Courtesy of consumer and market data specialists Statista, Safe Betting Sites have delved deep into the booming realm of health and fitness, which is set to experience a gargantuan period of growth within the next decade.
By 2030, it is estimated that the health and fitness market, which is valued at $91.18bn as of 2021, could grow by nearly double that amount to just under $170bn at the close of the decade.
Health and Fitness Market Estimated to Grow at a Rate of 7.67% Annually Between 2023 and 2030
With constantly evolving scientific health data, changing attitudes towards personal wellbeing and generally improving global standards of what it means to be ‘healthy’, the fitness market is projected to experience an exponential growth period.
Between next year and 2030, the estimated annual growth for all things health and fitness is predicted to be around 7.67%, which is a significant jump from the average growth in the previous decade which was around 3%. For context, the market was worth just under $68bn in 2009, which rapidly grew to $96.7bn by the turn of the decade.
Perhaps more significantly, between 2012 and 2021, there was a 20% increase which highlights the fiscal importance of this sector, and its position within the global economy.
Luxury Fitness Company Life Time Is Health & Fitness Market Leader Grossing $948m in Revenue in 2020
When uncovering the major players within this market, it would seem gym operators are at the forefront of this health-conscious revolution.
Memberships are of course the driving factor behind this, with consumers after an all-encompassing experience without having to break the bank to buy their own expensive equipment.
Specifically in the gym market, this increase in memberships has given way to seismic growth, with numbers increasing by 54% between 2009-2019.
American and Canadian fitness chain Life Time, who employ 36,000 people and own 156 athletic clubs, 3 apartment home residences, and 10 coworking locations, are the leading health brand according to Statista.
In 2020 alone, their annual gross revenue stood at $948m, putting them just ahead of LA Fitness who’s revenue from its 700 clubs across North America culminated at $900m.
The two frontrunners were leaps and bounds ahead of the nearest competitor, with 24 Hour Fitness, who have 287 locations across the nation, coming in at third with a gross revenue of $607m.