Global Fitness Industry
The global fitness industry is expected to register steady growth in the near future. The increasing emphasis among people on being healthy and strong rather than just shedding pounds, growing obesity rate, and a significant increase in the number of health clubs are augmenting the market growth of the fitness industry. Moreover, growing health awareness is also shifting people’s mindset from junk food to healthy foods and nutrition including supplements, which is also driving the business growth of the fitness industry. Further, gyms offering cost-effective services and companies tapping into untouched areas such as offering online classes and training sessions are also attracting a large pool of customers; thereby, fueling the market growth.
The fitness industry is turning virtual amid the COVID-19 outbreak
As the obesity rate across the globe surges, people are opting to go to health clubs and gyms. Health clubs are witnessing a significant increase in the pool of members on a year-on-year basis. However, the industry is facing challenges from companies such as Peloton which are providing home exercise solutions to consumers. Amid this, the fitness industry has been perilously impacted by the recent COVID-19 outbreak. The spread of the deadliest virus has forced the government of several nations to lock down streets, cities, and states of the country. Gyms, cinema halls, restaurants, cafeterias, pubs, bars, and other entertainment places have been shut down following the virus spread.
After the World Health Organization (WHO) declared the COVID-19 a pandemic, the government ordered to shut down all social gathering places including gyms. This caused a heavy blow to several market players such as Equinox, Gold’s Gym, Orangetheory, and several others. In March 2020, Equinox closed its health clubs in New York, New Jersey, and Connecticut. Gold’s Gym and Orangetheory have closed all their corporate-owned locations. The Mayor of Los Angeles has passed the orders to close all the gyms in the city. Moreover, in March 2020, Planet Fitness stock lost 48% of its market value.
However, the industry finds new ways to reach their consumers with the advent of digitalization. Several gyms and clubs are going virtual by conducting online classes, Livestream, and personal training sessions via platforms like Zoom. Beachbody LLC, the US-based fitness company, has reportedly experienced a 200% growth in subscribers, accounting for around 1.5 million subscribers as the customers shift to online classes. Moreover, Barry’s Bootcamp LLC also came upfront to go virtual with the audience and provide training sessions over smart devices. The company currently broadcasts two or three online classes daily on a social platform like Instagram.
OMR Global Recently Published Report on: https://www.omrglobal.com/industry-reports/fitness-market
The Report Covers
- Comprehensive research methodology of the global fitness industry.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global fitness industry.
- Insights about market determinants that are stimulating the global fitness industry.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Market Segmentation
Business Type
- Equipment Manufacturer
- Health Clubs
- Supplement Manufacturer
To Learn More About this Report Request a Free Sample Copy @ https://www.omrglobal.com/request-sample/fitness-market
