According to a report, “ Resistance Bands Market Size, Share & Trends Analysis Report By Product (Therapy, Pull up, Exercise), By Application (Individual, Health & Sports Clubs), By Distribution Channel (Offline, Online), And Segment Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc.,The global resistance bands market size is expected to reach USD 1.62 billion by 2025, expanding at a CAGR of 12.4% over the forecast period according to a new report by Grand View Research, Inc. Rising awareness for the fit and healthy lifestyle among millennials with a cost-effective fitness product which can be accessible in least amount of space is the key factors for the augmented sales of resistance bands in the market. In addition to this, increasing applications of these bands such as in the rehabilitation centers, sports, and medical field across the globe is propelling the demand for resistance bands.
Over the past few years, exercise with these resistance bands has become one of the effective way of functional training, which helps to gain the body flexibility, muscle endurance, agility and it helps to boost cardio fitness too. These exercise bands are also beneficial for improving the body’s metabolism and hence widely used for the weight management by many of the therapist. In addition, some of the physical therapists provides the resistance band training to the arthritis. These factors are expected to expand the market scope of exercise resistance bands over the forecast period.
Key market players includes Performance Health, LLC (TheraBand), Wacces Store, Black Mountain Products Inc., Prosource, ZAJ FIT, XTREMEBANDS, Bodylastics USA Inc., Four D Rubber Co Ltd, and Fitness Anywhere LLC
Health organizations across the globe are taking initiatives in decrease the rising physical inactivity in the millennials and the adults. According a health and wellness journal ‘The Lancet Global Health’ published in September 2018, around 28% of the world population which is approximately 1.4 billion people in the world are inactive. In order to reduce this inactivity, WHO is set to reduce physical inactivity by 10% by 2025 and 15% by 2030 as per new ‘Global Action Plan.
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North America was the largest market for resistance bands with a share of more than 35% in 2018. Increased importance of fitness management programs among millennials in countries such as the U.S. and Canada as a result of rising health awareness from social media channels including YouTube and Facebook is expected to promote the resistance bands market scope of over the next eight years.
Further key findings from the report suggest:
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Asia Pacific is anticipated to be the fastest growing market with a CAGR of 13.0% from 2019 to 2025 owing to increasing awareness towards the healthy and for lifestyle among the millennials and the working-class population in emerging economies including china and India.
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Exercise bands was the largest product segment with a market share of more than 50% in 2018. This segment is expected to witness growth as a result of increased utility of these products among fitness freak people in their daily workouts.
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Online sales channel is the fastest growing market segment with a CAGR of 12.8% from 2018 to 2025 owing to convenience and ease of shopping associated with the channel.
Distribution Channel Insights
The online segment is predicted to witness a CAGR of 12.8% from 2019 to 2025 owing to convenience associated with the channel. Growing adoption of e-commerce platforms among millennials and working-class population around the world for shopping is driving segment’s growth. Such online portals provide lucrative opportunities for new market entrants to promote and sell their products across the globe.
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Consumers can choose among wide range of products and can easily buy some selective products from remote locations. Companies including Alibaba and Amazon offer considerable discounts in order to boost their sales. Factors such as convenience, remote shopping, and accessibility to wide range of products will drive the online segment when it comes to sale of resistance bands over the forecast period.
The offline segment held the largest share in the market for resistance bands in 2018 and is expected to continue its dominance over the forecast period. Major retailers including Wal-Mart Stores, Inc. and Decathlon S.A. are expanding their business across the globe in order to gain maximum footfall. They are launching retail stores in developing countries such as Thailand, Bangladesh, Vietnam, India, and China, where unorganized retail is one of the primary distribution channels.
Grand View Research has segmented the global resistance bands market on the basis of product, application, distribution channel, and region:
Resistance Bands Product Outlook (Revenue, USD Million; 2015 – 2025)
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Therapy
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Pull up
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Exercise
Resistance Bands Application Outlook (Revenue, USD Million; 2015 – 2025)
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Individual
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Health & Sports Clubs
Resistance Bands Distribution Channel Outlook (Revenue, USD Million; 2015 – 2025)
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Offline
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Online
Resistance Bands Regional Outlook (Revenue, USD Million; 2015 – 2025)
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North America
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U.S.
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Europe
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U.K.
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Denmark
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France
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Asia Pacific
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China
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India
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Central & South America
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Brazil
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Middle East & Africa
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