Saudi Arabia’s health and social affairs budget for 2019 outlines an 8% increase to USD 46 Bn as compared to USD 42 Bn in 2018 holding a massive market opportunity for industry enthusiasts, says a report by Ken Research
- Saudi Arabia’s health and social affairs budget for 2019 equates to about 15% of total government spending, budgeted at $260 Mn.
Through the launch of National Transformation Program (NTP) 2020, Saudi Arabia government is trying to promote the health and fitness programs in the country. After it was revealed that only about 13% of the population is physically active (Health Club Management), the NTP seeks to transform Saudi population to be more physically active. Primarily, NTP will help in allocating significant investment to increase the number of active people from 13% to 20% by 2020, and up to 40% by 2030, as part of the government’s Vision 2030. This has opened up new arenas of development for the industry with companies taking interest in the same.
Other Challenges in KSA Fitness Services Market
2.Saudi’s attractive market opportunities have compelled various fitness brands to enter the market leading to an increase in market size.
The increasing fitness need among the Saudi Arabia population has created an opportunity in the fitness services industry and has forced many international brands to enter the Saudi Arabia market. Additionally, growth in family business conglomerates along with the increase in oil and gas business, industrial, manufacturing, consulting, and law firms have increased the international migration, contributing in the growth of Saudi Arabia fitness service industry. To cater the increasing demand, international brands such as Gold’s Gym, World Gym, Curves International, Fitness First and others have increased their presence in Saudi Arabia by opening new centers. This has increased the number of establishments (over 1500) & the total number of individuals participating in the fitness industry (over 1,000,000 members).
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3.Growth in the Fitness Industry will be triggered by an 86.5% increase in the number of clubs across the country & favorable government policies for female fitness enthusiasts.
The market has been expected to grow up to USD 2000 Mn by the end of 2025, spurred on by rise in women participation with ease in regulations passed by the government. This shall prove to be a very successful revenue stream for major operating players, and will result in increasing the addressable target audience for fitness service operators. It is anticipated that gym prices will decline in the future, with fitness brands offering huge discounts to hike customer bases and expand their market presence. The fitness penetration rate is expected to reach close to 11%-14%, majorly due to the progress being made as part of the ‘Vision 2030’ and the spurt in the growth of the female fitness segment. The market is also poised to see the emergence of new players with companies showing increasing interest in the market & number of establishments growing at a CAGR of 11% by 2024.
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Key Segments Covered in KSA Fitness Market
Direct Economic Impact of Fitness Centres
- Overview of Commercial Gyms in KSA Health and Fitness Market
- Overview of Fitness Centres in Hotels and Resorts
- Overview of Fitness Centres in Schools and Universities
- Overview of Fitness Centres in Residential Townships/Compounds
- Overview of Fitness Centres in Hospitals
- Overview of Fitness Centres in Sports Clubs and Govt. Organizations
Indirect Economic Impact of Fitness Centres
- KSA Fitness Equipment Industry Market Size
- Evaluation of Premiumization on Real Estate Sector
- Estimated Cost of Constructing a Fitness Centre
Key Target Audience
- Fitness Equipment Manufacturers
- Fitness Equipment Distributors
- Fitness Centres
- Government Organizations
Time Period Captured in the Report:
- Historical Period: 2015-2020
- Forecast Period: 2020-2025
Key Topics Covered in the Report
- Socio-Economic Landscape of KSA
- Direct and Indirect Economic Impact of Fitness Industry in KSA
- Overview of Commercial Gyms in KSA Health and Fitness Market
- Snapshot of Digital Fitness Market in KSA
- Assessment of the Indirect Economic Impact of Fitness Industry in KSA
- KSA Fitness Equipment Industry Market Size
- Evaluation of Premiumization on Real Estate Sector
- Assessment of the Indirect Economic Impact of Fitness Industry in KSA
- Overview of Healthcare Scenario/Health Statistics
- Potential Health Implications and Health Cost Reductions
- Customer Mindset for Fitness Services
- Impact of COVID 19 on Fitness Industry in the KSA
- Future Outlook and Projections for KSA Fitness Services Market
- White space and Opportunities existing in the KSA Fitness Services Market
- Research Methodology
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