An import driven market, Dubai’s fitness services sector has an unlocked potential that players are now recognizing.
Storyline
- Dubai Fitness Market: Growing demand, driven by population and HNWIs.
- Market Competition: International vs. domestic players in fierce competition.
- Growth Drivers: Population growth, HNWIs, and Dubai Fitness Challenge.
- As per Ken Research, Promising future with increased offline and online fitness to be the future scenario.
1.The current market trends: Exploring the opportunities & testing the water
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With a total of 930+ fitness centers in 2022, Dubai’s fitness services market is expected to grow at a CAGR of ~4% to reach 1,130+ fitness centers by 2027 with majority of facilities being local gyms and mass centers. The rising growth rate can be attributed to various factors, including increasing member penetration in offline fitness centers, the rise of the online health and fitness market, and the expansion of boutique fitness centers.
2.How is the market competition scenario?
Dubai fitness services market is majorly dominated by the international players while domestic players are trying to tap the market supported by the real estate investors. International Players like Pure Gym and Fitness First with low membership fee options have already penetrated the market and expanding to Shaik Al Zayed and outskirts of Dubai. The market is also import driven with majority of imports happening from USA and China (45 Distributors are present in the country selling a wide range of fitness equipment).
3.What about the growth drivers?
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Dubai’s population grew by 2.1% to reach 3.55 Mn in 2022. The number of High net-worth Individuals (HNWIs) in Dubai rose by 18% to 67,900, with over 35% concentrated in Jumeirah and Al-Barsha. This has added to the existing advantage being experienced by its Fitness market. Furthermore, the recent participation by around 2 million people in the Dubai Fitness Challenge has driven the fitness awareness ultimately benefitting the market.
4.What does the future outlook look like?
According to the research conducted by Ken Research, member penetration in offline fitness centers in the UAE is predicted to reach 6.3 percent by 2025. This indicates a growing interest and participation in fitness activities among the population.
The online health and fitness market in the UAE is expected to contribute $36.5 million in revenue by 2025, with an annual growth rate of 16 percent. This highlights the growing popularity of digital fitness platforms and the adoption of online fitness training, which has been accelerated by the COVID-19 pandemic.
The post Dubai’s Fitness Market: Rising Growth, Fierce Competition, and Promising Future: Ken Research appeared first on Ken Research.
