Companies

Fast&Up bullish on growth driven by millennials, fitness enthusiasts

Shobha Roy Kolkata | Updated on April 06, 2020 Published on April 06, 2020

Varun Khanna, Co-Founder, Fast&Up

Sports nutrition products, which were once consumed primarily by professional athletes and sportspersons, are now finding increasing acceptance among fitness enthusiasts. The rising aspiration of young millennials to be fit and look good is driving this demand.

According to Varun Khanna, Co-Founder, Fast&Up, professional athletes or people undertaking advanced workouts accounted for nearly 80-85 per cent of the company’s business even two years ago. However, now, nearly 40 per cent of its business comes from fitness enthusiasts who are looking at hitting the gym regularly or are going for a run.

“The millennials are more adventurous and are willing to try (different things) and that is giving us an impetus leading to a higher traction (in demand). Consumers are also getting more aware and quality conscious. Moving forward, we expect nearly 60 per cent of our sales to come from fitness enthusiasts and 40 per cent to come from advanced professionals,” Khanna told BusinessLine.

According to industry sources, the sports nutrition market in India is estimated to be close to ₹2,000 crore and has been growing at a CAGR of around 15-18 per cent. The market comprises three segments, which includes sports food, drinks, and supplements.

Gaining traction

The Indian sports fitness market has been exploding with “image conscious” millennials who consider fitness as a part of their lives, rather than a mere a hobby. Activities such as running and cycling, which were earlier limited to a smaller audience, are now slowly exploding and potentially spilling over to the masses.

“There is an explosion in the category. If you look at the number of marathons and people participating in timed events, then we have atleast 2,000-2,500 people taking part in such events. The registration at some of these big marathons is almost full the moment they announce the event. Number of running events has increased. Millennials are fitness conscious and are driving growth further,” he said.

Fast&Up has also been witnessing a steady demand coming in from Tier-II and -III towns. Of the 10,000-15,000 orders it services through its own website, nearly 60 per cent comes from these towns.

The company is currently present in about 3,000 outlets all over India, and is looking to scale it up to 10,000-12,000 outlets in the next 2-3 years. Fast&Up, which has been clocking a three-fold growth in business in the last two years, is looking to grab 10 per cent of the sports nutrition market in the next 3-5 years.

Published on April 06, 2020

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