Estonia: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Estonia

The Estonian gym and fitness equipment market contracted significantly to $X in 2022, reducing by -21.1% against the previous year. In general, consumption recorded a slight reduction. As a result, consumption reached the peak level of $X, and then declined notably in the following year.

Production of Gym and Fitness Equipment in Estonia

In value terms, gym and fitness equipment production declined sharply to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced expansion. The pace of growth appeared the most rapid in 2021 when the production volume increased by 133% against the previous year. As a result, production reached the peak level of $X, and then contracted significantly in the following year.

Exports of Gym and Fitness Equipment

Exports from Estonia

In 2022, overseas shipments of gym and fitness equipment decreased by -3.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 133%. Over the period under review, the exports attained the maximum at X tons in 2021, and then fell modestly in the following year.

In value terms, gym and fitness equipment exports shrank slightly to $X in 2022. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 104% against the previous year. The exports peaked at $X in 2021, and then contracted modestly in the following year.

Exports by Country

Sweden (X tons), Belarus (X tons) and Finland (X tons) were the main destinations of gym and fitness equipment exports from Estonia, together comprising 81% of total exports. The United States, Russia, Kyrgyzstan and Latvia lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +91.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Belarus ($X) and Finland ($X) constituted the largest markets for gym and fitness equipment exported from Estonia worldwide, with a combined 78% share of total exports. The United States, Russia, Kyrgyzstan and Latvia lagged somewhat behind, together accounting for a further 16%.

The United States, with a CAGR of +76.4%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the average gym and fitness equipment export price amounted to $X per ton, almost unchanged from the previous year. In general, the export price saw a modest increase. The pace of growth appeared the most rapid in 2016 an increase of 41%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Latvia ($X per ton), while the average price for exports to Belarus ($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 Latvia (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports into Estonia

In 2022, after two years of growth, there was significant decline in supplies from abroad of gym and fitness equipment, when their volume decreased by -22% to X tons. In general, imports, however, showed a prominent increase. The growth pace was the most rapid in 2021 with an increase of 46% against the previous year. As a result, imports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, gym and fitness equipment imports reduced to $X in 2022. Over the period under review, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 56%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gym and fitness equipment to Estonia, accounting for a 68% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold. The third position in this ranking was taken by Germany (X tons), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+17.4% per year) and Germany (+13.4% per year).

In value terms, China ($X) constituted the largest supplier of gym and fitness equipment to Estonia, comprising 60% of total imports. The second position in the ranking was held by Italy ($X), with an 8.4% share of total imports. It was followed by Finland, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+16.0% per year) and Finland (+3.6% per year).

Import Prices by Country

The average gym and fitness equipment import price stood at $X per ton in 2022, picking up by 9.6% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 13%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average 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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform