BANGKOK — Sales of health-related products and services are increasing. This offers opportunities for entrepreneurs who want to capitalise on this trend, especially in the fitness sector, which is growing steadily according to the Thai Ministry of Commerce.
Poonpong Naiyapattharagorn, Director of the Trade Policy and Strategy Office (TPSO) at the Thai Ministry of Commerce, explained that the fitness industry is growing steadily due to consumers’ growing awareness and appreciation of health and wellness. This includes not only exercise, but also the consumption of healthy foods and supplements, all of which contribute to the overall increase in sales of health-related products and services.
Global Market Growth
According to the Global Wellness Institute, the global fitness industry was estimated at USD 1.06 trillion in 2023 and is expected to grow at a compound annual growth rate of 5.8% to around USD 1.41 trillion by 2028.
In 2023, North America held the largest share of the global fitness market with a value of USD 401.3 billion, an increase of 4.2% compared to 2022. At the country level, the United States was the world’s largest fitness market with a value of USD 376.8 billion, followed by China (USD 155.4 billion), the United Kingdom (USD 52.9 billion), Germany (USD 41.6 billion) and Japan (USD 37.2 billion).
Thailand’s Growing Market
The Thai fitness industry was estimated to be worth USD 3.37 billion in 2023, ranking 32nd out of 218 countries worldwide, an increase of 6.6% compared to 2022. This trend is expected to continue. A survey of Thais aged 15 years and older found that 44.39% will exercise regularly in 2024, up from 42.18% in 2023.
A consumer survey on health and wellness conducted by SCB EIC in 2023 with 1,402 respondents also revealed that preferences for exercise vary by generation. Baby boomers prefer to go for walks, Generation X prefers swimming, yoga and Pilates, Generation Y tends to go to gyms or fitness centres and Generation Z prefers running.
Business Registration Surge
The number of fitness and related businesses in Thailand is increasing. Data from the Department of Business Development shows that by 2024, there will be 2,499 registered fitness businesses with a total registered capital of 12.933 billion baht. Of these, 2,485 are small businesses, accounting for 99.44%. In 2024 alone, 396 new companies were established, an increase of 33.33% compared to 2023.
Other fitness-related sectors such as the wholesale/retail trade in sporting goods, fitness equipment and training apparel are also growing. In 2024, there were 206 new business registrations in this category, an increase of 28.75% compared to the previous year. In 2023, these supporting businesses generated a turnover of 42.293 billion baht, up 6.23% from 2022, with a profit of 1.482 billion baht, an impressive 61.51% increase, reflecting the growth potential for new entrepreneurs.
Digital Technology and Trends
The TPSO director noted that the fitness business continues to show promise as it is supported by strong trends such as health awareness, longevity and the emergence of digital technology that makes exercise more accessible. Tools such as fitness tracking apps and wearables, online workout classes and hybrid workouts (e.g. Piloxing: Pilates combined with boxing or strength training with Pilates) are becoming increasingly popular.
There is also a growing emphasis on physical and mental wellbeing, e.g. through yoga, group training and fitness communities that encourage motivation and support.
“Social media platforms, which provide information and inspiration from influencers, have also played an important role in encouraging people to exercise, especially the younger generation who place great importance on their appearance and self-image,” says Poonpong.
He also emphasized Muay Thai as a flourishing segment. Not only is it an effective workout that strengthens the body, relieves stress and improves posture, but it is also a form of soft power that the Ministry of Commerce is actively promoting worldwide. This includes the establishment of more Muay Thai training centres, the opening of gyms and schools abroad, the inclusion of Muay Thai classes in gyms and the organisation of international competitions.
Muay Thai as Soft Power
In addition to exporting goods and services related to Muay Thai, such as sports equipment, apparel and nutritional supplements, the industry offers clear opportunities for entrepreneurs to capitalise on the growing health trend and cultural tourism that attracts international visitors.
However, Poonpong warned that entrepreneurs need to develop offerings that meet consumers’ needs by considering factors such as personalisation (tailoring services to individual fitness goals), affordable prices, quality service, promotions and trial sessions to encourage long-term engagement.
They should also consider multi-channel service delivery,both offline and online, and create value-added packages by bundling fitness with other wellness products and services, such as healthy eating and exercise accessories.
