Health and fitness club is a physical space where people invest their money to meet their health benefits by performing physical exercise with the help of exercise machine placed in specific order and get healthy eating tips from well-trained fitness experts. These clubs are packed with workout areas, space for functional and circuit training, yoga & meditation, indoor running tracks, and others. Young generation and millennials are more conscious regarding their physical, mental, and spiritual health. They are willing pay and invest money into these clubs to meet their health requirements. Providing with better equipment to perform exercise and keeping offers or deals on the membership given by these health and fitness clubs attracts more customers, thus increasing the sales and boosting the market growth. Unisex health clubs are into emergence in developing countries as they face space issue due to crowded and dense population. These clubs create a great opportunity for consumers to invest and meet health requirements in such places.
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COVID-19 Impact analysis
- Novel coronavirus outbreak, has forced health and fitness clubs to completely shut down their working. Fitness industry was the first to go into lockdown and still will be the last one to restart. This has impacted the sales of the fitness industry
- Contrarily, the online business of health and fitness club is experience growth due to shut down of physical health clubs. Work from home has become new normal and thus people are investing in online fitness classes thus boosting the market growth during the pandemic period.
- Supplement industry is also affected due to the pandemic. Protein supplements are considered asa healthy meal replacement for people who are into muscle building. These supplement manufacturers have halted their production as there is less or barely any requirement in physical stores and from other users.
Top Impacting Factors
- In recent years, consumer demand has been moving away from industrial scale processed food in favor or healthier options. This switch is causing people across the country to be more conscious of the food they eat, which drives the growth of the fitness industry.
- Online classes or online fitness clubs are new normal and are emerging rapidly to meet consumer’s health requirement. Virtual exercisers typically also maintain a membership at a health club or studio. This features attracts more customer toward the fitness market.
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Market Trends
Working out at home is flourishing the market growth
It is a seasonal habit that peaks in the winter months when people have made their New Year’s resolutions and home workouts are not likely to grow overall. Home workout is not just a trend that is now becoming popular and, is sticking with people year-round instead of certain seasons. Most notable is Peloton but most other equipment makers are targeted at clubs or have not been nearly as successful as Peloton in reaching consumers buying home workout equipment.
Technological development in fitness is growing and consumers are driving that growth
Fitbit is the best known of different devices and is used for measuring heart rate, steps count, and many more things that are useful to track the progress of individual while exercising. This advancement has impacted the growth of the health and fitness market positively.
Coaching and performance improvement is what every health club is engaged in and is anticipated to drive the market growth. Two companies are using new technology to help amateurs be better at their sports with real-time, personalized instruction that uses artificial intelligence. Asensei is a company which puts sensors in the workout clothes to monitor the movements. It is expected to provide highly specific instructions about body movement
Moving the gyms to new venue easily and effectively is the latest trend in the market. Company named Fortes moves the gym class to any other location in the world. It installs hardware and software into the workout studios and gyms to bring live and on-demand fitness classes to consumers when they cannot make classes at the gym. Consumers want new content all the time and do not want to watch a repeat of exercise classes they have already taken. This technology in the health and fitness market is anticipated to boost the market growth during the forecast period.
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Key Benefits of the Report
- This study presents the analytical depiction of the health and fitness club industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the health and fitness clubmarket share.
- The current market is quantitatively analyzed to highlight the health and fitness club market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed health and fitness club market analysis based on competitive intensity and how the competition will take shape in coming years
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