Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Recreation Services Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
This research forecasts a remarkable market climb from USD 2.24 billion in 2023 to an impressive USD 2.98 billion by 2028. This marks a Compound Annual Growth Rate (CAGR) of 5.87% over the forecast period, highlighting an industry on the rise as individuals increasingly prioritize health and wellness in their daily activities.
Key Highlights
- Rising adult participation and growing disposable incomes across diverse sectors are key drivers for expansion in the recreation services market.
- An uptick in the incorporation of recreational sports facilities, like aerobics, swimming, and gyms, underscores a collective move toward combating obesity and health-related issues.
- Governmental backing in health and fitness initiatives, alongside an array of equipment and tailored fitness programs, bolster market growth significantly.
- While high investment costs and membership fees pose challenges, post-pandemic health consciousness is fueling industry growth.
Market Trends Point Toward a Shift in Wellness Perspectives
The report identifies a notable shift in the consumer focus toward overall well-being, with exercise, diet, mental health, and appearance becoming central parameters. With a widening array of recreational services at their disposal, potential market growth is further facilitated by this evolving trend. Engagements in recreational sports centers are aimed at helping individuals accomplish fitness aspirations and manage health issues, enriching the market landscape.
North America Dominating the Market Share with Noteworthy Participation
North America, particularly the United States and Canada, has been identified as a significant contributor to the recreational services market share. Factors such as urban population growth, enhanced disposable income, and tourism have catalyzed the region's market presence, offering abundant opportunities for development. The report grounds its findings in statistical analyses, such as the US personal consumption spending on recreational services, which indicate robust growth prospects for the North American sector.
Recreation Services Industry Competitive Landscape
The moderation competitive environment within the recreation services industry is marked by key players leveraging innovative technologies to elevate customer experiences. Strategic collaborations and global expansions are noteworthy activities among industry majors aiming to extend their service reach. Recent developments, such as MGM Resorts' unique live event for the Formula 1 Las Vegas Grand Prix and Merlin Entertainments' collaboration with Sony Pictures Entertainment for 'Jumanji' themed attractions, underscore the dynamism and creativity driving the industry forward.
A selection of companies mentioned in this report includes:
- The Walt Disney Company
- Universal Studios
- Las Vegas Sands
- Bourne Leisure Holdings Limited
- MGM Resorts
- Merlin Entertainment Group
- Castle Leisure Club
- New York State Lottery
- Live Nation Entertainment Inc.
- National Park Service
- Go Ape
- INOX Leisure Limited
- Smithsonian Institution
- Olympiad Leisure Centers
- SeaWorld Entertainment Inc.
- Virgin Oceanic
For more information about this report visit https://www.researchandmarkets.com/r/prroqd
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