The report titled “Vietnam Fitness Services Market Outlook to 2023 – By Subscription Period, By Organized and Unorganized, By Revenue Streams (Membership Fee and Personal Trainer Fee)” provides a comprehensive analysis of fitness services market of Vietnam. The report covers various aspects including market overview, business cycle, ecosystem, issues and challenges, trends and developments, SWOT analysis, competitive landscape and government regulations. The report concludes with the market projection and analyst recommendations highlighting the major opportunities and cautions.
The Vietnam Fitness Services industry revenue has increased at a positive double digit CAGR during 2013-2018. The market is placed is at growing stage with high potential in future expansion in both urban and sub urban areas. The total addressable market in Vietnam for fitness services has been expanding. Various factors supporting growth include heavy expenditure by companies towards brand promotion activities & marketing including television advertisements, celebrity promotions, and newspaper advertisement so as to maintain fitness centers visibility, increasing health consciousness in population especially within age category of (15-64) years. Increasing disposable income, rising awareness regarding obesity and to overcome health issues such as diabetes, hypertension and cardiovascular diseases have been the major factors which have driven the demand for fitness services centers in Vietnam.
By Market Structure: Unorganized fitness centers strongly dominated the Vietnam fitness services market. Unorganized fitness centers contribute more than half of revenue as of 2018. Whereas, organized fitness services centers holds a small share in terms of number of fitness outlets as compared to unorganized outlets. Organized fitness centers have their major presence in urban areas only, whereas unorganized fitness centers have their presence in overall market which helps in dominating the sector.
By Subscription Period: Majority of customer prefers to purchase yearly and quarterly membership largely due to better discount. People trying new organized fitness gyms also generally subscribes for quarterly subscription to test out every services offered by the fitness center. Whereas, single month memberships and half yearly subscription accounted equal revenue share in Vietnam fitness services market in the year 2018.
By Number of Gyms: Organized fitness centers has been largely located in urban areas as they are mostly preferred by high income group people and has high membership fees which has generally low demand in sub urban areas of Vietnam.
Ho Chi Minh City has the maximum number of fitness service centers followed by Ha Noi while, unorganized fitness service centers has been majorly dominating in most of the parts of the country including urban as well as sub urban areas.
By Number of Gym Members: Organized fitness centers cater to a small share of audience as they target the higher income group living in the urban areas. Therefore there are more members in the unorganized fitness centers.
By Revenue Stream: Fitness service centers majorly have two sources of revenue generation such membership fees and fees charged by personal trainers. In fitness service centers, majority of the revenue has been generated through the membership fees charged from the customers as it holds more than half share in revenue generation in fitness services market. Revenue from personal trainer fees has a smaller share in the market.
Competition in the Vietnam fitness services market has been highly fragmented for the overall market. The organized fitness services market in Vietnam is concentrated. California Fitness & Yoga centers accounted for highest revenue share in organized fitness services market followed by elite fitness, Fit24 and others. These market players compete on the basis of Membership fees, Quality of Services, Expertise and Value Added Services. Personal trainers have been another prime factor for competition between organized and unorganized fitness centers.
Market Future Outlook
Market has been anticipated to showcase a substantial growth in double digits during the forecast period (2018-2023E). Growth during this period is expected to be supported by increase in the number of new entrants in the market, growth in household disposable income of the people, increase in population under the age bracket 15 – 64 years and additional services offered by the fitness service centers in the market.
Key Segments Covered:-
By Type of Market (Number of Gym Members and Number of Gyms)
By Source of Revenue-
By Number of Gyms by Subscription Fee-
VND 0-5 Million
VND 5-12 Million
Above VND 12 Million
By Subscription Period-
Key Target Audience:-
Organized and Unorganized Fitness Centres
Fitness Equipment Manufacturers
Private Equity Firm
Fitness Training and Trainers Associations
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019-2023
Major Fitness Centres Covered:-
California Fitness and Yoga Centre
MMA Gym Fitness Centre
Yoga Center – VYOGA World 3/2
Star Fitness HCM
Diamond Fitness Center
Times Plus Fitness and Yoga
Body Fit Fitness and Yoga
Platinum Fitness and Kinesis
VShape Fitness & Yoga Center
Swequity Ultimate Fitness
Thanh Hai Gym
Vital fitness and yoga center
Lykos Kickfitness Center
New Fitness and Yoga
Fitness and Yoga Centre Igym
Olympic Nha Trang Gym & Fitness
CLB gym T&V Fitness
Hanoi Kendo Club
Body SHAPE Gym
Key Topics Covered in the Report:-
Vietnam fitness Services Market Genesis & Overview
Vietnam fitness Services Market Ecosystem
Vietnam fitness Services Market Snapshot on Personal Trainer
Vietnam fitness Services Market Size
Vietnam fitness Services Market Segmentation by Market Structure (Organized and Unorganized)
Vietnam Fitness Services Market Segmentation by Subscription Period (1 month, 3 months, 6 months and 1 year)
Vietnam fitness Services Market Segmentation by Revenue Stream (Membership Fee and Personal Trainer Fee)
Vietnam fitness Services Market Segmentation by Subscription Fee (VND 0-5 Million, VND 5-12 Million and Above VND 12 Million)
Vietnam fitness Services Market SWOT analysis
Vietnam fitness Services Market Competition Scenario
Company Profiles of Major Fitness Clubs in Vietnam
Vietnam fitness Services Future Outlook
Snapshot on Other Fitness Services Market of Vietnam
Vietnam fitness Services Market Analyst Recommendations
For more information, refer to below link:-
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Ankur Gupta, Head Marketing & Communications