Egypt Fitness Market Size Is All Set To Cross More Than USD 900 Mn by the Year 2025: Ken Research

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Egypt Fitness Market is anticipated to grow at a tremendous rate at 16.0% CAGR on account of major government initiatives and rising health consciousness among Egyptians, as per findings released by Ken Research. 

Growing number of digital Fitness applications, and rising health awareness among the young population are listed as the key “pull” factors for the growth in the Egypt fitness Market. This market is expected to witness a growth of 16% in next 5 years.

1. Digital Fitness Application In Egypt Is Expected To Contribute More Than $75 Mn Revenue by 2025.

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Total penetration of applications in Egypt to increase from 13.1% in 2020 to 29.6% in 2025. Digital variations and tech innovations such as including online database engines that customize fitness training programs based on an individual's profile and a system that displays live heart-rate data so the leader of a group-exercise session can offer one-on-one guidance in real time will lead to the growth of fitness market.

2. 19 million Egyptians suffer from obesity, representing more than 30% of the total adult population.

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Over a third (30-35%) of adults in Egypt are obese which is one of the highest rates in the world. Overweight and obesity among school children constitutes an emerging concern and has increased from 15% in 2010 to 24.1 in 2020. Increasing awareness about the consequences of obesity that include high blood pressure, heart strokes, and diabetes will spur the demand for fitness centers in the country.

3. National Sports Day and Annual sponsored fitness events like Ooredoo Marathon are taken up by the Egyptian Government to Raise Awareness about Healthy Lifestyle and Physical Activity.

Major sporting events like Cairo Marathon and Maadi Runners, There mushroom free mass running events across Egypt promoting outdoor exercises with participation averaging around 2,500 runners and in large marathons around 8,000 or more participants. These initiatives aim to increase community awareness about the importance of physical activity and boost community’s capability to adopt healthy lifestyles, create a supportive healthcare environment, and encourage involvement of local communities and civil society organizations in the promotion of health awareness programs.

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Egypt Fitness Service Market

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India Used Agricultural Equipment Market Reached More Than INR 45k Crores by 2021, as More Small & Marginal Farmers are Opting for Agri-Equipment Purchase: Ken Research

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India Used Agricultural Equipment market has grown from nearly INR 19k Crores in 2016 to being valued at approx. INR 45k Crores in 2021, as per findings released by Ken Research.

1. India is No Farther Behind in Comparison to Major Producers in the World, in Terms of Mechanization: Share of Farming Entities Employing Mechanical Support in India Stands at Nearly 46% as of 2020.

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This South Asian nation (India) ranked second in the world for both rice and wheat production. Farmers are being pushed into farm mechanization by the additional farming operations needed to sustain the output. Also, due to the shifting manpower preference from purely farm-oriented activities to allied industries, there is a persistent scarcity of labor-intensive agricultural operations in India. Given that the labor in agriculture is shrinking and migrating to urban regions, rapid urbanization is also one of the main causes of the growth in agricultural mechanization. For instance, according to World Bank data, the proportion of individuals who are employed has been declining for a while. Agriculture accounted for 44% of all employment in 2017 but dropped to nearly 41% in 2020. Hence, it is projected that during the future years, the manpower scarcity would fuel and raise the need for farm equipment.

2. Small land holding area makes the renting of equipment more practical for most farmers; farmers having access to higher machinery capacity are the suppliers.

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India has a majority land holding size of area below 0.5 hectares, which is continuously decreasing. Rental market for agricultural equipment, is a viable option for the marginal holding farmer to allow mechanization due to its lower capital requirement and being cheaper than individual ownership. Rental sector is almost entirely unorganized, with local players dominating the market with their established connections. A majority of farmer co-operatives and association also pool their resources to rent equipment on need basis.This is because farmers in need of renting equipment also fall in the lower income group, with those renting out equipment being large farmers themselves, forming a symbiosis among farmers.

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India Used Farm Equipment Market

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The Global Pandemic has negatively impacted the Global remittance Market, owing to a loss of 8.8% working hours globally. How long will the rebound take? : Ken Research

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1. “Remittance Market:” A sector still trying to rebound from the after effects of the Global Pandemic?

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Much of the developing part of the globe relies heavily on remittances for financial support. Remittance flows into low-income and fragile states represent a lifeline that supports households as well as provides much-needed tax revenue. As of 2018, remittance flows to these countries reached $350 billion, surpassing foreign direct investment, portfolio investment, and foreign aid as the single most important source of income from abroad. According to the Migration and Development Brief, “remittance flows to low- and middle-income countries reached USD 540 billion in 2020, up 1.6% from 2019.” A drop in remittance flows heightened economic, fiscal, and social pressures on governments of these countries already struggling to cope even in normal times.

