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Resistance Bands Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global resistance bands products market was valued at USD 6.7 billion in 2022 and is projected to expand at a CAGR of 8.4% from 2023 to 2030. The rising popularity of resistance bands products among people of different age groups, as well as its increasing use in physical therapy, is driving the growth of the market. Resistance bands products offer an easy, efficient, and effective way to improve strength and flexibility, while also allowing users to perform a variety of exercises. Furthermore, the growing popularity of at-home workouts is creating a demand for resistance bands products. For instance, in April 2021, the leading fitness equipment company, Nautilus, Inc., announced the launch of its Bowflex BXR line of home gym equipment, including a set of resistance bands.
Another factor driving the market is the increasing acceptance of resistance bands in the physical therapy sector. Healthcare professionals are increasingly recommending the use of resistance bands to improve physical strength and flexibility. The products are used for a variety of rehabilitation purposes, such as improving joint mobility, increasing strength, and providing support to the muscles. Furthermore, resistance bands products are easily portable and can be used for both indoor and outdoor workouts. This is further propelling the demand for these products.
The increasing popularity of resistance bands among athletes is fueling the market growth. Professional and amateur athletes, as well as fitness enthusiasts, are increasingly using resistance bands products for a variety of exercises, such as squats, pull-ups, chest presses, and bicep curls. Furthermore, resistance bands are also being used for rehabilitation of sports injuries and post-workout recovery. For instance, in October 2020, the American Physical Therapy Association (APTA) released a new tool, the Physical Activity Readiness Questionnaire (PAR-Q), which helps physical therapists assess the readiness of athletes to use resistance bands products.
In addition, the rising demand for eco-friendly and sustainable products is also driving the market growth. Manufacturers are increasingly focusing on the development of biodegradable and eco-friendly products. For instance, in May 2021, the Swiss-based company, Fitbook, introduced a new range of eco-friendly resistance bands products. The range includes latex-free, eco-friendly resistance bands, made from recycled and biodegradable materials. The company is focusing on the development of sustainable products to meet consumer needs.
Furthermore, the increasing number of influencers and celebrities endorsing resistance bands products is expected to drive the market in the coming years. For instance, in April 2021, the world-renowned fitness influencer, Kayla Itsines, posted a video on her Instagram page, demonstrating how she uses resistance bands products for her workout routine. This has helped to increase the awareness of resistance bands products and their potential benefits. This is expected to propel the market growth in the coming years.
Product Insights
The resistance bands segment is projected to hold the largest market share in the coming years. Growing consumer awareness about the health benefits of resistance bands, such as improved flexibility, increased strength, and improved posture, is driving the demand for resistance bands products. According to an article published by the American Council on Exercise, in February 2020, resistance bands can help to improve the functional movement ability of the body. Furthermore, the product’s ease of use and flexibility are some of the key factors driving the demand for resistance bands products.
The fitness accessories segment is anticipated to grow at the fastest CAGR of 8.1% over the forecast period. Increasing health and fitness awareness among consumers and rising demand for technologically advanced fitness accessories are driving the market growth. According to an article published by the Journal of Exercise Science and Physiotherapy, in April 2019, the use of fitness accessories and gadgets has grown significantly over the years. In addition, the increasing popularity of online retail stores and the availability of a wide range of fitness accessories in those stores are further propelling the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest share of over 33.2% in 2022. This segment is expected to dominate the market in the coming years, owing to the increasing availability of resistance bands products in supermarkets & hypermarkets. According to a survey conducted by the National Retail Federation (NRF) in 2020, the majority of customers prefer to buy their resistance bands products from supermarkets & hypermarkets, as the stores offer a wide variety of products, products from multiple brands, and physical contact with the product. Hypermarkets and supermarkets are also the most preferred purchase channels for resistance bands products among customers due to their attractive discounts and offers.
The online segment is anticipated to expand at the highest CAGR of 12.4% over the forecast period. The rising penetration of the internet and the rapid growth of the e-commerce industry have enabled customers to buy resistance bands products from the comfort of their homes. This is expected to drive the growth of the online segment over the forecast period. In addition, manufacturers are focusing on launching their own websites and applications, which are user-friendly and provide a wide selection of products. This is expected to further boost the online sales of resistance bands products.
