According to a recent market survey report on the fitness industry, the health and fitness club market was valued at USD 94.30 billion in 2018 and is likely to touch USD 147.11 billion by 2024.
This means that the fitness industry is projecting a compound annual growth of 7.81 percent from 2019-24.
Factors that Drive the Growth of the Global Fitness Industry
This growth is characterized by a rising number of consumers, who are spending much more on health and fitness clubs in a bid to maintain a healthy lifestyle.
The rising number of health clubs and gyms with personal training and latest fitness equipment are also an important that presently influences the fitness market growth and will continue to do so in the coming years.
Other factors that propel the growth of the health and fitness club market include increasing equipment and increase in facility spaces in clubs such as hot yoga studios, day spas, medical exercise areas and much more.
The inclination to the fitness industry is driven by the crisis over health. More often people develop health issues such as diabetes, heart disease and high blood pressure due to factors such as stress and unhealthy eating.
This alarming rise in diseases has led people to become more mindful of their lifestyle choices and cultivate healthy practices, such as enrolling to a gym of fitness club.
It has been observed that Gen X is the predominant group that enrolls to health clubs and thus health clubs are focusing their investments and energy to this segment of people by offering them personalized services.
Key players in the market are also trying to maintain ground in a competitive market by differentiating their products with a unique value proposition and other benefits.
North America’s Dominance in the Global Fitness Market
The US health and fitness club market was valued at USD 31.81 billion in 2018, showing a CAGR of 7.95 percent throughout last year.
The reason behind this rapid growth is the increasing health awareness among its citizens and alarming number of obesity instances.
It has been observed that people between 20 and 64 years are the majority who visit gyms and this likely to increase. This has further increased the gym memberships in recent times.
Likewise, many baby boomers are also signing up for health club memberships as they become more health conscious while they age.
The US is dominant with many multipurpose health and fitness facilities that offer a wide variety of specialized fitness services, equipment and fitness programs, encouraging people of all ages and fitness levels to maintain a healthy lifestyle. Therefore, it is recognized as the leader of the fitness industry.
Considering all these factors, the global fitness industry is bound to keep growing at a rapid rate in the years to come.
Download Fitness App- The Six Reasons The Fitness Industry Is Booming
- Ways To Practice Mindful Eating Food
- Reasons Why You’re Not Seeing Results From Working Out?
- Benefits of Health and Fitness Mobile Apps