However, with the global world recovering from the aftereffects of the much loathed pandemic, the remittance flows to developing countries is expected to be balanced & grow at a steady rate.

2.” Uncalled migration:” Is remittance causing what we call a ‘Brain Drain?’

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Work is the main motivator. Migrant workers comprise two-thirds of all international migrants, and most move to high-income countries.  The remittances migrants send home—$613 billion in 2017—provide financial flows and a stable source of income. But a significant con of remittance is that it might result in encouraging more labour migration because family members who receive remittances believe that they would be better off moving to developed countries & earning more money than living in their home country. In the long run, this can have a negative impact, commonly referred to as ‘brain drain’. As a result, the population composition has most people outside the labour market range or uneducated individuals.

However, compared to other forms of international financial transfers, remittances have a positive direct impact on recipients and should be encouraged by appropriate policies from the relevant governments.

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Global Remittance Market

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The ups and downs of PHP 25 billion Health Tech Industry in the Philippines: Ken Research

 The Philippines Health Tech Market, which surged ahead with over 24.3% year-on-year growth in 2020, is poised to be a staggering PHP 55,000.0 Mn industry by 2025, as per findings released by Ken Research.

Covid-19 impacted the Health Tech market positively by forcing the government to lift up the existing barriers in terms of laws and regulations. Additionally, health tech implementation is slowly and gradually resolving most challenges of healthcare accessibility in remote areas. The Philippines is witnessing faster internet penetration. As adoption increases, the scope for health tech solutions would also increase in the coming years. This market is expected to witness a growth of 30.5% in the next 3 years.

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1. Online drug distribution has never been easy in Philippines

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As per the Food and Drug Administration of the Philippines, Advisory Number 2019-154, issued on 11th June 2019, online selling of medicines is not permitted as per the existing laws, rules and regulations. FDA only allows online ordering services if the seller has an existing FDA licensed pharmacy with physical address. Moreover, online ordering services are additional Services of a Pharmacy subject to approval of FDA.

2. Online consultation market has seen an exponential growth after the month of April (during lockdown)

Online consultation had a slow growth in the beginning but during the lockdown many users preferred using these platforms. Many physicians and other doctors’ groups started offering telemedicine service voluntarily in order to provide relieve hospitals from the burden of the Covid patients. A sudden increase was seen in the users for various platforms such as Medifi, Konsulta MD, Seeyoudoc and others. Moreover, in future, over 100 Mn Filipinos will soon have basic health services and reduced out-of-pocket expenditure with the impending rollout of the UHC Law promoting telehealth services.

3. Ayala Corporation has an eye on most Health Tech Start-ups.

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AC Health generated PHP 40 Mn in year 2020.  Although Ayala Corp. saw a drop of 17% in Q1, tele- communication and power subsidiaries remained steady even during ECQ. Moreover, the company is willing to invest in hospital of nearly 100 beds with in-house IT solution and Pharmacy. Focus will be on continuing to promote telemedicine as an alternative access point for healthcare services.

4. Around 30% doctors prefer using online services which provides a scope for appointment booking market to grow.

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Why was there an urgency to integrate Appointment Booking? Around 39 mins are wasted to reach the nearby healthcare facility in remote areas and an average waiting time at a doctor’s place is 2 hours. This was the reason doctors’ patients and doctors prefer online booking. Reduced waiting hours, user convenience, centralized information system will help the appointment booking platforms prosper in the future. Manila being the capital city, is expected to contribute the highest share in the revenue of the appointment booking industry. Moreover, shortage of the doctors is the major centered problem in Philippines and that can be addressed using online portals to booking appointments online

Philippines Government has become proactive in using technology. Service providers, government regulators and various civil society organizations in the Philippines have been pushing the adoption of telemedicine as a response to the COVID-19 crisis. Moreover, advent of Covid-19 has reasonably profited the Health Tech Market. Furthermore, the Home Healthcare market is expected to boom in the coming years. All these factors will increase in market share of the Philippines Health Tech Industry.

Leading Colleges Vietnam Medical Education Industry — Ken Research

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It is recently, estimated that every year US$1 Bn is spent by over 40,000 Vietnamese patients traveling abroad for healthcare services, as per a research published by ken research

1. In 2021, around 9% of the population in Vietnam was at least 65 Years Old, With an increasing demand for quality healthcare services.

