Established players such as Smart Fit and Bodytech, however, caution that the sector may soon face turbulence. On one side, there is skepticism about the sustainability of mid-range gyms, especially as the surge in new openings pushes supply closer to demand. At the same time, market consolidation is expected to accelerate, particularly among entry-level brands and smaller regional operations.
According to preliminary data from the Brazilian Association of Gyms (Acad Brasil), the sector reached 40,000 units in September, based on the National Classification of Economic Activities (CNAE) for physical and fitness activities. This represents an increase of 10,000 establishments compared with 2019, before the pandemic.
In total, Brazil is home to an estimated 400 gym brands, reflecting a highly fragmented market. The leader, Smart Fit, closed the second quarter with 1,818 locations, of which 856 are in Brazil.
One chain betting heavily on expansion is Ultra, founded by the same entrepreneurs behind Bluefit, which had a controlling stake acquired in 2023 by Mubadala Capital, the Abu Dhabi-based investment group, for R$464.1 million.
“I’ve never seen demand this strong,” says Fernando Nero, CEO of Ultra. “There are a few reasons for that. Companies have realized that prevention is the best medicine when it comes to health issues,” he notes, highlighting the rise in customers through corporate fitness programs—known as aggregators.
Mr. Nero also points to the broader “fitness lifestyle” trend as a tailwind for the industry. “It’s not just about gyms. The fitness mindset has spilled over into other sectors—workout apparel, and the protein and energy food markets, for instance, are also booming.”
This favorable environment has spurred Ultra’s expansion plans. The chain currently operates 80 units and has another 90 under development, with half located in São Paulo and the Federal District. The company recently signed agreements with local partners to expand into Santa Catarina, Rio de Janeiro, Bahia, Ceará, and Pernambuco.
