forum claimed that there had been a 46% increase in the downloads of health and fitness applications worldwide, with India recording the highest download rates. According to the research, the nation now has 58 million active users.

In conclusion

Consumers today take fitness seriously, whether they work out at home or go to the gym in person. Sales of gym equipment have surged as a result of the emphasis on health and wellness. Within the fitness industry, a number of multinational corporations, organised players, and domestic entrepreneurs are consolidating the sector. Newer business models and revenue streams have also emerged as a result. Indian customers may now easily access services and goods that are heavily tech-driven thanks to the unique convergence of fitness and digitization. Additionally, people are becoming more and more aware of the advantages of regular exercise.

All of the aforementioned ideas point to a more promising future for India's fitness sector while encouraging clients to live better lives.

                         --- Mr. Prateek Sood, Director, Grand Slam Fitness