Australia's fitness sector sees growth in the billions
While some industries in Australia were considerably affected by the recent global economic downturn, the fitness industry has been growing steadily over the past few years. The Australian government is making a significant effort to encourage Australians to adopt a healthier lifestyle, resulting in a greater demand for fitness products and services.
Here is a look at the fitness industry Down Under.
Australian fitness industry statistics
Keeping Aussies healthy and fit is big business. The fitness industry in Australia generates an average of about one billion dollars in revenue on an annual basis. There altogether 2,856 gyms and fitness centers across the country, which collectively provide employment for more than 17,000 people. In 2011, about 3.3 million Australians used a professional exercise service.
The Australian fitness industry is expected to grow by 4.8 percent between 2009 and 2014, despite a decline in 2009 when consumers sought more affordable health and fitness alternatives because of the bad economic climate.
Although the economy is recovering, experts predicted that the revenue of the industry will only grow by 1.4 percent to $1.31 billion this year, because of increasing market saturation.
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Why is the Australian fitness industry growing?
According to a study conducted by the United Nations, Australia is the fifth most obese country in the world, with about 24.6 percent of its citizens considered obese. If the current trend is not slowed down or reversed, it is estimated that almost three out of four Australians will be obese or overweight in 2025.
The popularity of weight loss reality TV shows, efforts by the government to promote healthy living and weight loss, and the household outsourcing trend are some of the factors that have contributed to the increase in demand for fitness services and products.
Fitness centers provide a cost-effective way for Australians to improve their health and fitness, and it has been proven that they can collectively reduce direct healthcare costs by up to $108 million a year. The increasing availability of fitness centers and low-cost fitness alternatives has made it easier for Aussies to keep fit.
Leading fitness companies
Australia is home to many world-class fitness chains and centers, including Fitness Enhancement Personal Training, Snap Fitness, Plus Fitness 24/7, Jetts Fitness, Fernwood Women's Health Club and Step Into Life.
These fitness chains and centers have been successful because they offer good value for money, as well as a wide range of fitness services and advanced exercise equipment to meet the specific needs of their customers.
Jetts Fitness, the most successful fitness chain in Australia, enables its customers to exercise more freely by offering 24/7 fitness clubs and affordable rates. The leading fitness service providers in Australia use the latest marketing techniques to promote their products and services, such as social media marketing, mobile marketing and others.
As more and more Aussies begin to realize the importance of health and fitness, the Australian fitness industry is expected to remain in good shape over the next few years.
About the author
John McMalcolm is a freelance writer who writes on a wide range of subjects, from small business marketing to cloud computing.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”