An increase in obesity rates and a rise in health consciousness are providing a much-needed boost to the growth of the global gym accessories market, according to new figures.
The newly-released Gym Accessories Market report, from Allied Market Research, valued the market at £5.2billion in 2021 and estimates it will be worth a whopping £9.5billion by 2031 – growing at a rate of around 6.2% a year. This upsurge is also fuelled by a surge in gym memberships, a rise in sale of in-home equipment, an upsurge in the urban population, and an increase in government initiatives to promote healthy living. But the research also found that the high price of fitness equipment could hamper the market growth. To reduce these costs, new start-up gyms and fitness centres are favouring the use of resale products. By type, the belts segment had the major accessories market share and is likely to stay dominant during the report’s forecast period. And, by end user, processed health clubs and gyms dominate the market, while online distribution channels are likely to be the fastest-growing segment over the next eight years.