In the post-COVID era, the issue of people's healthcare is of increasing concern. Not only nutrition, but physical health is also of great concern. In addition to health issues, improving physique is also a main reason why people choose to exercise at the gym.
Unlike other sports, gym-goers have fixed training hours and flexible, highly effective exercises, making it easy for everyone to access this subject. Thanks to the ease of access, this form of gym training has attracted a lot of people, especially young people and office workers, making the current gym industry market very advantageous for development.
Currently, the Vietnamese gym industry is growing at an average annual rate of about 20%. This market is also divided into many segments, such as gyms of big brands for high-income people, and gym segments for students and low-income people. However, most of the market share is in the hands of high-end brands, while popular gyms, although large in scale, do not account for a large proportion.
The Vietnamese market currently has many well-known brands appearing, such as California Fitness & Yoga, City Gym in the high-end segment, and Getfit Gym & Yoga, Elite Fitness, or Fit24 in the mid-range segment. Among them, many brands on the market have reached a revenue milestone of several hundred billion VND per year.
California Fitness & Yoga
As the largest health brand in Vietnam, California Fitness & Yoga belongs to the Fitness & Lifestyle Group (FLG), which was founded in 2007. California Fitness & Yoga is not just a regular gym; it is the heart of an active lifestyle, inspiring joy and new vitality in the community.
Currently, it is the largest gymnasium chain in Vietnam, with 35 gyms nationwide, serving 250,000 members and 6 million practice sessions per year. The brand currently has about 3,000 employees.
Although it is the largest sports center in Vietnam, California Fitness & Yoga business has been greatly affected during the pandemic. Its revenue in recent years has been trending downwards; specifically, in 2021 it reached 93 VND billion, down more than 70 billion compared to the previous year. During this period, California Fitness & Yoga also suffered losses of hundreds of billions of dong.
Established in 2010, Elite Fitness has grown from the first club in Xuan Dieu, Hanoi, to become a leading international standard 5-star sports club system, with 14 clubs spread across the country. Elite Fitness also provides customers of many ages with other exercise items such as kickboxing, a four-season indoor swimming pool, yoga.
Similar to California Fitness & Yoga, Elite Fitness's revenue during the period pandemic decreased significantly, resulting in a loss of tens of billions of dong. However, after the pandemic passed, the business situation of this gym chain improved significantly. In 2022, Elite Fitness recorded a revenue of 453 VND billion, an increase of more than 250 billion compared to 2021. Additionally, Elite Fitness also earned a profit of more than 6 VND billion.
Fit24 - Fitness And Yoga
Fit24 - Fitness and Yoga is the leading European-standard center in Vietnam. Fit24 Fitness & Yoga Center provides comprehensive solutions for all people's needs from weight loss, muscle gain, injury recovery, etc. Members can achieve the above goals through many methods and disciplines. such as Group – X, Yoga, Gym, Cycling.
After going through an extremely difficult epidemic period, Fit24's business situation has recovered quite well by 2022; its revenue reached more than 39 VND billion, doubling compared to the previous year. In addition, the profits of this gym chain have also improved, although they still suffer losses, they decreased compared to previous years.
CITIGYM was established in 2018 with the mission of "Pioneer creating a dynamic and modern lifestyle" and inspiring people to practice. Up to now, City Gym has branches seven in Ho Chi Minh City and serves more than 100,000 customers, welcoming 7,000 workouts per day. Always wanting to spread an active lifestyle and health care to Vietnamese people.
Facing the potential in the fitness industry in Vietnam with strong growth, along with the growing needs for health training due to the effects of the Covid - 19 epidemic. Citigym aims to become the most professional brand in the field of sports gyms.
Citygym's revenue in 2022 will reach 483 VND billion, an increase of more than 350 VND billion compared to 2021. In previous years, this gym chain's profit was suffering losses of up to about 80 VND billion. In 2022, it still has to suffer a loss but only at 11 VND billion.
Getfit Gym & Yoga
GETFIT was founded in 2010 in Vietnam and has attracted more than 18,000 members. The gym system aims to provide customers with a convenient, comfortable, and spacious training environment with an area of 2,500 m2. GETFIT has successfully become the first project in the Fitness industry in Vietnam to open for sale on the stock exchange.
GETFIT carries the value of living healthily and doing everything well, as health is the foundation of success. Customers will approach and receive two values of healthy living. GETFIT's solution is full of self-concept about building a model of bringing health as a salvation in itself, contributing to the success of customers.
In 2021, GETFIT's revenue was nearly 2 billion VND, but by 2022 this number is expected to increase to 35 VND billion. GETFIT Gym & Yoga is having a very good business year, but the profits of this gym chain did not change well when it suffered a fairly high loss compared to 2021.
DIAMOND FITNESS CENTER
Established in 2014, Diamond Fitness Center has successfully built a chain of high-class Fitness Clubs with more than 14 branches stretching from North to South, particularly in Ho Chi Minh City and Hai Phong.
Diamond Fitness Center's revenue in 2022 was recorded at 14 VND billion, a slight increase of 4 billion compared to 2021. It can be said that Diamond Fitness is having a fairly stable profit compared to other gym chains. Profits in recent years have been positive and in 2022 Diamond Fitness Center recorded a profit of 2.5 VND billion.
Blue Gym is a familiar name to gym-goers in Hanoi. It was built in 2013 and now includes many different facilities in central locations in Hanoi. Blue Gym has long been known for its cheap gym system with professional trainers.
Blue Gym's revenue during the pandemic period was quite low, only about 3 VND billion, and also suffered losses of several hundred million VND. However, 2022 can be called a breakthrough year for Blue Gym; its recorded revenue reached 17.3 VND billion, with a profit of nearly 300 VND million.
Bodyfit Fitness & Yoga
With more than 10 years of experience in the field of Fitness and health care, in 2012 BODYFIT Personal Trainer Company was born and has been chosen by a large number of customers. Bodyfit Fitness & Yoga is a chain of gym and yoga rooms with 5-star quality standards with modern and advanced equipment.
Although it has been operating in the Fitness gym field for more than 10 years, Bodyfit's scale is not too large. Bodyfit Fitness & Yoga's revenue in 2022 is only about 615 VND million. With the influence of the epidemic, in the last two years, this gym chain has not made any profit, but the loss is not too big, only a few tens of VND millions.
The trend of gym training is becoming more and more popular, helping the gym industry to develop extremely well. Despite having the advantage of development, small brands are still facing difficulties during this period when the market share is in the hands of large gym chains.
In addition, the costs of operating a sales and marketing team and building a professional coaching system also make the initial investment cash flow a barrier to entering the market for low-income customers.
Source: Vietdata's fitness gym industry report 2022