By Prateek Sood
From its nascent unstructured beginning in the early 90s, the Indian fitness industry has evolved into a comprehensive ecosystem that includes providers, consumers, adjacent industries, facilitators as well as the Government. From very basic gymkhanas to uber-rich and well-equipped gymansiums, the evolution of the fitness and wellness industry has been phenomenal.
Global Pandemic and the Fitness Industry
The global corona virus pandemic of 2020 further gave rise to a new normal that is online home gyms. And ever since the pandemic, the fitness industry took an online turn in order to survive in the cut-throat competition.
Here are a few statistics:
- Between Q1 and Q2 of 2020, fitness app downloads rose by 46% globally.
- And India topped the list
- India had the maximum increase in downloads – a whopping 157%.
- 58 million active users registered via numerous health apps in 2020
The above-mentioned statistics reveal a lot in terms of the sudden surge in the fitness industry, which has been augmented by the pandemic. India’s fitness industry is going through a phenomenal growth in the near future. As more and more consumers are choosing to lead a healthier lifestyle, the demand for fitness and wellness centres are also going to rise without any roadblocks.
Fitness Market Is Poised For Growth
According to a report published by Stratview Research, India’s wellness or fitness market is poised to grow in double digits due to several factors. These factors include advancements in technology and availability of numerous modes to work out and focus on health. Also given the high potential and market fragmentation, several investors are also coming forward to make huge investments within this industry.
With the advent of technology and a huge increase in the usage of the internet, seeping in of information especially among young consumers has led them to take health and fitness seriously. This was further bolstered due to the global pandemic wherein consumers actively sought knowledge about all services and products available to help them keep fit. Needless to say in a growing market like India, where new products and services are always on the rise, consumers tend to be prone to getting what they like.
While many of these consumers prefer visiting the gym physically, to gain more strength or be in shape, some of them are seen opting for more fun and engaging activities like kickboxing, Zumba or aerobics. Such activities have given the fitness industry the required shot in the arm which, has attracted a lot of domestic and international players in the market. Another rising factor that can be considered as a dominating trend is the fact that young generation choosing to visit the gym owing to more disposable income. Since young professionals make a lot of disposable income, they often end up hitting the gymnasium just out of fancy.
According to a Deloitte analysis report, the Indian fitness industry crossed $1.1 billion mark way back in 2017. Since then, there has only been a surge within the industry. In fact, the Indian government’s push to make health and fitness a priority in its “Make in India” campaign, has also had a positive effect on the overall sector. While fitness or wellness has been a part of the Indian culture since ancient times through practices such as Ayurveda, meditation and yoga, newer demands from the younger generation and their ever-changing lifestyle has given way to new modern technologies in terms of health and fitness.
According to a report published recently, 2020 witnessed about 71,000 new health and fitness apps being launched, which was more than 13 per cent increase since 2019. On the other hand, the World Economic Forum published an article recently where it stated that there was a 46 per cent increase in downloads of health and fitness apps all across and India registered the highest downloads. The report mentioned there were 58 million new active used in the country.
The Bottom Line
Consumers are now taking fitness seriously whether through home workouts or by physically visiting gyms. Owing to the seriousness about health and wellness among consumers, sales of gym equipment has also increased. New fitness studios have mushroomed all over. Several global companies, organised players and home-grown startups within the fitness segment are consolidating the market. It has also given rise to newer business models and revenue streams. The unique combination of fitness and digitisation is now allowing Indian consumers to enjoy easy access to services and products that are largely tech-driven. Moreover, there is an increasing awareness in terms the benefits of regular workouts that is pushing people to take regular exercising seriously.
All of the above points pretty much hint towards a brighter future for India’s fitness industry while enabling customers to lead a healthier life.
(The author is Director, Grand Slam Fitness. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)
