Rucking Deep Dive (Part 1)
The Next Big Thing in Fitness and a Quiet Giant for Investment
For those of you reading for the first time, welcome to Sweat Ventures. I write about M&A and Investment themes that catch my eye in Fitness, Outdoor Recreation, and Sports.
I wrote this series of posts in collaboration with Ben Pfeffer, a Private Equity Investor at Elsewhere Partners and one of the founders of the Austin Ruck Club.
Introduction
Take a walk around Lady Bird Lake here in Austin, Texas, and you’ll lose track of how many people you see wearing weighted vests and backpacks. Carrying weight while walking, otherwise known as rucking, started as a training method exclusive to the military but has recently emerged as a fitness trend for the masses.
Admittedly, when I first heard about the growth of rucking, I was skeptical and thought its interest would be limited to Crossfitters and people training for backpacking trips. But my perspective has changed.
I’m increasingly noticing a more diverse user of this weighted equipment, one that transcends gender and age. Companies are building specialized products and services in the space, and social communities are developing around them. I now believe that rucking, both as a social activity and a form of physical fitness, has enduring potential and could present an interesting and investable opportunity in today's fitness industry.
From the Battlefield to a Brand
Rucking is not a new trend by any means. Walking with weight is as fundamental a human movement as they come. Documented accounts of militaries using rucking as a form of training go back as far as the 7th century BC.
What is new, though, is the commercialization of the modality, and this can be in large part attributed to Jason McCarthy.
McCarthy, a former U.S. Army Special Forces Green Beret, founded GORUCK in 2008 while enrolled at an MBA program at Georgetown University. His goal was to bring this standard military training methodology of walking with weighted packs to the masses as a viable and effective fitness tool.
GORUCK, headquartered in Jacksonville Beach, Florida, became one of the first commercial success stories in the Rucking industry. The company started by selling backpacks and weighted vests, but has more recently leveraged its pole position within the industry to expand to sell accessories, clothing, and sponsored rucking-focused events. Its revenue grew to an estimated $46M in 2023, and it now hosts more than 1,000 events globally.
Industry growth was further accelerated by Michael Easter's popular book The Comfort Crisis, which encouraged readers to pursue hard activities in nature, such as rucking, to break out of their comfort zones and reconnect with their more primal selves.
On the back of The Comfort Crisis and the podcast-heavy press junket to follow, interest in rucking has continued to grow. The hashtag #rucking has over 20 million views on TikTok, and Google searches for “rucking” are up 177% year-over-year. The modality has been endorsed by various influential personalities, from celebrity chef Guy Fieri to health and longevity experts Peter Attia and Andrew Huberman.
Simplicity, Backed by Science
Beyond the commercialization efforts of GORUCK and the popularization through popular podcasts, why is rucking resonating now?
1. It’s Accessible
All you need is a backpack and some weight. It’s low-tech, low-cost, and inclusive. From first responders to suburban moms, rucking meets people where they are.
In a 2024 survey from YouGov, 41% of respondents said they canceled their gym membership due to price considerations. A high-end gym membership can cost in excess of $400 per month, plus an initiation fee. This has priced out many, who have turned to more budget-friendly gym options (Crunch Fitness, Planet Fitness, Anytime Fitness) or to search for other more accessible options outside of a traditional gym setting.
2. It’s Effective
Still nascent in its research, rucking's health and fitness benefits are highlighted by a mix of anecdotal evidence and scientifically backed studies. It blends cardio with strength, burning fat while preserving muscle.
The Pandolf Equation, developed by the US Military in the 1970s, shows that rucking produces approximately a 2-3x caloric burn compared to an equivalent distance of walking.
Additional cited benefits include:
Improved cardiovascular fitness through increases in VO2 Max. An Australian research team cited a 5% increase in VO2 Max when combining rucking with strength training over a 10-week period (important to note, they do not draw out specific attribution to rucking vs strength training).
Improvements in muscle strength and power.
Combat and reverse bone loss and bone mineral density.
And finally, its low-impact nature makes it relatively joint-friendly, especially compared to running. This comes at a time when our nation suffers more than ever from musculoskeletal (MSK) dysfunction. According to Fitt Insider, half of Americans have MSK issues, and they are a $420B burden on our healthcare system, which outpaces expenditure for diabetes, heart disease, cancer, and other chronic conditions. Although there is a time and place to train harder and with more explosive movements, rucking provides a viable alternative for a more low-impact fitness solution.
3. It’s Outside
In part fueled by the COVID-19 pandemic, participation in outdoor recreation activities has surged in recent years. In 2021, 164.2M people participated in outdoor recreation, a 6.9% increase compared to 2019. This trend has directionally continued since, with participation topping 175.8M in 2023.
This comes at a time when a reconnection with the outdoors is paramount. A typical American spends 90% of his or her time inside, removing some of the key benefits of nature exposure, including helping to regulate blood pressure, heart rate, cortisol, and mood regulation.
The increasing desire to exercise outdoors, along with the more widespread recognition and quantification of the health benefits of being outside, has collided to create a perfect environment for rucking to thrive.
4. It’s Community Driven
And finally, although some prefer solo rucking, many find a sense of community and shared experience through local ruck clubs. In Part 2 of this series, I’ll dive into this in more detail through a conversation with Austin Ruck Club Co-Founder, Ben Pfeffer.
Conclusion
The growth of rucking is being fueled by its effectiveness, accessibility, reconnection to the outdoors, and its community-driven nature. But what does this mean, particularly from an investment standpoint? Where are there opportunities to develop products and services to better serve this growing community? Is this a big enough market to support a variety of brands and challenge incumbent positions?
I’ll cover all of this and more in Part 2 of this Series.
Thanks as always for reading!