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Build together

Win together

Health is indeed wealth

SFW Report: Opportunities in Sports,

Fitness and Wellness (SFW) in India

28thFebruary, 2018

Table of Contents

2©Praxis Global Alliance |

S. NoContentPage

No.

1.Executive summary3

2.SFW market definition and inclusions4

3.SFW historical growth and future growth projections5

3.SFW growth drivers6

4.SFW trends in 20177

5.PE investments in SFW8

6.SFW market size across categories 9,10

7.SFW market size across different levels of GDP per capita in other countries11

9.Key imperatives12

10. Sources of input13

11.Glossary14

12.About15-18

Executive summary

3© Praxis Global Alliance |

Theme of Sports, Fitness and Wellness is emerging with a large multi-$B opportunity in India (large market with robust growth drivers)

oSized at ~USD 35Bin 2016 and expected to grow @~17% CAGRto reach USD 90Bby 2022

oRobust Demand growth drivers: affluence, sedentary lifestyle, increasing awareness about health and fitness, backed by

oSupply drivers: Development in sports infrastructure, more trainers, greater advertising spend backing sporting events

oTrend evident as new sports leagues are emerging, more corporates/residential complexes are creating facilities, new health focused TV

channels are seeing viewership growth and the mass consumer is diversifying beyond just cricket Across the consumer spectrum, the time to ride the SFW wave is now

oFrom the SFW trend seen in other countries, SFW market growth kicks in at USD 4K GDP per capita levels and starts to taper atUSD

30-35K GDP per capita levels

oIndia, currently at a GDP per capita of ~USD 1.7K has massive growth headroom

Opportunity is being created not just in SFW but more importantly, in the peripheral products/services like gear, apparel, food items

and several other brand extensions (>2.5 times the opportunity than Sports itself)

oSeveral brands have extended their brands and offerings to SFW and will create bigger plays (e.g. Harley gears > Harley bikes)

oHealthy food variants of several brands is already >25% of the staple flagship variants

SFW is attracting investment not only from VC/PE but several profitable verticals like apparel, personal care and consumer services

are pumping in money to ride this growth wave oConsumer services businesses (yoga, gym, spas and salons, ayurvedic centers, etc) oConsumer products (yoga mats, organic foods, sports merchandise, etc)

oSpecialized high-performance apparel and personal care goods (functional food, sweat-resistant apparel, marathon shoes, etc)

oInfrastructure (training academies, amateur sports facilities, coaching in schools, etc)

Large brands and retail footprint already being created (e.g. Decathlon crossed Rs1,000cr in sales). Realizing full potential from the

opportunity will entail diligent micro-segmentation, brand repositioning and technology led product/service innovation

Market definition: Sports and Wellness are complementary to each other with

Fitness traversing across

4© Praxis Global Alliance |

Services

Products

Infrastructure

Spas and salons Skin clinics

Health

foods and beverages

Organic

personal care

Supple

ments

Anti bacterial

paint technology

Easy clean tiles

Building

material

Nutritio

us and Diet foods

Apparel

and footwear

Yoga, swimming

Gym

Fitness dance types like

Zumba

Bags and

luggage

RegimesLeagues/Recreational

Marathons

Kabaddi

Football

Camping, trekking

Pool

Equipment

and merchandise

Restaura

nts

Fitness

WellnessSports

Diet clinics

Weight

loss clinics

Events

Clubs

Matches

Activity/

learning centers

Source: PGA Labs research, Praxis analysis

SFW market is currently sized at ~USD 35B (2016); expected to grow at a CAGR of ~17% to reach ~USD 90B in 2022

5© Praxis Global Alliance | Source: World Food India, 2017, ASSOCHAM India, Euromonitor International as derived from newspaper articles, Praxis estimates, Praxis analysis

Note: Sportswear includes non-activewear used for sports and unorganized segment 30
35
90
12 24
8 19 3.2 10 3 9 3 9 2 8.0 2 6 0.43 2.5 0.56 1.1 30
0.34 0.8

2015201620172022(P)

SFW market size split by categories (USD B)Functional beverages

Sports equipment

Beauty treatments

Fortified/functional packaged food

Sports (gate revenues, media rights,

sponsorships, merchandising)

Herbal / Ayurvedic / Organic personal

care products

Beauty centres

Dietary supplements

Sportswear

Sports infrastructure

12% 15%

18-20%

25-30%

20-25%

20%

20-25%

20-25%

15-16%

12-15%

Adjoining

opportunities are >2.5xof Sports &

Sports infra itself

The SFW industry is driven by increasing affluence, sedentary lifestyle, increasing awareness about fitness and development in sports infrastructure

6© Praxis Global Alliance | Source: OECD Health Statistics, 2017 and 2014, BCG report, Goldman Sachs report, Praxis analysis

Note: 1 USD = INR 65, Millennials refer to the generation born between 1980 and 2000

