Why Investments In Health & Fitness Startups Are The Next Big Thing?
The new generation of fitness enthusiasts is obsessed with flexible services. Apps that allow them to be in charge of their time and still get results.
Global research firms estimate that the total wellness market size is at $1.5 trillion, and growing at an estimated 5–10% annually. The Fitness & Wellness Tech has nearly 9,500 startups globally, offering everything from online coaching to wearable devices. Other apps track all your metrics around your fitness performance and nutrition intake.
The new generation of fitness enthusiasts is obsessed with flexible services. Apps that allow them to be in charge of their time and still get results. On top of that, it’s convenient, price-efficient, and fits your busy schedule. These 4 key factors are responsible for the exponential growth in the industry: Desire, Affordability, Accessibility, and Social Impact. Health and fitness were always big, and the post-pandemic era is witnessing a meteoric rise in the industry!
Desire. A rise of lifestyle diseases such as diabetes, hypertension, stress, & anxiety is forcing people to change their habits. Building healthier habits results in increasing productivity, discipline, and slowing down aging. These are just a few of the many factors which have fuelled the rise of adopting a fitter lifestyle.
Affordability. When you see the real value of investing in yourself, price usually takes a backseat. And yet, technology is making everything more affordable than ever. Low-cost products and growing income levels lead to more choices. More people can afford gym memberships, buying home equipment, choose healthier foods, whilst optimising convenience & flexibility.
Accessibility. Covid-19 accelerated the already booming digitalization over the past two years. Working out from home with plans from the top coaches across the world has never been easier. You have complete control over the location, time of day, while finding a pace that fits your lifestyle. The rapid tech advancement makes losing weight easier than ever, and allows it to become more enjoyable than ever.
Social Impact. One of our primal needs is to surround ourselves with like-minded people (think about runners, cyclists, and cross-fitters). Being part of a community is a significant driving force to perform better -- but also drives demand.
These 4 pillars are responsible for an increase of investments into the tech-driven fitness industry. This is evidenced by the fact that many companies already have a legendary status. The Indian fitness industry was close to $3 billion in 2020. Experts say we're likely to hit $6 billion by 2023, and a whopping $14 billion by 2027.
The World of Fitness is Changing
Fitness companies now offer online fitness classes, smart wearables, and virtual communities. Platforms that offer services that go beyond traditional gyms and diet plans.
The best companies increase demand through this unique growth framework:
Simple Habits. The health & fitness industry is filled with misinformation, unhealthy quick fixes, and magic pills. There's a shift happening from fat-loss-driven challenges to behavior-changing programs. Dicing it into easy daily steps, focusing on "the long game", while going at your own pace is what allows you to get better results.
Personalised. Group classes and community training rarely match your personal goals. To get extraordinary results, it all boils down to one thing: hyper-personalization! It's all about making exercise and quality nutrition relevant to every individual. It's a coach's job to teach people how to incorporate health into their lives. Technology keeps improving with the use of AI & ML filling up the gaps where humans fall short.
Subscriptions. Like with all new-age services, ownership is dead, and any-time access is the new imperative! The new generation of tech-savvy fitness consumers prefers monthly access over one-time programs. From gym memberships, hiring equipment, to monthly supplement stacks – everything is becoming subscription-based.
Community: Where there are people, more people follow! People love a sense of belonging. The desire to associate with people who have similar challenges, interests, and goals allows us to grow and learn from one another.
Did you know that higher obesity rates are linked to poor economic status? Many successful people credit exercise and a healthy lifestyle as primary factors for their success. So, if is the old adage “Health is Wealth” is true, then health & fitness is here to stay!
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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