Global Yoga Mat Market Thriving: Projected to touch USD 17.1 Billion by 2027

Published | 23 June 2021

A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global yoga mat market was worth USD 12.1 Billion in the year 2020. It is estimated to grow at the CAGR of 4.9 %, earning revenue of around USD 17.1 Billion by the end of 2027. Innovations in yoga accessories and the availability of various product variants in the market are majorly responsible for the growth of the global yoga mat market. Additionally, people are enrolling in yoga and exercise classes as a result of growing obesity rates and increased health awareness. Also, many wellness initiatives being undertaken by government and corporate agencies have been providing vendors with significant growth opportunities. However, factors such as the unpredictable pricing of raw materials and the rising admiration of outdoor sports activities may limit the market growth.

Growth Drivers

The Growing Popularity of Yoga

Yoga is the number one alternative for people who want to live a safe lifestyle. According to the most recent yoga statistics, it's no surprise that this 5000-year-old tradition has grown in terms of popularity across the globe in recent years. The main reason driving the popularity of yoga is rising health awareness among people. Rising chronic diseases, such as obesity, hypertension, and PCOD in women, caused by poor lifestyle choices are influencing the population to choose a healthier way of life. Thus, health & wellness-conscious people nowadays are more inclined towards leading a healthy lifestyle, which pushes them to sign up for yoga and other fitness programs. Furthermore, yoga sessions are also beneficial for managing day-to-day mental stress, which is yet another significant issue that people face today.

Rising demand for organic and ecofriendly products

Yoga mats are made of PVC, TPE, Rubber, Cotton/Jute, and other materials. Nowadays, people are getting more inclined towards organic and eco-friendly products, which are biodegradable. As a result, people prefer cotton/jute yoga mats because they are easy to clean and need little maintenance. Moreover, yoga mats made of jute and cotton are more breathable, skin-friendly, and provide the accurate robustness needed for intense yoga sessions. What's more, these mats are also more effective at releasing odor-causing compounds than synthetic-based mats.

Restraints

Volatility of raw material prices

The most common materials used fr manufacturing yoga mats are polyvinyl chloride (PVC), polyurethane (PU), natural rubber, and thermoplastic elastomer (TPE), among others. It is worth mentioning that TPE, PVC, and PU are oil-derived polymers. Therefore, crude oil prices have an indirect impact on the Yoga mat industry. Since oil is a commodity, its prices are subject to greater volatility. Oil price fluctuations have a direct effect on the cash flows and profits of businesses in their ecosystems. Thus, oil price volatility has been affecting a variety of businesses, ranging from supermarkets to plastics producers like Polyvinyl Chloride.

Impact of COVID-19 in the industry

Despite the fact that the coronavirus-induced pandemic has wreaked havoc on many sectors, it has had a positive effect on the global yoga mat industry. People have become more aware of their health and well-being as a result of the pandemic, leading them to participate in yoga and fitness classes. Due to the tight lockdown restrictions, several people began taking online yoga classes during the lockdown period. It's worth noting that technical advancements and internet connectivity played a significant role in propelling the yoga mat market indirectly. Since the yoga accessory market is ancillary to the healthcare industry, it has seen steady growth over time.

The yoga & fitness segment occupies the largest share of the global yoga mat market

Based on end-users, the global yoga mat market is divided into Yoga & Fitness Clubs, Households, and others. The yoga & Fitness segment occupies the largest share of the global yoga mat market. Many yoga studios have the strict rule of providing yoga mats while performing yoga asanas. While in the household, people get the alternatives of yoga mat quickly, which provides them a flat surface and good grip. People at home usually use woven carpets, bathmats, grass lawns, wooden floors, or big rocks as long as they meet the same purpose.

North America is expected to witness significant growth in the market during the forecast period

North America is the dominant region in the global yoga mat market. The main driving factor contributing to the dominance of North America is the rising popularity of yoga among the population in this region. Furthermore, people's growing health consciousness and desire for a fit physique and healthy body contribute to yoga's popularity. Also, an increase in government and fitness club programs to promote yoga is expected to motivate the market for yoga accessories in the region, during the forecast period.

Do not miss the business opportunity of the global yoga mat market. Consult our analysts to gain crucial insights, and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global yoga mat market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global yoga mat market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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