GURUGRAM, India, June 11, 2019 /PRNewswire/ --
- Percentage share of female members opting for fitness services is expected to positively incline registering a CAGR of close to 13% during 2019-2023. This would be facilitated by a proportionate rise in female-specific gyms centers in the country by the end of 2023. This is on account of increasing health awareness, changing lifestyle and mindset of women in Philippines.
- In terms of number of centers, the contribution of organized sector is anticipated to incline positively registering a CAGR of close to 17% during the forecast period. This is owing to the fast pace expansion using diversified business models and increased international-brand penetration.
- The share of organized market is expected to lead the industry with an average 5 year growth anticipated at close to 8% by the end of 2023.
Philippines fitness service market growth will be facilitated by increasing fitness facilities and expanding geographical presence of major players, up-gradation of fitness technology and equipments, new marketing strategies and rise in demand of female-specific fitness services. All three regions have been projected to have moderate number of fitness centers in the review period in the forecast period. Many new services and brands have been projected to enter during the forecast period. There could be an opportunity for players to enter with new and unique revenue streams such as private-labeled apparels, nutrients and supplements, workout CDs and DVDs/ mobile apps providing more interactive sessions, options for home-based workouts and others. Fitness penetration in the country is anticipated to increase in the future owing to their higher disposable income, which will make them more capable of spending on expensive packages.
In 2018, it has been analyzed that one month package has been the most popular one amongst Filipinos while the 12 month package has not been opted much. People are usually willing to spend USD 20 for the one month package and USD 200 for the 12 month membership. Males have been more responded and active towards fitness offers and in maintaining membership throughout the year. Luzon region has been the hotspot for opening new fitness centers for having major commercial cities of Philippines. People in this region are urbanized & have high disposable income. Anytime Fitness, Gold's Gym, Fitness First, Pound for Pound Fitness, Slimmer's World have been the most popular organized gyms while Fusion Fitness, Fitness Edge Health and Fitness Club, Extreme Fitness Club, Bodhi Yoga Center, YogaHive, Platinum Executive Gym have been popular choices in the unorganized domain.
Analysts at Ken Research in their latest publication "Philippines Fitness Service Market Outlook to 2023 - By Revenue Streams (Membership Fee and Personal Training), by Membership Subscription Package (1 Month, 3 Months, 6 Months & 12 Months), by Regions (Luzon, Visayas and Mindanao) and by Gender" believe that the market is expected to register positive CAGR of 8% in terms of revenue during the forecasted period 2018-2023E.
Key Segments Covered
- By Market Structure (On the basis of Revenue, Number of Members, Number of Gyms Centers)
- By Revenue Streams
- Membership Fees
- Personal Training Fees
- By Membership Subscription Packages (On the basis of Revenue, Number of Members)
- 1 Month
- 3 Months
- 6 Months
- 12 Months
- By Regions (On the basis of Number of Gyms)
- By Gender (on the basis of Revenue and Number of Members)
Key Target Audience
- Organized Fitness Service Centers/Gyms (Branded)
- Women fitness service centers
- Mixed fitness service centers
- Major fitness equipment manufacturers
- Fitness managers
- Fitness club franchisers
- Personal training certification institutes
- Standalone yoga centers
Time Period Captured in the Report:
- Historical Period – 2013-2018
- Forecast Period – 2019-2023
Companies Covered: Anytime Fitness, Pound for Pound, Snap Fitness 24/7, Krav Maga, Fitness First, Gold's Gym, Slimmer's World International, Beyond Yoga, 360 Fitness, Bliss Yoga, UFC Gym, Curves Fitness, Kerry Sports Manila
For More information about the report, refer to below link
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Ken Research Private Limited
SOURCE Ken Research