At the end of FY2018, revenues in the Indian fitness market amounted to USD 908 million. Read on to know more about the fitness franchise business...
The youth is obsessed with fitness and that is what fuels the growth of this sector in India. Due to the changing lifestyle, unhealthy working hours, food and environmental conditions, people are taking steps towards their life, which is why the sudden growth of fitness business has hit India.
At the end of FY2018, revenues in the Indian fitness market amounted to USD 908 million. Further growth in the segment, expected at a CAGR of 9.3% between 2018 and 2022, is expected to take the total market value to a whopping USD 1,296 million in 2022. Revenue is expected to show an annual growth rate (CAGR 2018-2022) of 9.3 % resulting in a market volume of US$1,296m in 2022.
Making a Career as Fitness Franchisee
Not just domestic players but a lot of international players are flocking into the country with their fitness business models, making the market place all the more crowded. Thus for their expansion, they need franchisee players, so those who want to become a part of this business here are some of the tips:
Arvind Jain, Co-founder, and Director of AS-IT-IS Nutrition says, “I think someone who wants to start a business must understand what, if any, gaps exist in a market. Gaps are likely to crop up because of changes in economic systems, lifestyles, and demographics. If there is a gap, it’s important to learn about the gap to figure out how an offering can fill it, at an appropriate price. Of course, it's crucial to understand whether people will pay money for an offering. This requires doing the market analysis because it helps to understand whether a market shift is occurring. Market analysis requires acquiring customers and creating a feedback loop after the delivery of products or services. If feedback reveals customers value a product, it’s the right time to go into business. This model applies to any business, not just the fitness business.”
The popularity of Fitness Brands in India
While some brands shoot to fame overnight, some struggle for years before getting melted to the ground. At the same time, some brands grow at their own pace, not fast, not slow and remain moderate.
Himmat Jain Co-founder & director, AS-IT-IS Nutrition, says, “My experience shows inevitably most fitness brands falter because they over communicate and under deliver. For this reason, many fitness brands exit the already crowded market. I would say there are very few popular brands in India. Popular brands have given the right value proposition to consumers and delivered. Such brands have maintained their integrity and adhered to ethical norms. Brands that haven’t done these things become popular for a short time but go out of business thereafter. I would say no brand has sustained a high degree of popularity.
I would say some popularity results from using celebrities to promote products. People fond of cricket are likely to buy shoes promoted by popular cricketers. Many semi-celebrities and influencers play a part in popularising brands by influencing brands on social media. This is a reason why some fitness brands become popular in India.”