The recreation services market is estimated to grow at a CAGR of 4.7% over the forecast period 2020 - 2025. The recreation services market consists of sales for the application of recreational facilities, recreational services, and related goods by businesses, that provide recreational services and related goods. The Recreation Services Market, owing to growing adult participation, rising disposable incomes amongst people across different industry sectors and regions, a shift in consumer preference toward better health, increasing investments in amusement parks, growing online marketing, increase in the incidences of obesity and involvement in recreational and leisure activities is anticipated to gain prominence.
- In addition, the government’s support for health & fitness and availability of a variety of equipment & personalized fitness training programs at fitness and recreation sports centers have supplemented the market growth. However, high investment costs for opening fitness centers, high membership fees, and a sedentary lifestyle are anticipated to hamper the market growth. The market is anticipated to give a boost to growth in the travel and tourism sectors.
- Furthermore, a huge weight is being laid on improving & updating skill-base and promoting entrepreneurship along with giving quality service. The market has developed as a highly competitive and progressive industry vertical. The market aims at adhering people’s need for recreation opportunities, experiences and facilities by giving recreational services and products to customers.
Scope of the Report
The Recreational Services programs offer strenuous, fun-filled, health-promoting, physical activity, helpful to wellness and personal development. They may help enhance mental and physical health, as well as reduce stress and help in rest. Recreational activities are typically performed away from work, school, and day-to-day life works and by people of all ages. They can be as passive as reading a book or as effective as swimming or hiking.
Key Market Trends
Recreation Sports Holds a Dominant Position in the Recreation Services Market
- The growth of the recreational sports services is motivated by factors such as a surge in middle - class population, a shift in consumer preference toward better health, and an increment in the incidence of obesity. Apart from that, government assistance for health & fitness and availability of a variety of equipment & personalized fitness training programs at fitness and recreation sports centers have strengthened the market growth.
- However, recreational sports are expected to witness high end-to-end overall growth in the near future, due to an increment in awareness for fitness amongst the young population. The recreational sports centers include gymnasiums, handball sports, yoga, aerobic dance, racquet sports, skating, swimming, and others, helping the people attain their fitness goals and also to manage their health concerns.
- North American countries such as the U.S. and Canada have a large portion of the entire population reside in urban areas. A rise in disposable income among the population is expected to stimulate this market. The countries like the USA, Canada are experiencing remarkable growth in tourism, travel, and sightseeing activities. These factors encourage market expansion in the region, subsequently making them home to some of the key leisure centers across the world.
- The organizations holding the largest market share in the Recreation Services in the US industry include New York State Lottery, Live Nation Entertainment Inc., The Walt Disney Company, National Park Service, and Smithsonian Institution.
The Recreation Services Market is moderately competitive and consists of several major players. The market is supposed to witness high end-to-end overall growth in the coming future, owing to an improvement in awareness for fitness among the young & youthful population. The recreation services centers have helped the population accomplish their fitness goals and also to manage their health anxieties.
- April 2019 - Las Vegas Sands announced a bold expansion plan for Marina Bay Sands in Singapore which would see the world’s most successful and recognizable integrated resort add significant new tourism offerings to the property. The company has entered into a development agreement with the Singapore government and said it will quickly begin work on the new project.
- December 2019 - Merlin Entertainments announced, it has signed a multi-territory partnership with Entertainment One (“eOne”), bringing the hit preschool superhero property PJ Masks to SEA LIFE Centres around the world.
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