Home ›› 26 Nov 2021 ›› Opinion
Nowadays, the concept of physical fitness is not only confined within the spectrum of sportspeople, athletes, or bodybuilders. Instead, the idea of staying in top-notch physical shape is one of the hip things to do for the people at the moment. This change in mindset had triggered many to start working out, whether at gyms, fitness centres, open spaces or even at home.
Due to the Covid-19 pandemic, people had to stay home, and many have opted to make the best use of time by becoming physically fitter during this time. People becoming more interested in exercising at home has had a positively affected on the workout equipment market. The demand for home exercise pieces of equipment has increased significantly. We have seen local and foreign celebrities sharing video clips on social media of themselves working out. Interestingly enough, such videos have received many views and positive reviews from the viewers. They have also motivated many to dust off the dirt from their dumbbells and shed a sweat or two.
According to Statista, the market size of the global fitness and health club industry has seen a steady increase in recent years, exceeding 96 billion US dollars in 2019. From the perspective of our country, we can safely say that gyms serve the role of fitness clubs. Although there are some exclusive fitness clubs or centres in our country, they are very few in numbers, and not everyone can afford their membership, as it is quite expensive.
There are different types of fitness services, for example, gyms, aerobics classes, dancing clubs, yoga, etc., all of them require different types of exercise equipment. According to a report published in this newspaper, the demand for fitness products has increased about 25 to 30 per cent annually. It is reported that 500 containers of fitness products are imported every year. China is one of the biggest suppliers of these goods. As per the data from the Bangladesh Sports Goods Merchant’s Manufactures and Importers Association, the current market size of such equipment is Tk 1,500 crore.
As claimed by different market experts and ambitious business people, we need to start manufacturing more diverse exercise equipment to grow in this sector. Only manufacturing dumbbells, barbells or hand grips are not good enough. If manufacturing is not viable, the next best option is bringing SKD components (semi knock down) and assembling them. There is a famous proverb, “well begun is half done”. Which literary mean starting a venture well makes it easier to do the rest. The bottom line is that businesses associated with this sector must find a way to convert from importing complete products to manufacturing. And the only way that is possible is for them to explore, learn and study countries who are the major player in this sector. At the moment, there are 8 Export Processing Zones (EPZ) in Bangladesh. Bangladeshi fitness equipment importers or manufacturers can invite their suppliers to look at the possibility of starting joint investment and manufacturing with foreign manufactures. They can also portray the benefits of utilising the EPZs to the interested parties. The labour or workforce cost in our country is low compared to the counties that are supplying most of the fitness equipment to the world. That is another advantage for foreign investors and us.
As per the Bangladesh Bodybuilding Federation, there are more than 4000 gyms or physical exercise centres in our country. About 1,600 of them are located in the capital. Out of these, only a few have proper state of the art exercise machines. The price of the advanced equipment are very high, so many gym owners cannot buy them.
Supplements to gain muscle mass are also gaining popularity in our country. However, there is no clear data that indicates how big this supplement market is. Nonetheless many fitness enthusiasts claim that many fake supplements are being sold in the market. There are allegations that some unbranded supplements are entering our country from neighbouring countries. These fake supplements can be hazardous to one’s health. Such performance enhancers should only be used under direct supervision or prescribed by a medical expert. The customs, port authority and import policymakers should look into the matter more seriously. They must take firm actions to stop such substances from entering and being distributed in the market.
As life expectancy, income and access to a better protein-based diet have increased, people have become more conscious about their health. Of course, one has to give credit to social media, as they also convinced many of us to become more driven towards fitness. It is not always easy to prepare a mindset and stick to it, especially when it comes to exercising. We have seen many who commit to do regular exercise but finally cannot continue.
Some of the best cardiovascular training equipment are treadmills, stationary bicycles, stair climbers, elliptical machines, weight training equipment, weight lifting machines, bars and weights; these are readily available in the exclusive gyms and in the market for those who can afford them. On the other hand, going to the gyms or health clubs is the best option for those looking to have access to these types of equipment within a budget.
Many luxury apartments and housing societies have gyms, fitness centres, and playing fields. Providing such facilities has augmented the reputation of the real-estate businesses. Real-estate developers can attract more clients and sell their properties at a good price by giving such services.
The truth is that even now only a small number of people in this country of nearly 170 million people are fitness-oriented. There are several reasons behind this; mentally, many of us hate the idea of exercise, let alone taking a walk for 20 minutes, or the idea of pumping iron. Regardless of these factors, there has been a rise of middle class with expendable income in our society who are more health-conscious and want to enjoy a modern lifestyle. That has mainly triggered the fitness industry to rise and shine. One can assume that this sector will only grow, and plenty of good business are in sight.
The writer is Editorial Assistant at The Business Post
