Sri Lanka: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Sri Lanka

For the third year in a row, the Sri Lankan gym and fitness equipment market recorded decline in sales value, which decreased by -33.5% to $X in 2022. Overall, consumption continues to indicate a pronounced reduction. Gym and fitness equipment consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Exports of Gym and Fitness Equipment

Exports from Sri Lanka

In 2022, after two years of growth, there was significant decline in overseas shipments of gym and fitness equipment, when their volume decreased by -88.4% to X tons. In general, exports faced a abrupt downturn. The growth pace was the most rapid in 2018 when exports increased by 76% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then fell significantly in the following year.

In value terms, gym and fitness equipment exports contracted remarkably to $X in 2022. Overall, exports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2018 with an increase of 64% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons), Australia (X tons) and Saudi Arabia (X tons) were the main destinations of gym and fitness equipment exports from Sri Lanka, with a combined 84% share 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 Saudi Arabia (with a CAGR of +184.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gym and fitness equipment exported from Sri Lanka were Australia ($X), Saudi Arabia ($X) and the United States ($X), together comprising 80% of total exports.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of +218.3%, saw the highest rates of growth with regard to the value of exports, 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, with an increase of 8.9% against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.4% 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 +16.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 72% against the previous year. As a result, the export price reached 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 overseas markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the United States ($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 Malaysia (+111.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports into Sri Lanka

Gym and fitness equipment imports into Sri Lanka dropped remarkably to X tons in 2022, which is down by -31.9% against 2021 figures. In general, imports showed a perceptible shrinkage. The growth pace was the most rapid in 2015 with an increase of 33%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, gym and fitness equipment imports contracted sharply to $X in 2022. Overall, imports continue to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2015 when imports increased by 30%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gym and fitness equipment to Sri Lanka, with a 72% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sixfold. The United States (X tons) ranked third in terms of total imports with a 9.6% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+56.9% per year) and the United States (+7.6% per year).

In value terms, China ($X) constituted the largest supplier of gym and fitness equipment to Sri Lanka, comprising 62% of total imports. The second position in the ranking was taken by the United States ($X), with a 24% share of total imports. It was followed by South Korea, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.4% per year) and South Korea (+36.4% per year).

Import Prices by Country

In 2022, the average gym and fitness equipment import price amounted to $X per ton, waning by -14.7% against the previous year. In general, the import price showed a slight downturn. The pace of growth appeared the most rapid in 2013 when the average import price increased by 22%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 United Arab Emirates ($X per ton), while the price for South Korea ($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 United Arab Emirates (+20.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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