Fitness Industry Statistics and Growth
The fitness industry is evolving and growing each year. As new fitness practices and trends make way, consumers gravitate toward fitness models that best align with their goals and schedules. With consumers entering 2023 with a focus on fitness, there has been a rise in health and wellness investments. According to the International Health, Racquet, & Sportsclub Association (IHRSA), a fitness industry analysis shows that for the past ten years, the $87 billion health and fitness industry has been growing by 3-4% annually.
This rise is due to new trends in the industry, like boutique fitness studios, fitness franchises, online fitness classes, and studios that offer a community-oriented experience. We expect these trends to stay on the rise and to continue to grow interest in consumers, as it allows for a more personalized approach to fitness.
With Pvolve’s functional fitness method, consumers enjoy a personalized, new approach to fitness that is scientifically designed to work with the body’s biomechanics. With fitness franchise opportunities that encourage community among our members, as well as optional on demand and live virtual workout sessions, Pvolve is a leader in the fitness industry. Continue reading to learn more about the growth of the fitness industry, as well as fitness industry statistics and insights.
Is the Fitness Industry Growing?
The fitness industry has been rapidly growing for the past ten years and shows no sign of slowing down. With a 3-4% annual fitness industry growth for the past ten years, 20% of Americans currently have a fitness club membership according to the International Health, Racquet, & Sportsclub Association (IHRSA). In the next 10 to 15 years, this percentage of Americans with fitness club memberships is expected to double.
This begs the question “what is causing the rise of the fitness industry”? This can be due to a variety of reasons, but the most likely are a few key drivers. Health insurance costs, demand for healthy food, fitness trackers, and streaming exercise classes has sparked a rise in fitness industry growth. With an increased awareness of the savings of insuring healthy people, employers are now offering or incentivizing gym memberships to employees. Overall, Americans are gearing further away from processed foods and more toward natural options, with this interest in overall well-being carrying over to fitness. Fitness trackers are putting personalized biometric health statistics at consumers’ fingertips, making them more conscious of their health. Streaming exercise classes saw a spark during COVID-19, and though gyms have reopened, consumers maintain interest in both online and in-person fitness options.
With a stronger focus on health and wellness and consumers who enjoy the option of various fitness classes, fitness industry statistics are trending upward. At Pvolve, our functional fitness methods encourage overall well-being with a variety of class options, putting us at the forefront of consumer interest.
Fitness Industry Insights and Statistics
The fitness industry is rapidly growing and through the pandemic, we saw consumers diversify their fitness methods. As of 2022, the global fitness industry has an $87 billion market value, and this is expected to continue trending upward with substantial growth each year. With 64.19 million memberships in America, which equates to approximately 20% of the US population having a membership and 49.9% of Americans going to the gym at least twice a week. This high percentage of memberships equates to a fitness industry revenue of $33.25 billion. Though the COVID-19 pandemic altered the fitness industry, in-person fitness, and wellness have shown to be up 66.32% when compared to pre-pandemic levels.
With such a rising interest in the fitness industry, there is no better time to start investing in a fitness franchise. Fitness service franchises are among the five top leading franchise industries! Fitness franchises offer people the freedom to own their business, with the support of a well-established brand. According to the Small Business Startup Sentiment Index, a record-breaking 91.4% of startups are expected in 2023, 56.7% of these respondents stated that they are “…more likely to start a business now than three months ago”, and 50% of the responder are women, an increased percentage when compared to prior years. When exploring fitness business options, fitness franchises are a rewarding and sustainable option.
Start Your Fitness Business with Pvolve
Franchising with Pvolve is a great way to start a fitness business that you are passionate about, with a team of like-minded and supportive individuals. Pvolve’s functional health and wellness approach encourages community, motivation, and an overall sense of well-being. When you choose Pvolve, you will have a support team with you every step of the way, as you become your own boss and cultivate a community of like-minded individuals. As of first quarter 2023, Pvolve has grown to have three affiliate studios, one franchise studio opened, and twelve franchise studios in development. Learn more about our 2022 company growth and contact our team to learn more about fitness franchising.