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As of 2018, Vietnam had a population of about 96,000,000, making it the third-most populated nation in Southeast Asia and the thirteenth-most populous nation overall. The life expectancy at birth in Vietnam has increased from 71 years in 1990 to 76 years in 2015, which has coincided with the country's strong economic development. Under-5-year-old infant mortality rates declined from 58 per 1000 live births in 1990 to 18 in 2015, while the percentage of underweight children reduced from 37% in 1993 to 14% in 2015.Vietnam also has one of the most rapidly aging populations in the world, with an increasing demand for quality healthcare services and new issues likely to emerge in the health sector in future years.

Vietnam’s current healthcare expenditure per capita is one of the highest in the Southeast Asia Region. They are continuously making progress in increasing patient to bed ratio as well as patient to doctors ratio.

2. In 2021, there were around 11 doctors per 10,000 inhabitants in Vietnam. The number of doctors per ten thousand inhabitants in Vietnam had been growing steadily.

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The healthcare workforce in Vietnam is currently insufficient to meet manpower norms and practical needs, with the number of physicians in 2015 (around eight per 10,000 population) being quite low when compared to other countries in Southeast Asia. There is an increase in the population of Vietnam over the years but healthcare workforce is relatively low compared to the total population (around 1 physician and 1.3 nurses per 1,000 residents). There is an imbalance in the healthcare workers and the growth of the population. This will ultimately, drive the demand for more doctors in Vietnam.

3. Every Year US $1 Billion is Spent by Over 40,000 Vietnamese Patients Traveling Abroad; Why are Countrymen Lacking Confidence in the Prevailed Healthcare System?

Lack of trust in the existing healthcare system has been one of the major concerns in Medical Education Market. An increasing number of Vietnamese patients are spending big to receive medical treatment overseas despite the availability of qualified doctors and high-quality medication in Vietnam, as they prefer the bedside manners of foreign clinicians. Crude death rate in Vietnam in 2020 was 5.97, showing an increase from the last year.

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Vietnam Medical Education Market

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The Future of the AUD 14 Bn Pharmacy Retail Industry of Australia: Will the growth sustain? : Ken Research

Australia Pharmacy Retail Market, which surged ahead with over 6.9% year-on-year growth in 2020, is poised to be a staggering AUD 25.0 Bn industry by 2025, as per findings released by Ken Research.

COVID-19 Pandemic on the other hand impacted the customer footfall and average basket size of customers for the initial few months of the pandemic. However, as the restrictions were reduced the situation also got back to normal. Additionally, the pharmacy Retail Market in Australia has witnessed a moderate rise over the review period 2015-20. Growth in the Number of Pharmacists, Proportion of the Ageing Population Proportion, Increasing Number of Healthcare Problems, per capita healthcare expenditure, number of insured patients, the PBS Scheme, etc. have augmented the growth in the Australian Pharmacy Retail Market.

1. 1 in every 15 Australians works as a Registered Health Practitioner in over 1,300 hospitals, 5,800 pharmacies, and other healthcare settings.

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The health workforce in Australia is large and diverse, covering many occupations. These include health practitioners registered with the Australian Health Practitioner Regulation Agency (Ahpra) as well as other health professionals and health support workers. There were more than ~600,000 health practitioners working in their registered professions in Australia in 2020, which includes ~100,000 medical practitioners, ~350,000 nurses and midwives, ~20,500 dental practitioners, and ~170,000 allied health professionals.

2. Telehealth witnessed acceptance from Government as well as citizens, as Medicare Card Services were also extended for E-Health to help citizens amidst the Pandemic in March 2021

Early in the pandemic, Australia created incentives for healthcare providers to conduct telehealth visits. Medicare, Australia’s universal national health insurance system, added telehealth services to its list of reimbursable covered services, making it easier for patients to use telehealth and for doctors to get paid for providing care remotely. Australian Government expanded claim eligibility under Medicare to include healthcare services delivered via telehealth on 30th March, 2020 (COVID-19 Measures). Medicare card gives access to the Pharmaceutical Benefits Scheme (PBS), i.e., one only pays part of the cost of prescription medicines listed on the PBS. The PBS covers the rest of the cost. In case of a concession card, even lower price.

3. More than 65% of all medicines dispensed are to those aged 65 or >65 years & most of whom are pensioners or concession card holders.

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In 2020–21, PBS prescriptions were dispensed to 16.6 million Australians (65% of the population). Population dispensing rates increased with age – young people aged 0–14 had the lowest rates of dispensed prescriptions (145 prescriptions per 100 people aged 0–14), and the highest rates were among those aged 85 and over (5,928 prescriptions per 100 people aged 85 and over). Similar patterns were seen for both males and females. Within specific age groups, people aged 65–74 had the highest number of dispensed prescriptions and accounted for the highest Australian Government expenditure.  

