Latin America and the Caribbean: Market for Gym and Fitness Equipment 2023

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

In 2021, the Latin American gym and fitness equipment market increased by 12% to $X, rising for the second year in a row after two years of decline. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +90.6% against 2019 indices. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

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

In value terms, gym and fitness equipment production reduced markedly to $X in 2021 estimated in export price. Overall, production, however, posted a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 172%. As a result, production reached the peak level of $X, and then fell significantly in the following year.

Exports of Gym and Fitness Equipment

Exports in Latin America and the Caribbean

In 2021, after two years of growth, there was significant decline in overseas shipments of gym and fitness equipment, when their volume decreased by -42.2% to X tons. In general, exports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 21%. As a result, the exports reached the peak of X tons, and then contracted rapidly in the following year.

In value terms, gym and fitness equipment exports shrank sharply to $X in 2021. Over the period under review, exports recorded a mild decrease. The growth pace was the most rapid in 2013 with an increase of 19% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico represented the key exporter of gym and fitness equipment in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was approx. 51% of total exports in 2021. Brazil (X tons) took the second position in the ranking, followed by Chile (X tons), Panama (X tons) and Guatemala (X tons). All these countries together held near 42% share of total exports.

Exports from Mexico increased at an average annual rate of +4.3% from 2012 to 2021. At the same time, Chile (+26.3%) and Guatemala (+15.1%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +26.3% from 2012-2021. By contrast, Brazil (-4.6%) and Panama (-17.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Chile and Guatemala increased by +24, +11 and +4.4 percentage points, respectively.

In value terms, Mexico ($X) remains the largest gym and fitness equipment supplier in Latin America and the Caribbean, comprising 57% of total exports. The second position in the ranking was held by Chile ($X), with a 14% share of total exports. It was followed by Brazil, with a 12% share.

In Mexico, gym and fitness equipment exports expanded at an average annual rate of +3.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Chile (+18.3% per year) and Brazil (-4.6% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 2.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2013 when the export price increased by 20%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Chile ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Gym and Fitness Equipment

Imports in Latin America and the Caribbean

In 2021, approx. X tons of gym and fitness equipment were imported in Latin America and the Caribbean; increasing by 50% on the previous year. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +105.4% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, gym and fitness equipment imports surged to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +89.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile (X tons) and Mexico (X tons) represented the major importers of gym and fitness equipment in 2021, amounting to approx. 25% and 17% of total imports, respectively. Brazil (X tons) held the next position in the ranking, followed by Argentina (X tons), Peru (X tons) and Colombia (X tons). All these countries together held near 34% share of total imports. The following importers - Costa Rica (X tons), Ecuador (X tons), Guatemala (X tons), Uruguay (X tons) and Paraguay (X tons) - together made up 14% of total imports.

From 2012 to 2021, the biggest increases were in Chile (with a CAGR of +20.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Chile ($X) and Brazil ($X) were the countries with the highest levels of imports in 2021, together accounting for 61% of total imports.

Chile, with a CAGR of +16.5%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 3% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 3.5%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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