Date : September 23, 2022
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Quirky Yoga Forms to allow the yoga accessories market to grow at 12.5% CAGR: Bonafide Research

Quirky Yoga Forms to allow the yoga accessories market to grow at 12.5% CAGR: Bonafide Research

The biggest myth about yoga accessories among the practitioners is that the use is restricted only to beginners or is a sign of being weak. A false perception about the use of props makes it easier to do the asanas. But the truth is another way around. With basic education of the props, one can enhance their yoga poses greatly. Yoga accessories are not a new concept, as they were used for decades now. The only change is their commercialization and customization. Yoga accessories allow the practitioners to tailor their practice to the specifications of the body shape and structure. This helps them to achieve a proper alignment rather than struggling to force the body. In addition to being prevention from injuries, a good alignment allows the body to get more from each asana.

The recent publication by Bonafide Research, named “Global Yoga Accessories Market Outlook, 2027”, studies about this aiding props market at global level, segmented into by product type (Mats, Clothing, Straps, Blocks & others) and by sales channel (Online & Offline). The market was valued around USD 17 Billion which is anticipated to reach around twice of the revenue by the end of the forecast period. Further, the overall market is projected to expand with more than 12.5% CAGR for 2022-2027. The growth in the market was very evident after the official inauguration of International Yoga Day in 2015. With the new invention of newer forms of yoga, certain poses are beneficial only with the use of props. Also, it is proved that they make progression a little less intimidating.

Even though the forms of yoga changed, what remained unchanged is the use of a mat. With the increasing popularity of yoga, the mats have become more solid and textured. People are now more concerned about the quality of the mat as they now understand how important it is in maintaining balance and right posture. Even though the yoga mat segment rules the market, it accounted for around 90% of the market share along with the yoga clothing segment. The marketers are focusing on making yoga clothes made with a polyester-nylon-spandex blend which is also preferred as these fabrics offer the right balance of comfort, breathability, and flexibility. The introduction of straps is a lifesaver for practitioners with tight hamstrings and shoulders, as it can aid them to achieve poses without compromising the body form and getting into a deeper stretch.

With the increase in popularity of yoga, there has been an upspring in many modern practice forms like beer yoga, goat yoga, Broga, hot yoga, etc. to name a few. While the types continue to diversify, the need for accessories is to keep growing. This is to allow fierce competition among the different sales channels, and with the offline sales channel growing at an anticipated CAGR of more than 11%.  

The region was the largest revenue generator, which shows a consistent incline in the market share and has conquered the market leader position since the year 2021. Similar to the global trend, the North American market is led by the yoga mat segment, which holds more than half of the market share. With more people on the work force, a number of people are now opting for yoga as a way to relieve their stress and establish mental calmness. With this, the market for yoga clothing is expected to grow exponentially by the end of the forecast period. Matching this growth is the finding that almost three-quarters of people have been practicing for less than five years, which underlines the relative newness of the interest. The ability to compare prices while shopping and the ease of checkout/store my information/shipping/payment are a few of the major reasons why North Americans are likely to prefer online stores or physical shops. In the region, it is found that women are more drawn towards online shopping than men. It also indirectly aids the market, as more females practice yoga than males. The online segment is likely to grow at a higher CAGR during the upcoming timeframe. Further, the United States not only dominates the regional market in North America, but it is also the global leader in yoga accessories. The number of health clubs in the US increased by more than 18% between 2012 and 2020. This rise in the number of memberships in health and fitness clubs has resulted in a rise in the demand for yoga products, including yoga accessories.

