The global Yoga Mat Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global yoga mat market is estimated to reach USD 17.32 billion by 2025 and is projected to grow at a CAGR of 5.8% from 2019 to 2025, according to a new report by Million Insights. The rising popularity of yoga particularly in countries such as China, the U.S., and the U.K. is projected to propel the demand for yoga mats. Moreover, government authorities are taking up initiatives to promote the Ayurveda, and yoga, which, in turn, is expected to boost the demand for the product.
Key Players:
- Lululemon
- Manduka
- Jade Yoga
- prAna
- Hugger Mugger
- Khataland
- Liforme Ltd.
- Dragonfly
- Tomuno
- ALOYOGA, INC.
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Growth Drivers:
According to a report, in 2016, over 36 million Americans practiced yoga. Additionally, the growing number of yoga studios across the globe is driving the demand for the product. Moreover, government authorities are taking up initiatives to promote the Ayurveda, and yoga. For example, in 2017, the Indian government opened over 100 parks for yoga across the country.
In 2018, the government invested over INR 1000 crore for developing a medicine system called AYUSH. The fast-growing wellness tourism sector and the addition of ancient techniques in modern education is anticipated to have a significant impact on market growth. According to studies, the number of people doing yoga is increased from 5% in 2008 to 11% in 2018.
Material Outlook:
- PVC
- TPE
- Rubber
- PE
- Cotton/Jute
Based on material, the yoga mat market is bifurcated into PVC, TPE, rubber, PE, and cotton/Jute. In 2018, the PVC, held the largest market share of over 40% in the overall market. Owing to its low price, the segment is expected to increase the demand for the product. However, due to the adverse effects of using PVC as it is non-recyclable, this material is anticipated to lose its split in the market. Rubber material is projected to grow at the highest rate from 2019 to 2025. The polyurethane rubber is gaining popularity and is expected to boost the market growth. This rubber is lighter in weight and is easy to recycle.
Distribution Channel Outlook:
- Specialty Store
- Departmental Store & Hypermarket
- Online
Online channel is projected to grow at a rate of 6.4% over the forecast period. This channel has low sales when compared to others; however, the growing network of online platforms along with the increasing penetration of smartphones is expected to propel the segment growth. Moreover, rising number of online retailers such as Amazon, Yogaoutlet.com, and Walmart are projected to support the market growth.
Regional Outlook:
In 2018, North America accounted for the largest market share in the overall market. In the region, there is a high demand for the product due to the growing awareness regarding health, and rising number of yoga studios. The Asia Pacific region is estimated to grow at a CAGR of 7.3% from 2019 to 2025. The supportive initiatives by the government are a major factor driving the growth of the product. Additionally, an increasing number of yoga studios in cities such as Shanghai, Beijing, and other cities in Asia are estimated to foster market growth.
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