Latin America and the Caribbean: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Latin America and the Caribbean

In 2022, after two years of growth, there was significant decline in the Latin American gym and fitness equipment market, when its value decreased by -15.2% to $X. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then plummeted in the following year.

Production of Gym and Fitness Equipment in Latin America and the Caribbean

In value terms, gym and fitness equipment production reduced to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.1% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 25%. Over the period under review, production reached the peak level at $X in 2019; afterwards, it flattened through to 2022.

Exports of Gym and Fitness Equipment

Exports in Latin America and the Caribbean

In 2022, gym and fitness equipment exports in Latin America and the Caribbean skyrocketed to X tons, with an increase of 230% against 2021 figures. In general, exports continue to indicate a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, gym and fitness equipment exports surged to $X in 2022. Over the period under review, exports recorded a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico dominates exports structure, amounting to X tons, which was approx. 79% of total exports in 2022. Panama (X tons) held an 8.3% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (5.3%). The following exporters - Chile (X tons) and Guatemala (X tons) - together made up 5.7% of total exports.

Exports from Mexico increased at an average annual rate of +22.6% from 2012 to 2022. At the same time, Chile (+24.3%) and Guatemala (+14.2%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +24.3% from 2012-2022. By contrast, Brazil (-1.5%) and Panama (-7.2%) illustrated a downward trend over the same period. While the share of Mexico (+52 p.p.) and Chile (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (-10.8 p.p.) and Panama (-37.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest gym and fitness equipment supplier in Latin America and the Caribbean, comprising 82% of total exports. The second position in the ranking was held by Panama ($X), with a 7.6% share of total exports. It was followed by Brazil, with a 5% share.

In Mexico, gym and fitness equipment exports expanded at an average annual rate of +20.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Panama (-4.0% per year) and Brazil (-0.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 5.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2013 an increase of 18%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+3.4%), while the other leaders experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of gym and fitness equipment decreased by -29.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Total imports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.4% 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 +43.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 48% against the previous year. As a result, imports attained the peak of X tons, and then dropped rapidly in the following year.

In value terms, gym and fitness equipment imports plummeted to $X in 2022. Total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +64.3% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 50%. As a result, imports reached the peak of $X, and then shrank dramatically in the following year.

Imports by Country

In 2022, Mexico (X tons), Chile (X tons), Brazil (X tons), Peru (X tons), Colombia (X tons) and Argentina (X tons) represented the major importer of gym and fitness equipment in Latin America and the Caribbean, committing 76% of total import. It was distantly followed by Ecuador (X tons), constituting a 4.9% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +8.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported gym and fitness equipment in Latin America and the Caribbean, comprising 33% of total imports. The second position in the ranking was taken by Brazil ($X), with a 12% share of total imports. It was followed by Chile, with a 12% share.

In Mexico, gym and fitness equipment imports increased at an average annual rate of +5.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (-0.9% per year) and Chile (+5.9% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The level of import peaked at $X per ton in 2019; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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