Growing affluence

Sedentary lifestyle

leading to increasing incidence of diseases

Increasing awareness about

health and fitness

Development in sports

infrastructure

Supply factorDemand factors

2.10 5%

20122015

% obese population aged 15 years and over (India)

938255

89121
140
17 40617
17 33
3 7 16

200520162025E

Household segmentation based

on annual HHI (M) Elite (>$30,800)

Affluent

($15,400-

30,800)

Aspirers

($7,700-

15,400)

Next Billion

($2,300 -

7,700)

Strugglers

(<$2,300) 209
267
305
193
8 219
6

2017-182018-19

Ministry of Youth

Affairs and

Sports annual

budget,

INR Cr45%

60%
21%
Think leading a healthy life is a priority

Disapprove

smoking

Disapprove

drinking % of Indian Millennials

Diseases like Obesity,

Diabetes Type II, High blood

pressure, etc are rampant due to sedentary lifestyles

Inflow of sponsorships

and funds from the government have catalysed development of sports

Support from entertainment

industry, media and government has led to propagation of the theme

7© Praxis Global Alliance | Source: IndiaRunning.com race calendars, Secondary research, Praxis analysis

Emergence of new sports and leaguesKids specific leagues and sporting facilities

Increasing inter and intra corporate

sports events

Increasing number of marathons and

other outdoor activities

Sports icons beyond cricket attracting

large number of followers

Health and wellness specific TV

channels and magazines 57%

176270385

700
1074

20132014201520162017

Running events in India (#)

As a result, SFW space has seen recent acceleration in investor interest

8© Praxis Global Alliance | Source: Secondary research, Praxis analysis

Health and wellnessFitness and sports

Health tech company that

helps cure lifestyle diseases $4.5M

Health and weight loss

coach mobile app $400K

Health platform providing

coaching, engagement and delivery $53.9M

Mobile app providing

workout videos for exercises without equipments $2.4M

Provides access to

workout across 1000+

Gyms and Fitness Studios

for a fee $2M

Online platform selling

sports and celebrity merchandise $38.9M

Sports management

service provider $12M

E-commerce store for

sports accessories and equipment $1M $0.2M $0.2M

Online fantasy sports

platform

Publishes news article on

sports and tracks scores

Private label retailer of

sports gear $0.2M $1.5M

Sports and fitness centre

discovery and booking platform

Sports marketing,

consulting $1M

On demand sports video

live streaming platform $0.5M

An online counselling and

emotional wellness platform $1.2M

Online counseling

$1.2M

Platform that enables

several services verticals like digital payment, wellness, fitness, sensor based gaming, etc

Largest content platform

wellness in India $3M $4.5M SFW, as a theme, is creating monetary opportunities across many categories especially in Apparel, Personal care and Food

9© Praxis Global Alliance | Source: Praxis Consumer Market Growth Database, Praxis analysis

Education, 40%

Apparel and footwear, 28%

Travel and Tourism, 19%

Home and personal care, 7%

Media and entertainment, 4%

Luggage, 1%Auto parts, 0.4%Toys and games, 0.3%

Automotive, 31%

Building material, 25%

Durables, 22%

Jewellery and precious stones, 13%

Furniture and fixtures, 10%

Restaurants and

dining, 59%

Repair and

maintenance, 21%

TV, DTH, 9%

Courier, express

and parcel, 4%

Beauty services,

3%

Classifieds/brok

erage services, 2%

Fitness services,

1%

Animation and

gaming, 1%

OOH Media, 0.5%

0% 10% 20% 30%
40%
50%
60%
70%
80%
90%
100%

ExpensesCapital purchasesServices

Total market size of segments in the consumer market (USD B, 2017) Foo d, 400
Non- food, 620

Indian consumer market

USD B (2017)

High demand from SFW

Limited

demand impact from SFW

Low/some

demand from SFW

Consumer spending in non-food

~ USD 620B ~240~280~100~1,020 SFW share in key consumer spend buckets is growing rapidly, plus new SFW categories have emerged

10© Praxis Global Alliance | Source: World Food India, 2017, ASSOCHAM India report, ET Bureau, Euromonitor International as derived from newspaper articles, Praxis analysis

Note: Sports includes gate revenues, media rights, sponsorships and merchandising

12835.6321.10.6

86
59
157.4

EducationApparel and

footwear

Home and

personal care

Food and non-

alc beverages Beauty servicesSportsFitness servicesToys and games

Sports, fitness and wellness

98
67
18 133

21.10.7

India is approaching the SFW market growth inflection point that will not taper off for a long time (typically growth tapers off at USD 30-35k GDP per capita levels)

11© Praxis Global Alliance | Source: Euromonitor International as derived from International Food and Agribusiness Management Review and Qz.com article, MARDI, Praxis analysis

India

7.7China

20.3

Brazil

33.0

South Korea

128.0
Italy 110.0

France

107.1
Japan 103.8
UK 134.3

Germany

140.0

010,00020,00030,00040,00050,000

Sportswear market size per capita (USD)

GDP per capita (USD)

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