Year: 2019 and 2026
Market size: $14.29 billion and $23.3 billion, respectively
April 7, 2021 is World Health Day. Established as one of the first official acts of the World Health Organization in 1949, it’s a day to promote and celebrate physical, mental, and emotional well-being worldwide.
A growing number of people around the globe are incorporating yoga into their health and wellness routine. Practiced in India for thousands of years, yoga is a spiritual discipline that focuses on bringing harmony between mind and body, Man and Nature, with the ultimate goal being the “union of individual consciousness with that of the Universal Consciousness,” according to Dr. Ishwar V. Basavaraddi of the Ministry of External Affairs for the Government of India.1 The word “yoga” is derived from the Sanskrit root “yuj” which means “to join” or “to unite”.Currently there are more than 300 million practitioners around the world with 50% being in India, although it is becoming less popular with younger generations there. In other parts of the world, yoga’s popularity has been on the rise in recent years with interest growing yearly. In Canada 1 in 5 people practice yoga. In the United States, about 1 in 10 do, with 37% of parents who practice reporting their children practice also.
Traditional yoga practice focuses more on the meditative aspect and as a consequence incorporates few standing poses. Modern yoga, with its wide variety of standing poses, is considered more of a physical wellness tool with a meditative component. There are more than 100 types of yoga being practiced around the world. Most people who start practicing yoga say they want to improve their flexibility. Other reasons for beginning the practice include stress relief and becoming mentally and physically stronger, healthier and fitter.
As stay-at-home orders became widespread and gyms and fitness centers closed during the coronavirus pandemic, people were finding ways to exercise at home and relieve stress. Home fitness equipment sales skyrocketed, with e-commerce sales of yoga equipment soaring 154% in 2020 compared to 2019. Today’s market size shows revenues for one type of yoga equipment, the yoga mat, for 2019 and projected for 2026. Unsurprisingly, the Asia-Pacific region held the highest market share in 2018.2 This was due to an increasing number of yoga practitioners in India, China, Japan, and Australia.Yoga mats made of PVC (polyvinyl chloride) accounted for more than a third of the market in 2018. Its widespread availability and relatively low cost contributed to its popularity among consumers. However, revenues for cotton/jute mats are expected to grow at the fastest compound annual growth rate through 2026 as consumers seek eco-friendly products made of natural materials.
Specialty stores garnered more than half of the global revenue in 2018 and are expected to continue to have the highest market share by far through 2026. Customers prefer the guidance offered at these establishments which allows them to choose the accessories that are right for them. An increasing number of specialty stores, especially in China, South Korea, and Australia, is also contributing to a high market share in this sector. E-commerce is expected to be the fastest-growing distribution channel over this time period due to increasing internet access worldwide, the ability to comparison-shop, the availability of products, and the convenience of shopping 24/7. E-commerce had the third-highest market share in 2018, behind supermarkets and hypermarkets. By 2026, e-commerce’s share is expected to rank number two. Leading global manufacturers of yoga mats include Manduka, Jade Fusion, prAna, Hugger Mugger, Adidas, Lululemon Athletica, Ecoyoga, Aurorae Yoga LLC, Eupromed, and Yaazhtex.
The household segment held the highest share of the market before the pandemic and will likely continue to do so during and after. Forecasts initially predicted that the health club and fitness center sector would experience the fastest growth through 2026 due to an increasing number of health clubs and fitness centers opening and more and more of them offering yoga classes. However, this may not be the case in the near future. During the beginning of the pandemic, these types of businesses were shut down due to health concerns. As of September 30, 2020, in the United States, 15% closed permanently. In November, IHRSA, the International Health, Racquet and Sportsclub Association, predicted that 25% of facilities would close permanently by the end of 2020. By the fourth quarter of 2020 and continuing through the beginning of 2021, some health clubs and fitness centers were allowed to open at reduced capacity but even after reopening, revenue continued to decline and membership was down an average of 70%. Revenue and membership declines relative to 2019 levels are expected to continue through 2021. It remains to be seen what the fitness industry will look like post-pandemic in 2022 and beyond and how this will affect yoga mat sales going forward.
1 Source: Dr. Ishwar V. Basavaraddi, “Yoga: Its Origin, History and Development,” Ministry of External Affairs, Government of India, April 23, 2015 available online here.2 Source: Shankar Bhandalkar and Roshan Deshmukh, “Yoga Mat Market by Material (PVC, TPE, Rubber, Cotton/Jute, and Others), End User (Yoga & Fitness Clubs, Household, and Others), and Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Ecommerce, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026,” Allied Market Research Report Summary, February 2020 available online here. A July 2019 report by Grand View Research states that North America held the highest market share in 2018. The discrepancy may be due to the date of publication and scope of each report.
Sources: “COVID-19 Impact on Yoga Mat Market 2020 Global Analysis, Market Size, Share, Key Players, Trend, Opportunity and Revised Forecast Till 2026,” Wall Street Call, May 14, 2020 available online here; “World Health Day — April 7, 2021,” National Today available online here; Aleksandar Hrubenja, “Yoga Statistics and Facts: 2021 Edition,” Modern Gentlemen, November 30, 2020 available online here; Dr. Ishwar V. Basavaraddi, “Yoga: Its Origin, History and Development,” Ministry of External Affairs, Government of India, April 23, 2015 available online here; “COVID-19’s Impact on the Yoga Industry – Yoga Equipment Witnesses Growth of 154%,” GlobeNewswire, May 6, 2020 available online here; Randi Gollin, “Online Shopping Gains Momentum,” American Express Credit Intel, October 28, 2020 available online here; Sanela Puac, “30 Fresh Yoga Statistics & Facts You Should Know in 2021,” Loud Cloud Health, January 5, 2021 available online here; Melissa Rodriguez, “One in Four Health & Fitness Clubs Could Close by Year-End,” IHRSA, November 30, 2020 available online here; Shankar Bhandalkar and Roshan Deshmukh, “Yoga Mat Market by Material (PVC, TPE, Rubber, Cotton/Jute, and Others), End User (Yoga & Fitness Clubs, Household, and Others), and Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Ecommerce, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026,” Allied Market Research Report Summary, February 2020 available online here; “Yoga Mat Market Size, Share & Trends Analysis Report by Material (Cotton/Jute, PVC, TPE, Rubber, PE), by Distribution Channel (Specialty Store, Online Channel), by Region, and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, July 2019 available online here.
Image source: bmwalkiewicz, “yoga-exercise-mats-3967979,” Pixabay, February 1, 2019 available online here.