Costa Rica: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Costa Rica

The Costa Rican gym and fitness equipment market amounted to $X in 2022, surging by 13% 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). Overall, consumption posted buoyant growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Exports of Gym and Fitness Equipment

Exports from Costa Rica

In 2022, the amount of gym and fitness equipment exported from Costa Rica skyrocketed to X tons, growing by 114% against the year before. In general, exports, however, saw a abrupt descent. The pace of growth was the most pronounced in 2018 when exports increased by 291% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, gym and fitness equipment exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 208% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Panama (X tons), Guatemala (X tons) and Honduras (X tons) were the main destinations of gym and fitness equipment exports from Costa Rica, together accounting for 65% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +25.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gym and fitness equipment exported from Costa Rica were El Salvador ($X), Panama ($X) and Guatemala ($X), with a combined 78% share of total exports.

Guatemala, with a CAGR of +21.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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, reducing by -8.4% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 53%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to Mexico ($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 Venezuela (+1.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Gym and Fitness Equipment

Imports into Costa Rica

In 2022, the amount of gym and fitness equipment imported into Costa Rica reached X tons, increasing by 13% on the previous year. Over the period under review, imports posted buoyant growth. The pace of growth was the most pronounced in 2020 with an increase of 91%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, gym and fitness equipment imports rose sharply to $X in 2022. In general, imports saw a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 73%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest gym and fitness equipment supplier to Costa Rica, with a 89% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Mexico (X tons) ranked third in terms of total imports with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-6.3% per year) and Mexico (+9.5% per year).

In value terms, China ($X) constituted the largest supplier of gym and fitness equipment to Costa Rica, comprising 84% of total imports. The second position in the ranking was taken by the United States ($X), with a 7.7% share of total imports. It was followed by Taiwan (Chinese), with a 4.6% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.5% per year) and Taiwan (Chinese) (+5.5% per year).

Import Prices by Country

In 2022, the average gym and fitness equipment import price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 10% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Mexico ($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) (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform