What is the Size of Nigeria Fitness Service INDUSTRY?
Nigeria Fitness Service market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F. The Nigeria Fitness Service Market is largely driven by rising middle class, influx of investment, increasing digitization and spreading of more non communicable diseases. Rapid urbanization and lifestyle changes have led to sedentary lifestyles and an increased risk of lifestyle diseases. With over 50% of Nigeria’s population living in urban areas, the demand for fitness services has grown.
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The integration of technology in the fitness industry has facilitated access to fitness services. Mobile fitness apps, wearable fitness devices, and online training platforms have gained popularity, allowing users to track their progress, access workout routines, and receive virtual coaching which has fueled the market till now. Social media platforms have played a crucial role in promoting fitness and wellness trends in Nigeria. Fitness influencers and celebrities sharing their workout routines and healthy lifestyles have inspired many Nigerians to prioritize their fitness goals. Increasingly, employers in Nigeria are recognizing the importance of employee well-being and productivity. Companies are investing in corporate wellness programs to promote fitness and healthy habits.
Nigeria Fitness Service MARKET by market structure
The Nigeria Fitness Service market is segmented by market structure into organized and unorganized market structure. The unorganized sector has supplied the vast majority of the revenue generated by fitness services. The organized sector, which comprises institutions such as men’s gyms, women’s gyms, mixed gyms, and cross fit, provided the remaining market share.
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Nigeria Fitness Service MARKET by gender
The Nigeria Fitness Service market is segmented by gender into male and female. Due to traditional restrictions connected with women in Nigeria, the market for fitness services has been primarily driven by the country’s male population. Women have become more conscientious, and there has been an increase in the number of female members at various fitness service facilities across the country. Female-specific services and fitness centers are already in high demand, and this trend is expected to grow.
Nigeria Fitness Service MARKET by Revenue stream
The Nigeria Fitness Service market is segmented by revenue stream into membership, personal training and supplementary services.
On the basis of revenue model, the subscriptions segment exhibited the highest growth in Nigeria fitness market. It is expected to maintain its dominance in the upcoming years owing to the growing adoption of subscription-based fitness training sessions by customers due to its cost effectiveness as compared to signing up with a coach in-person.
Nigeria Fitness Service MARKET by subsriction
The Nigeria Fitness Service market is segmented by subscription into 3 months, 6 months, 1 year and others. 3 months subscription plan has the highest share as it budgets friendly for new joiners.
Nigeria Fitness Service MARKET by Income Group
The Nigeria Fitness Service market is segmented by income group into Below 85,700 NGN, 85,700 – 339,000 NGN, 339,000 – 1,510,000 NGN and Above 1,510,000 NGN.
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85,700 – 339,000 NGN segment dominates the market as this segment represents a middle-income group that has relatively higher disposable income to spend on fitness services and wellness activities. Individuals within this income bracket are likely to prioritize their health and fitness, seeking access to quality fitness facilities, personalized training programs, and a variety of fitness classes.
Nigeria Fitness Service MARKET by Age
The Nigeria Fitness Service market is segmented by Region into Below 18 years, 19 to 30 years, 31 to 60 years and Above 60 years.
19 to 30 years age group dominates the market in 2022. This segment comprises young adults and individuals in their prime fitness years who are actively seeking fitness solutions to maintain their health & enhance their physical appearance.
Nigeria Fitness Service MARKET by region
The Nigeria Fitness Service market is segmented by Region into Lagos State, Ogun State and Others (Imo State, Abuja State).
The Lagos State dominates the market in 2022. Lagos State is the most populous state in Nigeria and is known for its bustling urban environment. It serves as the economic and commercial hub of the country, attracting a large population and a significant number of fitness enthusiasts. Lagos State offers a wide range of fitness centers, gyms, and wellness facilities to cater to the demand from a diverse and health-conscious population.
Competition Scenario in Nigeria Fitness Service MARKET
The Nigeria fitness service market is experiencing growth driven by a surge in health consciousness among its young and urbanized population. Traditional gyms, along with emerging digital fitness platforms, are competing to offer personalized, diverse training regimes. The market is fragmented, with both local and international brands providing varied services, from group classes to high-end wellness experiences. Urban regions show higher concentration and competition due to increased accessibility and affordability. However, rural areas remain relatively untapped, offering potential growth opportunities. The market competition is anticipated to intensify with further digitalization and demographic shifts.
What is the Expected Future Outlook for the Overall Nigeria Fitness Service Market Across the globe?
The Nigeria Fitness Service market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Nigeria Fitness Service market is driven by rising middle class, influx of investment, increasing digitization and spreading of more non communicable diseases. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries. Nigeria rising middle class will the fuel the growth in the market. Nigeria’s middle class comprises approximately 23% of the total population, and is known for its consumer behaviors such as health and fitness awareness. This affluent demographic will be a major growth driver in future as the middle-class population is expected to rise exponentially in the upcoming years.
Nigeria, with an estimated population of over 211 million in 2023, has a large youth segment, with approximately 62% under the age of 24. Moreover, urbanization in Nigeria stands at about 52% in 2023, indicating a significant number of target audience for the fitness service market. Furthermore, Non-communicable diseases account for 29% of total deaths in Nigeria as per the World Health Organization’s report. This alarming figure is prompting an increasing number of Nigerians to adopt healthier lifestyles, directly benefiting the fitness service market.
As of 2023, Nigeria’s internet penetration rate is roughly 70%, which is creating opportunities for online fitness platforms and virtual personal training services. A major portion of the market revenue is expected to generate with virtual fitness services. Rapid development in real estate sector, with an annual growth rate of about 8.7% as of 2023, provides physical spaces and huge chunk of investment for new fitness centers.
For More Insights On Market Intelligence, Refer To The Link Below: –
Nigeria Fitness Service Market Outlook To 2027F
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The post Nigeria Fitness Service Market grew from approximately NGN Bn in 2017 to approximately NGN Bn in 2022 – is forecasted to grow further into NGN Bn opportunity by 2027F: Ken Research appeared first on Ken Research.
