ECOWAS: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in ECOWAS

In 2022, the ECOWAS gym and fitness equipment market decreased by -0.8% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.2% against 2019 indices. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Gym and Fitness Equipment in ECOWAS

In value terms, gym and fitness equipment production amounted to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.4% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 66%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Gym and Fitness Equipment

Exports in ECOWAS

In 2022, gym and fitness equipment exports in ECOWAS contracted significantly to X tons, waning by -26.5% compared with the year before. Overall, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 50% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, gym and fitness equipment exports dropped remarkably to $X in 2022. In general, exports recorded a noticeable setback. The pace of growth was the most pronounced in 2021 when exports increased by 38%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Togo (X tons), Ghana (X tons), Cote d'Ivoire (X tons), Sierra Leone (X tons) and Nigeria (X tons) represented roughly 95% of total exports in 2022. Guinea (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Togo (with a CAGR of +29.4%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the largest gym and fitness equipment supplier in ECOWAS, comprising 47% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with an 18% share of total exports. It was followed by Togo, with a 16% share.

In Cote d'Ivoire, gym and fitness equipment exports expanded at an average annual rate of +4.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (+13.8% per year) and Togo (+25.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by 8.7% against the previous year. Export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 27%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+6.1%), while the other leaders experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports in ECOWAS

After five years of growth, overseas purchases of gym and fitness equipment decreased by -9% to X tons in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 57% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, gym and fitness equipment imports reduced to $X in 2022. Overall, imports, however, recorded a noticeable expansion. The pace of growth was the most pronounced in 2021 when imports increased by 53% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Nigeria (X tons) and Ghana (X tons) represented the largest importers of gym and fitness equipment in ECOWAS, together recording approx. 59% of total imports. Senegal (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (9.7%). The following importers - Guinea (X tons), Cabo Verde (X tons), Liberia (X tons), Mali (X tons) and Gambia (X tons) - together made up 11% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mali (with a CAGR of +22.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gym and fitness equipment importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising 74% of total imports. Senegal, Guinea, Mali, Cabo Verde, Liberia and Gambia lagged somewhat behind, together comprising a further 19%.

Mali, with a CAGR of +29.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by 3.3% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gym and fitness equipment import price increased by +58.8% against 2018 indices. The growth pace was the most rapid in 2021 when the import price increased by 46% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform