Growing trend of yoga as lifestyle for consumers across the globe is expected to significantly drive production and sales of yoga equipment. Rapidly increasing efforts in promoting yoga as an exercise for daily routine, for instance, most recently efforts taken by PM Narendra Modi on International Yoga Day led to surging rise for yoga equipment across the globe, especially in India. Apart from this, celebrity push with motivational yoga videos has been highly influencing the millennials, thereby driving the revenue growth of yoga equipment market. Rising urbanization as well as mushrooming of the startups coupled with stressed lifestyles have created significant growth avenues for yoga equipment market.
Demand for premium services such as urbanized yoga therapies and yoga centers have further stimulated the production and supply of yoga equipment. Surging need for yoga trainers is likely to open up arenas for the yoga certification schools and academics, thereby fuelling supply of yoga equipment. Growing consumer awareness regarding incorporation of yoga exercise in regular regime is expected to drive demand for yoga trainers, thereby benefitting yoga equipment market on a larger basis. Yoga equipment market holds significant opportunities and has wider-scope of growth across the globe with promising outdoor yoga communities.
According to the International Yoga Federation, yoga is practiced by more than 300 million people across the globe. Yoga is for everybody; there are more male and old practitioners than ever before. Yoga equipment is gaining traction because of the rise in the number of practitioners, and the initiatives taken by governments to increase awareness among people.
The yoga equipment market is expected to grow at a significant CAGR in the future because of the rising inclination of youth towards yoga, and the increase in consumer spending on yoga equipment and accessories. Yoga trainers are combining traditional yoga techniques with modern-day fitness regimes to widen the customer base, which will result in creating various opportunities for the growth of the yoga equipment market.
Increasing demand for yoga accessories & equipment, growing consumer spending, and rising awareness among the younger generation are key drivers fuelling the growth of the yoga equipment market.
An increase in the number of yoga studios and wellness centres will help in uplifting the growth of the yoga equipment market. Small businesses are developing trends like smart yoga to attract a significant number of yogis, which will help in increasing the demand for the yoga equipment market.
With the increase in urbanization and the rising stress among youths, people are inclining towards yoga, and are considering including it as a regular regime, which will create various opportunities for the growth of the yoga equipment market. The most significant advantage of yoga equipment over gym equipment is its low cost and easy accessibility, which has created a stir in the growth of the yoga equipment market.
The biggest challenge faced by yoga equipment manufacturers is the availability of cheaper alternatives, which has hampered the growth of the yoga equipment market. In addition to this, in spite of its increasing popularity, its safety has been questioned every now and then, which can hinder the growth of the yoga equipment market.
The yoga equipment market is segmented on the basis of product type, sales channel, end user, and region.
By product type, the yoga equipment market is segmented into yoga blocks and bricks, yoga belts, bolsters & zafus, yoga chairs & feet up, yoga ropes & swings, exercise balls, yoga weigh bars, and others.
By sales channel, the yoga equipment market is segmented into specialty stores, modern trade channels, direct to customer channels, third-party online stores, and others.
By end users, the yoga equipment market is segmented into homes, yoga studios, gyms, community/wellness centres, and others.
On the basis of geography, the yoga equipment market is segmented across 6 key regions; North America, Europe, Japan, Latin America, Asia Pacific excluding Japan, and Middle East & Africa. Yoga has its origins in Asia, and the industry has seen an upsurge of 84% since 2004, according to Murfest. The yoga equipment market is expected to grow at a significant CAGR in order to fulfill the rising demand for yoga equipment in this region. Yoga is the fourth-fastest growing industry in North America, with a total amount of 10.3 billion dollars spent per year in the United States on yoga centres, accessories, and equipment. People in North America have spent the highest on yoga equipment in comparison to other regions, which has created various opportunities for the growth of the yoga equipment market in this region. The rising demand for yoga equipment among African females will create significant opportunities for the growth of the yoga equipment market in the MEA region. Increasing awareness about yoga will uplift the growth of the yoga equipment market in Latin America
Yoga Equipment Market: Key Players
Manufacturers of yoga equipment are continuously looking to improve technologies and features to widen their customer base. A few of the major key players active in the yoga equipment market are BKR Yoga Equipment & Accessories, Bombay Incense Co, Jo Sha Yoga Equipment & Accessories, Jivanaprops, Manduka, Yoga Design Lab, Gaiam, Unisoul, and others.
Overall, it can be summarized that, the growth prospects of the yoga equipment market are promising, as more and more people are inclining towards yoga regimes, and the increase in the number of yoga studios and wellness centres in emerging markets will strengthen the demand for yoga equipment in these regions.
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