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Ken Research: Fitness club market to exceed $3.5bn by 2023

Released at: 14:15, 16/07/2019

Ken Research: Fitness club market to exceed $3.5bn by 2023

Photo: Timo

Penetration rate of fitness services in Vietnam expected to increase into the future, according to latest report from Ken Research.

by Phi Linh

In its latest publication, Vietnam Fitness Services Market Outlook to 2023, which is broken down by subscription period, by organized and unorganized, and by revenue streams (membership fees and personal trainer fees), Ken Research believes that demand for fitness services in Vietnam will increase due to rising health awareness among the population, a surge in disposable income, expansions in organized fitness centers, and the increasing penetration of gymnasiums in suburban areas.

The market is expected to record a compound annual growth rate of 19.5 per cent in revenue during the forecast period of 2018-2023, and reach more than $3.5 billion by 2035.

Entry of new players

Growth in Vietnam’s fitness services market will mainly be facilitated by growing penetration of organized fitness service centers. The number of outlets of existing players such as California Fitness and Yoga Centre, Elite Fitness, Fit24, and others is expected to amplify service quality in the coming years.

Moreover, new players are also projected to enter the organized fitness market, and additional services offered by market players will enhance the confidence of Vietnam people in acquiring a better health regime.

Increasing penetration of gymnasiums

Penetration of organized fitness service centers in the space is also likely to grow at a rapid pace as major gymnasiums are focusing on expanding their services in suburban areas.

It is expected that the number of gymnasiums will stand at more than 600 by 2023, leading to further growth in health consciousness among Vietnamese. Growing demand for group exercises will also lead to unorganized fitness service centers providing additional services.

Rising preference for group exercise

A shift in choice has been observed in Vietnam, from hard-core gym training to full body endurance exercise, with people opting for more Zumba and Pilates classes.

Demand for Zumba, Pilates, Cross fit, and Martial arts is expected to increase significantly over the coming years. Exercises in group classes are more energetic and result-oriented and attract people of all ages and genders.

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