New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Resistance Bands Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Pull-Up Bands, Tube Bands, Therapy Bands, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)” the global resistance bands market size is projected to grow from USD 677.26 million in 2022 to USD 881.28 million by 2028; it is expected to grow at a CAGR of 4.5% from 2022 to 2028.
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Global Resistance Bands Market – Report Scope:
| Market Size Value in | USD 677.26 Million in 2022 |
| Market Size Value by | USD 881.28 Million by 2028 |
| Growth rate | CAGR of 4.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 140 |
| No. of Tables | 57 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Type, and Distribution Channel |
Global Resistance Bands Market: Competition Landscape
Performance Health Holding Inc, Decathlon SA, Perform Better, Fitness Anywhere LLC, Optibelt GmbH, Crown World Marketing Ltd, Serous Steel, LLC., Starwood Sports Ltd, Flexible Sports GmbH, and Meglio Ltd are a few of the major players operating in the global resistance bands market. Companies in this market focus on strategies such as investments in research and development activities and new product launches.
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Impact of COVID-19 Pandemic on Resistance Bands Market
Before the onset of the COVID-19 pandemic, the demand for resistance bands was high due to increased awareness about strength training among fitness enthusiasts. However, manufacturing industries faced unprecedented challenges after the emergence of the pandemic in 2020. The manufacturers of resistance bands faced significant challenges due to supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. The supply chain disruptions created a shortage of raw materials, which affected the production and distribution of various products, leading to increased prices. Further, the demand for resistance bands was high across the globe because of the shutdown of gyms and fitness centers, which led to a rise in the need for home fitness equipment such as resistance bands. Due to the impacts of the COVID-19 pandemic, consumers have been increasingly attentive to their health and fitness and have developed a practice of following fitness routines at home. These factors provided a significant growth opportunity for the resistance bands market during the pandemic. Thus, the effects of the COVID-19 pandemic are expected to have a long-term favorable impact on the resistance bands market.
North America held the largest global resistance bands market share in 2021. In North America, resistance bands are considered a versatile strength training tool. The resistance bands are gaining traction due to their lightweight and portability, and they cost less than a month’s membership at most gyms. Hence, increasing demand for cost-effective fitness equipment to work at home or other convenient places is anticipated to fuel the resistance bands market growth in the region.
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Increasing Influence of Social Media on Fitness Activities Boost Market Growth
Social media influencers are one of the powerful mediums to reach, influence, and change the physical activity and diet-related behavior of consumers. According to the World Health Organization (WHO), Global Action Plan for Physical Activity has identified the potential of social media to reach and target a large audience to promote physical activity engagement. With growing awareness about fitness, the penetration of fitness apps is also increasing. For instance, according to the data by sensor tower, a US-based software company, from January to November 2020, approximately 2.5 billion health and fitness apps were downloaded worldwide, a 47% increase from the same period in 2019. A compilation of the most-downloaded fitness apps on Google Play and Apple’s App Store reveals an astonishing rise in customer interest after the onset of the COVID-19 pandemic. Thus, the rising penetration of online fitness classes is also increasing the demand for resistance bands.
Resistance Bands Market: Segmental Overview
Based on type, the resistance bands market is segmented into pull-up bands, tube bands, therapy bands, and others. The pull-up bands segment held the largest market share in 2021. Pull-up bands are used for resistance training, general conditioning, stretching, and rehabilitation. These bands are available in various types based on resistance and power levels. Benefits associated with using these bands, such as building grip strength, helping train in a proper form, and improving stability, fueling their demand.
Based on distribution channels, the resistance bands market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. The online retail segment is projected to register the highest CAGR during the forecast period as it is one of the fastest-growing distribution channels due to its shopping and product delivery convenience. Online retail offers a wide variety of fitness equipment with heavy discounts, and consumers can conveniently buy desirable products remotely. Besides, home delivery service attracts a large group of customers to shop through e-commerce platforms. Manufacturers are also penetrating their products through online platforms as the e-commerce industry is gaining traction.
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