India’s fitness service market is growing rapidly, yet it remains highly fragmented. Worth ₹7,000 crore in 2022, set to more than double in size, growing from ₹16,200 crore ($2 billion) in 2024 to ₹37,700 crore ($4.5 billion) by 2030(Deloitte’s India Fitness Market Report 2025).
From gyms and boutique studios to wearables and athleisure, Indians are spending big on fitness. But despite the size of the market, India has not yet produced its own Nike, Peloton, or Lululemon. The question remains who will own India’s ‘sweat economy’?
- Why the Fitness Economy is Having Its Moment
The COVID-19 pandemic catalysed a fitness revolution in this fast-moving world. Lockdowns forced people into home workouts. This pandemic has hampered many aspects of the lives of people, including the routine fitness activities of fitness freaks. Fitness, once considered elite, is expanding across Tier-2 and Tier-3 cities. (NLM)
Global players like Decathlon plan to scale their India sourcing to $3 billion by 2030, a sign that the country is becoming a global manufacturing hub for sports and fitness gear. The smartwatches and fitness trackers further show Indian’s appetite for tech-enabled health. Currently, India accounts for 8% of Decathlon’s global sourcing quantities, with a goal to scale this to 15% by 2030, according to the company. (The Hindu)
2. Brand by Brand: Leaders and Their Limits
Cult.fit has become India’s Fitness Unicorn
Cult.fit’s income crosses Rs 1,000 Cr in FY24, losses remain flat. Cult.fit reported a 33.6% increase in its operating revenue of Rs 927 crore in FY24 compared to Rs 694 crore in FY23. making it India’s largest integrated fitness brand. (ENTRACKR)
- Limits: Urban-centric reach lacks hardware or global lifestyle positioning.
Source:
Decathlon – Retail Muscle
Affordable gear, mass-market reach, and strong local sourcing.
- Limits: Retail-led; lacks aspirational community-building or lifestyle identity.
Nike & Skechers – Aspirational Global Brands
Premium positioning, strong distribution, global lifestyle equity.
- Limits: In India, they remain apparel/footwear players, not full-stack ecosystems.
3. Why India Doesn’t Have a Nike or Peloton
Peloton’s US success came from bundling hardware.
- Hardware dependence: Import duties make connected bikes/treadmills prohibitively expensive.
- Capital intensity: Hardware + content models require deep-pocketed investors.
- Weak after-sales: A chronic gap in India’s consumer experience.
- Price sensitivity: A ₹2-3 lakh bike appeals to a niche in a cost-conscious market.
Nike’s absence has cultural and structural reasons
- Fragmented ecosystem: Gyms, apparel, nutrition, and equipment operate in silos.
- Lack of lifestyle connect: Indian brands sell affordability and function, not aspiration.
- Scaling challenge: Food delivery (Zomato, Swiggy) and beauty (Nykaa) scaled digitally; fitness needs physical and digital infrastructure, raising risks for investors. (OUTLOOKBUSINESS)
4. What Consumers Really Want
Indian consumers are clear about their expectations:
- Affordable, durable equipment instead of luxury imports.
- On-demand fitness content in local languages.
- Hybrid models offering both home flexibility and gym community.
- Reliable warranties and after-sales service.
- Community-driven gamification to sustain motivation beyond the first month.
Currently, no single brand addresses all these pain points.
5. The Road Ahead: Who Will Own the Sweat Economy?
The next big fitness champion could emerge from three directions:
- Service-led brands like Cult.fit are expanding into hardware and lifestyle products.
- Retail-first players like Decathlon are layering digital subscriptions and communities.
- Global aspirational brands like Nike and Skechers are deepening localisation.
The market is large enough for multiple winners. But to truly “own the sweat economy,” the next champion must integrate manufacturing, digital content, affordable financing, and cultural aspiration into one ecosystem.
6. Editorial Conclusion
India has already created global champions in food delivery, beauty, and fintech. Fitness is the next frontier. With a market projected to double by 2030, the demand is undeniable. But until a brand can fuse services, products, and lifestyle into a unified vision, India will remain dependent on imports. The opportunity is clear; the only missing piece is execution. The race isn’t about whether India will have its own Nike or Peloton; it’s about who will be bold enough to build it.
