Ghana: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Ghana

In 2022, after two years of growth, there was significant decline in the Ghanian gym and fitness equipment market, when its value decreased by -17.8% to $X. Overall, consumption, however, posted prominent growth. Gym and fitness equipment consumption peaked at $X in 2021, and then declined rapidly in the following year.

Exports of Gym and Fitness Equipment

Exports from Ghana

In 2022, after four years of growth, there was significant decline in shipments abroad of gym and fitness equipment, when their volume decreased by -8.4% to X tons. In general, exports faced a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 235% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, gym and fitness equipment exports contracted to $X in 2022. Overall, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2019 with an increase of 234%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X kg), Belgium (X kg) and the Netherlands (X kg) were the main destinations of gym and fitness equipment exports from Ghana, with a combined 45% share of total exports. Nigeria, Burkina Faso, Malawi, Liberia, South Korea, France, Indonesia, Sierra Leone, the United States and Israel lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malawi (with a CAGR of +35.4%), while the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X), the UK ($X) and Nigeria ($X) constituted the largest markets for gym and fitness equipment exported from Ghana worldwide, together accounting for 70% of total exports. Malawi, the Netherlands, Liberia, Belgium, Sierra Leone, Israel, South Korea, the United States, France and Indonesia lagged somewhat behind, together comprising a further 15%.

Sierra Leone, with a CAGR of +33.8%, saw the highest growth rate of 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

In 2022, the average gym and fitness equipment export price amounted to $X per ton, picking up by 1.7% against the previous year. Overall, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.1% 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 export price increased by +23.4% against 2019 indices. The pace of growth was the most pronounced in 2014 an increase of 48% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while the average price for exports to Indonesia ($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 the UK (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports into Ghana

Gym and fitness equipment imports into Ghana shrank markedly to X tons in 2022, declining by -22.7% compared with 2021 figures. In general, imports, however, saw a strong expansion. The pace of growth was the most pronounced in 2020 when imports increased by 103%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, gym and fitness equipment imports dropped markedly to $X in 2022. Overall, imports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by 158%. Imports peaked at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest gym and fitness equipment supplier to Ghana, with a 66% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, Slovakia (X tons), more than tenfold. The third position in this ranking was held by Belgium (X tons), with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (+22.1% per year) and Belgium (+11.8% per year).

In value terms, China ($X) constituted the largest supplier of gym and fitness equipment to Ghana, comprising 69% of total imports. The second position in the ranking was held by Slovakia ($X), with a 5.8% share of total imports. It was followed by the United States, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +23.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (+18.4% per year) and the United States (-2.6% per year).

Import Prices by Country

The average gym and fitness equipment import price stood at $X per ton in 2022, growing by 8% against the previous year. Over the period under review, the import price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 51% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

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 the Netherlands ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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