Peak bone mass is the maximum amount of bone a person has during their life. It typically occurs in the early 20s in females and late 20s in males. Peak bone mass is typically lower in females than males
The risk of development of osteoporosis can be minimized by understanding the development of the skeletal system and the lifestyle choices that maximize bone development.
Bone mass and strength achieved at the end of the growth period, simply designated as "Peak Bone Mass (PBM)", plays an essential role in the risk of osteoporotic fractures occurring in adulthood. It is considered that an increase of PBM by one standard deviation would reduce the fracture risk by 50%.Link
The risk of fracture is determined largely by bone density, which is the end result of peak value achieved at skeletal maturity and subsequent age- and menopause-related bone loss. The risk of osteoporotic fracture at any site relates to bone mineral density at that site and the amount of stress applied to that bone.Link
It is commonly accepted that development of a higher peak bone mass during adolescent years protects against postmenopausal osteoporosis. There is a strong inverse relationship between bone mineral density and incidence of fracture in postmenopausal women. Bone loss in a postmenopausal woman with low peak bone density will have greater consequences for fracture than that in a woman with higher peak bone mineral density.Link
As mentioned in Cochrane, exercise will improve bone mineral density just slightly so it can reduce the chance of having a fracture to some extent.