Type Insights
The light resistance bands segment accounted for the largest revenue share of 67.2% in the year 2022. Light resistance bands are considered to be the most suitable for beginners and are widely used for stretching, warm-ups, and other light exercises. The increasing awareness about fitness and the growing number of fitness centers, gymnasiums, and health clubs, has led to an increase in the demand for light resistance bands. Furthermore, the availability of a range of light resistance bands in terms of size, color, and design has also boosted the segment’s growth.
The medium resistance bands segment is anticipated to expand at the highest CAGR of 10.8% over the forecast period. Medium resistance bands require more effort and force and are used for intense workouts such as upper body exercises, chest press, and lateral pulldowns. These bands are suitable for people with a moderate level of fitness and are widely used in fitness centers, yoga classes, and home workouts. The increasing availability of innovative products such as the resistance band sets and the rising trend of home fitness are expected to drive the segment during the forecast period.
Regional Insights
Europe is the largest market for resistance bands products and is expected to continue its dominance during the forecast period. This is mainly attributed to the growing number of sports and fitness clubs in the region. The increasing prevalence of obesity and other lifestyle diseases is also expected to drive the demand for resistance bands products in Europe. For instance, according to the World Health Organization, in 2021, approximately 41.9 million children in Europe were overweight or obese.
The Asia Pacific region is expected to witness the fastest growth due to the growing awareness about the benefits of physical activities and exercises among the population. In addition, the rising disposable income in developing countries such as India and China is expected to drive the demand for resistance bands products in the region. Furthermore, the increasing number of fitness clubs and gyms in the region is also expected to propel the growth of the resistance bands products market.
Financial Projections
In this part of the resistance bands products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your resistance bands products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a resistance bands products business comes from the sale of products. Here you will find a list with a description of each of the products to be sold and other possible sources of profit such as wholesale, selling in physical stores, and online selling.
Projecting Expenses
In this section, all the regular expenses related to keeping the resistance bands products business running will be described. The list of operating expenses includes production and shipping costs, advertising, wages and salaries, insurance, taxes, and other general expenses.
Key companies & market share insights
Some of the key companies operating in the resistance bands market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, TheraBand launched the TheraBand resistance bands, designed to provide a variety of resistance levels for different fitness goals.
– In October 2022, SPRI launched the Xertube resistance bands, designed to provide five resistance levels for different fitness goals.
– In December 2022, Fit Simplify launched the Fit Simplify resistance bands, designed to provide four resistance levels for different fitness goals.
Some of the prominent players in the resistance bands market include:
– TheraBand
– SPRI
– Fit Simplify
– Bodylastics
– Fitnation
– Black Mountain Products
– Cando
– Gaiam
– FitDesk
– KettleWorX
Global Resistance Bands Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global resistance bands products market based on product type, end user, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Loop Bands
– Tube Bands
– Stackable Bands
2. End User Outlook (Revenue, USD Million, 2017 – 2030)
– Fitness Centers
– Home Use
– Other
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Are the Benefits of Resistance Bands?
[A]: Resistance bands offer a variety of benefits, including the ability to target specific muscles, the ability to add resistance to bodyweight exercises, and the ability to increase strength, stability, and flexibility. Resistance bands can also help improve coordination, balance, and posture. Furthermore, they are lightweight, portable, and easy to use.
[Q]: What Are the Different Types of Resistance Bands?
[A]: Resistance bands come in a variety of types, including loop bands, figure-eight bands, tube bands, and flat bands. Each type of band provides different levels of resistance and can be used for different exercises.
[Q]: Who Are the Major Players in the Resistance Bands Market?
[A]: The major players in the resistance bands market include Fit Simplify, TheraBand, Bodylastics, GYMBANDIT, SPRI, and Fit Nation.
[Q]: What are the Factors Driving the Resistance Bands Market?
[A]: The factors driving the resistance bands market include the increasing popularity of home workouts, rising health awareness, and the convenience of using resistance bands for workouts.
[Q]: What is the Potential of Product Innovation?
[A]: With technology and design innovations, resistance bands are becoming more versatile and are able to target even more muscle groups. Furthermore, resistance bands are increasingly being used in combination with other workout equipment, such as dumbbells, barbells, and kettlebells, to increase the intensity of a workout. In addition, the introduction of smart features, such as built-in tracking and monitoring, is expected to boost the market’s potential.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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