KUWAIT FITNESS SERVICE INDUSTRY OUTLOOK, REVENUE, GROWTH: KEN RESEARCH
WHAT IS THE SIZE OF KUWAIT FITNESS SERVICE INDUSTRY?
Kuwait Fitness Service market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F.
The Kuwait Fitness Service Market is largely driven by changing lifestyle, urbanization and rising digitization.
Also, catalyzed by the pandemic, awareness of exercise has increased rapidly with consumers shifting towards virtual classes such as using pre-recorded video and livestream classes to carry out their exercises.
Leading tech-giants are collaborating with market leaders in the fitness industry to foray into the market as consumers are inclined toward digital fitness subscriptions than traditional gym memberships.
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Furthermore, as the country’s obesity rate rises, adult health consciousness rises, women’s demand for fitness services rises, and there are more foreign fitness brands operating in Kuwait, the market for fitness services has expanded.
The market is now growing and has a strong chance of expanding quickly in the future. Additionally, Kuwait is seeing an increase in tech-enabled high-end fitness solutions, which are frequently supported by cult followings and solid social media profiles.
KUWAIT FITNESS SERVICE MARKET BY MARKET STRUCTURE
The Kuwait 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.
KUWAIT FITNESS SERVICE MARKET BY GENDER
The Kuwait Fitness Service market is segmented by gender into male and female.
Due to traditional restrictions connected with women in Kuwait, 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.
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KUWAIT FITNESS SERVICE MARKET BY REVENUE STREAM
The Kuwait 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 Kuwait 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.
KUWAIT FITNESS SERVICE MARKET BY SUBSRICTION
The Kuwait 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.
KUWAIT FITNESS SERVICE MARKET BY INCOME GROUP
The Kuwait Fitness Service market is segmented by income group into Below KWD 38,000, KWD 38,000 to KWD 94,000, KWD 94,000 to SAR 150,000 and Above KWD 150,000.
38,000 to KWD 94,000, KWD 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.
KUWAIT FITNESS SERVICE MARKET BY REGION
The Kuwait Fitness Service market is segmented by Region into Northern Region, Southern Region, Western Region, Eastern Region and Central Region.
The central region dominates the market in 2022. The Central Region, which includes the capital city of Kuwait City, is typically the most populated and densely populated area of the country. It is home to a significant portion of the population, including both residents and expatriates. The Central Region has a wider range of fitness centers, gyms, and wellness facilities, catering to the higher demand from a larger population base.
COMPETITION SCENARIO IN KUWAIT FITNESS SERVICE MARKET
Kuwait Fitness Service Market is at growing stage and has fragmented market with many organized and unorganized players in market. Players are competing against each other on the basis of packages, number and type of equipment, service portfolio, fee’s structure. Al Corniche, Fitness First, Flex fitness, Circuit Plus, Palms Beach Club are few leading organized players.
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WHAT IS THE EXPECTED FUTURE OUTLOOK FOR THE OVERALL KUWAIT FITNESS SERVICE MARKET ACROSS THE GLOBE?
The Kuwait 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 Kuwait Fitness Service market is driven by rising obese population, demand for PT and technological development.
However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
Also, profitability associated with fitness services in Kuwait is highly correlated with multiple factors such as improving the effectiveness of fitness services provided, cost reduction related to equipment procurement, customer retention, and using the most up-to-date gym equipment, among others. Furthermore, the advent of integrated exercise services such as Yoga, Pilates, and Swimming will play a significant role in the income increase of the fitness industry in Kuwait.
Furthermore, despite being confined to their homes, exercise aficionados did not let their ambitions for improving their health go. Many people are inspired to create a home exercise regimen that can go beyond requirements for social distance. Specialized gyms and fitness studios start to become more and more well-liked as hectic lifestyles reduced the amount of time available for workouts.
Additionally, opening up of ladies dedicated gyms with female professional trainers to guide woman’s pursuing exercises has created new segment and increased the female memberships in the country. The market growth would be facilitated by the increase in number of value-added services like Pilates, Zumba, Martial Arts, Spa, Jacuzzi, salon, aqua aerobics, yoga & others.
For More Insights On Market Intelligence, Refer To The Link Below: –
Kuwait Fitness Service market Outlook to 2027F
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