Azerbaijan: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Azerbaijan

The Azerbaijani gym and fitness equipment market fell to $X in 2022, with a decrease of -7.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a resilient increase. Gym and fitness equipment consumption peaked at $X in 2021, and then declined in the following year.

Exports of Gym and Fitness Equipment

Exports from Azerbaijan

In 2022, shipments abroad of gym and fitness equipment decreased by -58.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 224%. The exports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, gym and fitness equipment exports fell notably to $X in 2022. Over the period under review, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 292%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

Russia (X tons), the UK (X tons) and Canada (X kg) were the main destinations of gym and fitness equipment exports from Azerbaijan, together accounting for 56% of total exports. The United States, Turkey, Spain, Turkmenistan, Angola, South Korea, Australia, Kuwait, Poland and the United Arab Emirates lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Turkmenistan (with a CAGR of +82.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gym and fitness equipment exported from Azerbaijan were the UK ($X), Russia ($X) and Turkmenistan ($X), together accounting for 63% of total exports.

Among the main countries of destination, Turkmenistan, with a CAGR of +301.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gym and fitness equipment export price stood at $X per ton in 2022, surging by 5.9% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 56% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Turkmenistan ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkmenistan (+120.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports into Azerbaijan

In 2022, the amount of gym and fitness equipment imported into Azerbaijan contracted sharply to X tons, with a decrease of -15.7% compared with the year before. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +83.0% against 2016 indices. The pace of growth was the most pronounced in 2019 when imports increased by 39% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then shrank notably in the following year.

In value terms, gym and fitness equipment imports shrank modestly to $X in 2022. In general, imports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2018 with an increase of 48% against the previous year. Imports peaked at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gym and fitness equipment to Azerbaijan, accounting for a 62% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, Iran (X tons), threefold. Turkey (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+34.2% per year) and Turkey (+0.8% per year).

In value terms, China ($X) constituted the largest supplier of gym and fitness equipment to Azerbaijan, comprising 52% of total imports. The second position in the ranking was held by Italy ($X), with an 18% share of total imports. It was followed by Iran, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +28.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.7% per year) and Iran (+42.8% per year).

Import Prices by Country

In 2022, the average gym and fitness equipment import price amounted to $X per ton, picking up by 18% against the previous year. Overall, the import price enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 an increase of 71% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+32.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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