4. My Health Record, a compulsion across all the Pharmacies in Australia.

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My Health Record was created for every Australian who wanted one, after 31 January 2019. After the specified date, a person also has the option of deleting their record permanently at any time. Pharmacist plans to install software/systems to connect to and be able to upload a document called the Pharmacist Shared Medicines List (PSML) to My Health Record. Furthermore, 2.6 Bn Documents uploaded to My Health Record i.e. From medical histories to the latest blood tests, from pathology reports to advanced care plans, more vital health information is now securely stored and available when needed.  

Retail Pharmacy Market in Australia will be driven by Innovations in Healthcare Service Packages and adoption of telemedicine services through their apps among Australians. Pharmacies will not only offer medicines, but will also extend their offer to include various types of products and services such as cosmetics and online consultations along with 24/7 service to further compete over long term. Additionally, they will focus on partnerships with Tele consultation Companies to enhance service portfolio. In the future, bigger pharmacies will acquire small pharmacies in order to expand in different regions in the country.

How has the global pandemic changed the growth trajectory of the India Online Furniture & Home Décor Market?

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Online furniture retailing was at a nascent stage with presence of a few players but increased digitization and growth in the number of urban millennials led to entrance of furniture E-tailers such as Pepperfry, Urban Ladder, etc.

In the late 2015, many start-ups entered the market backed by huge investments from VCs. Few acquisitions are also witnessed in the online furniture category. Moreover, Government initiatives such as Make in India provided the boost to domestically manufactured products and furniture brands.

But Covid-19 pandemic came as an unwanted catalyst for the industry and changed the whole landscape. How? Let’s find out together in this edition that talks about the pandemic and its impact on the Indian Online Furniture & Home Décor Market.

1.  The Indian furniture market has witnessed tremendous growth in online orders due to Covid-19 pandemic

2 …tailwind by rising disposable income and the growing number of urban homes

3.  The major players of the Online Furniture & Home Décor industry are building strengths by Focusing on Tech Advancements & Digital Marketing

4.  Work / Study from Home Culture due to COVID-19 coupled with Merger & Acquisitions have further shaped the India Online Furniture & Home Décor Sector

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5.  Covid-19 has initiated the furniture preferences that will go long into the future and enable the Indian Online Furniture & Home Décor industry to experience double-digit growth in the next five years.

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India Online Furniture and Home Décor Market

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Oman Mattress Market Outlook to 2027F

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The Fitness Industry In Egypt Contributed 0.1% Of GDP In 2020 Employing A Total Of 20,458 People In All Types Of Fitness Centre Establishments: Ken Research

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Egypt fitness Market is anticipated to grow: an increase in consumer spending expressed by 2% CAGR (2015-2020) will drive growth of health establishments and expand the coverage of fitness, as per findings released by Ken Research.

1. There are 20,458 Employed People in all Types of Gyms in Egypt fitness Market.

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With rising income and more fitness awareness, consumers have shifted from being purely price sensitive to balancing price and performance, with an increasing willingness to pay for improved services, In tier 1 cities, especially high-end brands, the income from personal training often exceeds membership income, accounting for 55-65% of total income. There are 1,686 Commercial Centers in Egypt.

2. Demand For Fitness Centers In Egypt Is Mostly Driven By Increasing Equipment And Facility Spaces In Fitness Clubs In The Country.

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Over a third (30-35%) of adults in Egypt are obese which is one of the highest rates in the world. Overweight and obesity among school children constitutes an emerging concern and has increased from 15% in 2010 to 24.1 in 2020. Increasing awareness about the consequences of obesity that include high blood pressure, heart strokes, and diabetes will spur the demand for fitness centers in the country.

3. A Person Working As A Personal Trainer In Egypt Typically Earns Around 6,630 EGP Per Month.

In Egypt, women working as personal trainer earn 13% more than men. Higher demand has been observed among people for private training session and yoga session at their homes from certified professional trainers working as freelancers.  Boost in Personal Trainer requirement is anticipated in the coming years.

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Egypt Fitness Service Market

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How Farm Mechanization mission is transforming Used Agricultural Equipment Business in India: Ken Research

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The agricultural sector is one of the few industries in India that witnessed a robust growth rate of ~3.4 % at constant prices during FY’21 despite the COVID lockdown. Also, there is an advent of farm mechanization in the agricultural industry due to the rising labor costs in the country. These agricultural equipment are helpful for farmers at many stages of farming. However, due to the high cost of new equipment, most farmers opt for used farm equipment which is pushing the demand for used agricultural equipment in India. Currently, the Used Agriculture equipment sector is growing at a CAGR of ~16% between 2016 and 2021.

