Project report for aghaada
When we look back on the evolution of the fitness industry in India, it is fascinating to see how the demand for fitness products and services has grown by leaps and bounds over the last decade. The inflection point that the sector is currently at, points towardsa lot of positive developments in the future. The advent of technology and the democratisation of information has been one of the many crucial factors that have led to the surge in consumers taking greater interest in fitness and actively seeking products and services to help them remain fit.Most products and services in the market today are geared towards providing consumers with new and exciting ways to maintain good health and well-being. While many of these people visit gyms and fitness clubs to get in better shape or gain more strength, those with thewant to become more fit and lead more active lifestyles having no better option. A combination of physical, menttal and spiriual fitness is a must for the urban population. The fitness industry in India is largely unorganised and lacks a definite structure to differentiate between diverse product and service segments. Until a few years ago, the fitness industry was dominated by a handful of large players, be it in terms of gyms and fitness centres or even fitness equipment. But this situation is changing gradually with the entry of new small players in the market, who are leveraging technology to create and delivera gamut of services and products. Several start-ups in the fitness sector are now targeting urban consumers across various age groups to market a range of solutions depending on what they need. This includes everything from wearable fitness devices, digital platforms where people can sign up for open gym memberships, to even state-of the-art fitness equipment. With the entry of technology and digitisation in the fitness domain, the current structure of the market isin the midst of a major overhaul, making way for more consolidation in the market.
Scope of the project
India is a story of a growing middle class. With millions joining the workforce every year competing to sustain their careers, there is a compromise made unknowingly. Increasing physical inactivity, bad diets and falling health which gets ignored in order to survive the rigour of the work life. Frenetic work schedules, extensive travel, awry sleep patterns and diets bursting with trans fats have only made us more prone to serious health disorders than ever before. The lifestyle diseases are becoming endemic to our society and almost always, the solution begins with getting off your couch and making simple lifestyle changes.
The number of overweight and obese people in India doubled in last decade. India stands at 65 million obese citizens and this number is increasing at very high rate every year. Diabetes develops in adults due to poor eating habits and bad lifestyle choices. India has the largest number of diabetics (72 Million) with type II at 50 million. At least 150 million people in the country, affected by mental disorders, are in need of active medical intervention. Lack of social support, changing diets and economic instability are the main triggers of mental disorders. 26 per cent of all deaths in India happen due to cardiovascular diseases. Small studies suggest that one in 10 adults suffer from hypothyroidism. Hormonal balance is very delicate and is easily disturbed by exposure to toxins, air pollution and even food rich in fats, sugar and salt.Globally, 14.2 million people between the ages of 30-69 years, die prematurely each year from diseases like heart attack, diabetes, and high blood pressure.
Availability of information has created awareness leading to the surge in consumers taking greater interest in fitness and actively seeking solutions to help them remain fit. Most products and services in the market today are geared towards providing consumers with new and exciting ways to maintain good health and well-being. While many of these people visit gyms and fitness clubs to get in better shape or gain more strength. Many people today are discovering fun, engaging, and off-beat fitness activities like Zumba, Pilates, MMA, kickboxing, aerobics, etc. On the other hand, the rise of professional sports means that fitness products and solutions focused on athletes are rising steadily in the market, indicating a substantial opportunity for some of the emerging, as well as established players in the country
Market potential & Strategy
At the end of FY2018, revenues in the Indian fitness market amounted to USD 908million. Further growth in the segment, expected at a CAGR of 9.3?tween 2018 and 2022, is expected to take the total market value to a whopping USD 1,296 million in 2022.
Organised players, global companies, and home-grown start-ups in the fitness segment are affecting greater consolidation in the market, and giving rise to newer business models and revenue streams. The unique combination of digitisation and fitness is allowing Indian consumers today to enjoy easier access to convenient tech-driven services and products. Moreover, people are also increasingly becoming aware of the many merits of working out regularly, such as reducing stress, anxiety, and depression, and keeping other diseases at bay. All of this points towards a brighter future for India’s fitness industry, while enabling consumers to lead healthier lives.
The sports, fitness and wellness (SFW) market in India will grow from $35 billion in 2016 to $90 billion by 2022, creating 2.5 times more opportunity for peripheral products and services such as gear and apparel, according to a report by Praxis and YourNest Venture Capital
Publicity and Advertising Strategy
We will ensure that we leverage on all conventional and non – conventional publicity and advertising technique to promote our Training Studio. Such as
• Encourage our loyal members to help us use Word of Mouth mode of advertisement (referrals)
• Advertise in sports magazines, local newspaper, local TV stations and local radio station
• Promote online via our official website
• List on local directories (yellow pages)
• Sponsor relevant community sport events
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
• Install our Bill Boards on strategic locations
• Direct coupon mailing approach to introduce our training studio to residents and corporates
• Engage in road show from time to time to create awareness in the residential areas
• Distribute our fliers and handbills in target areas