However, the adoption of farm mechanization is still low in the country as compared to other countries like China, Brazil, and more. But in the past years, several policies have been framed in order to improve farming infrastructure and focus on smaller land-holding farmers.

Here we have thrown light on the major initiatives of the Indian government that will enable the used Agricultural Equipment Market in India to grow by a CAGR of ~23% in the next five years.

1.  Agriculture and Allied Sectors are a major contributor to the Indian Economy, with a Gross Value Addition share of 20.2% in FY’21 to the Indian economy

2.  Farm mechanization has been witnessing acceptance due to its benefits such as savings in Agri-inputs, increasing efficiency and yield in farms, and combating the increasing cost of labor in Indian Farms

3.  At each stage of the agricultural cycle, there are targeted requirements for farm equipment; tractors are the most versatile and are used to fulfil multiple requirements at every step

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4. Farm mechanization in India is still in its nascent stages due to the high cost of farm machinery and equipment, insufficient policy framework

5.  However, recent years have seen the greatest amount of policies and reforms aiming at improving farming infrastructure and focusing on smaller land-holding farmers

6.  The Sub-mission on agricultural mechanization aims to provide subsidies of 40%-60% to small and marginal farmers, to enable mechanization at a granular level

7.  Other initiatives such as National Food Security mission and Rashtriya Krishi Vikas Yojna have announced substantial subsidies for purchase of farm equipment

8.  Trickle effect of the growing new farm equipment market and the rise of contract farming among small & marginal farmers will further support the growth of the Used Agri-Equipment Market in India

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India Used Agricultural Equipment Market

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Exploring the Potential of $ 320 Mn Bags and Luggage Market of KSA: Packing innovations to stay ahead of the curve: Ken Research

The Saudi Arabia bags market consists of luxury and non-luxury bags sold online as well as the offline channel. Most of the bags and luggage sold in Saudi Arabia are imported, mostly from European and Asian countries. The growing customer inclination toward high-end luggage equipped with Global Positioning System (GPS) tracker, rising urbanization, and increasing disposable income are expected to drive the luggage market over the predicted years.  This market is expected to witness a growth of ~7.0% in the next 3 years.

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1. Working population especially of age 20-50 years are Major Customers of the Bags and Luggage Market in KSA, highly influenced by Social Media and TV Commercials .

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Backpacks, Shoulder Bags, Laptop and Business Bags are the preferred category due to rising working age population in the country. Youngsters usually prefer purchasing a bag from offline retail shops whereas working professional (age 20-35 years old ) prefer online websites due to due to the attractive discounts and product varieties. Moreover, social media is the most popular marketing channel amongst the young population followed by TV commercials and celebrity endorsements due to high brand visibility.

2. Noon and Amazon are most preferred websites for all income age group due to huge variety of bags available in different sizes along with multiple discounts offered.

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Noon and Amazon are most preferred websites for all income age group due to huge variety of bags available in different sizes along with multiple discounts offered. Additionally, working Population (20-35 years old) usually Prefer online E commerce platforms for purchasing bags and luggage due to the Attractive Discounts and Product Varieties visible on the Platforms.  Moreover, Amazon (Souq) is the most popular websites for Shoulder Bags and Wallets while Noon is more preferred for Backpacks, Duffel Bags, Cross Body and Wallets.

3. ~35 Million Saudi & Non Saudi Population of Different Income Group presents a Huge Potential for Different Variants of Bags and Luggage present in the Market.

Saudi Arabia is the Middle East's largest country. It is the 41st most populous country in the world, accounting for an estimated 0.46% of the global population. The 35 million Saudi and non-Saudi population of various income groups represents a huge potential for the various types of bags and luggage on the market. Today, in accordance with its "Vision 2030," the country is actively working to diversify its oil-based economy and provide its people with more and diverse economic and cultural opportunities, which is assisting the fashion industry to thrive and contributing to the growth of the KSA bags and luggage market.

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4. Seasonal Discounts during festive months of Eid and Ramadan, New year’s and Christmas are offered for high influx of customers in the Stores.

In Saudi Arabia, both Eid celebrations and Ramadan are a ten-day government holiday. These holiday presents many opportunities for a variety of marketing campaigns targeting Arab and Muslim consumers. Collaborating with destinations, hotels, and airlines for advertising promotions for special Eid offers, like discounted rates, or special feasts provides opportunities for the retailers to sell their products. Seasonal Sales, Islamic New Year, Increase in Tourism due to Hajj Festival and due to favorable weather conditions, people hang around in malls and public places leading to more visits in bags and luggage stores which increases the revenue of the industry.