In addition to that, there is no question that modern lifestyles require much less physical exertion than those of previous generations like farmers, fishermen, tradesmen, or workers. In all aspects, life has become more sedentary. Across Asia, urbanization, technological developments, and growing service economies have drawn more people into desk-bound jobs. For the growing middle class and high-income countries, household chores have been greatly eased by modern appliances and industrialized food production. Meanwhile, the digital revolution has enabled one to shop, socialize, and access news and entertainment without leaving home or even the sofa. The trend is equally alarming for the youth, with many studies pointing towards a long-term decline in cardiovascular fitness levels. It won’t be surprising if, in just a generation or two, physical activity has become less natural and more structured and intentional. To stay active, many people now schedule a time to exercise. Increasingly, people also have to spend money for the opportunity to exercise. Asian consumers are also big spenders on yoga apparel, global yoga retailer giant Lululemon is aggressively pursuing the region with store openings in Hong Kong, Singapore, Seoul. The trend of posting their workout schedules on social media has made the yoga clothing segment to be one of the most potential segments in the region. Even when the search for dynamic yoga practices is high in the region, people prefer to opt for unstandardized cloth mats or regular blankets & sheets for their practice.

The growing awareness regarding spiritual and therapeutic benefits offered by yoga is estimated to drive the market growth in the region. In addition, there are various yoga schools in India and China in which the students can learn yoga from the yoga gurus. Southeast Asian countries, such as Malaysia, Thailand, the Philippines, and Indonesia, have small physical activity markets, lower levels of participation, and the lowest fitness industry penetration rates across Asia. Tokyo is home to the most active and international yoga scene in East Asia with a dedicated community of practitioners made up of both home-grown and international yogis. The financial uncertainties laid down by the pandemic have forced many people to opt for home exercises rather than spending on yoga membership fees. Even now there is no clarity as to when people will be able to resume their normal routine exercises. All these factors have negatively impacted the yoga accessories during the pandemic.

Indeed, the Eiffel Tower, Colosseum, and the ring of Big Ben are breathtaking views, but the recent view in these wonders are people trying to calm themselves through yoga breathing exercises. The Old Continent attracts millions of visitors every year, yogis and non-yogis alike. And while yoga retreats in Europe might not have the same ancient tradition as the ones in Asia, but have aided the growth of yoga accessories tremendously. They spice up yoga when added to the European culture and the magnificence of the cities. A yoga holiday in Europe is the perfect excuse to visit the tourist destinations, see all the renowned attractions with their own eyes, and enjoy their delicious cuisine. One of the major reasons for increasing attraction towards yoga is the rise in the obese population in the region. The health benefits associated with yoga practice are driving the yoga market in the region. The increasing geriatric population has been clear support to the market growth, as they prefer Yoga to be milder when compared to the gym and other forms of exercise. As much the tourists prefer to spend more time on outdoor yoga, the localities are more drawn towards the fitness boutiques. Such yoga studios are the main inspiration for people to purchase more yoga accessories in order to improvise their style.
There is a knowledge gap on South American yoga between the years 1900 and 1950 when no Indian yogi had yet arrived on the continent. Thus, South American yoga is unique because of the influences of symbolic exchanges of the aforementioned yogis during a movement that had been building since 1900. South America is a privileged area surrounded by some of the most astonishing beaches, yearlong perfect weather, and an easygoing population, making it the perfect setting for a yoga retreat. With miles of untouched natural habitat and the deeply held spiritual traditions of the Maya and Incan civilizations, South America is the perfect place to embark on a spiritual journey. It is the destination of choice among yoga enthusiasts looking for ways to spice up their yoga experiences as the region just never seems to run out of sizzling options. Countries including Costa Rica, Nicaragua, Peru; Brazil; Honduras; Guatemala; Ecuador; Chile, all are sought-after destinations by yoga enthusiasts. Along with yoga, plant medicine is the main concept of the region’s shamanic retreat.

However, for decades, even talking about yoga was not acceptable in the region, majorly in the Middle Eastern countries. These countries are mainly conservative with their Islamic practices & beliefs, while yoga is primarily associated with Hinduism. For years, yoga was challenged to be incompatible with the Islamic practices by the extremists. On the other hand, in South Africa, this practice had a humble start in the era 1940 by Swami Sivananda, the country has embraced yoga in its lifestyle in a true sense. The popularity of yoga in the region could be gauged from the fact that enthusiasts eagerly await the two yoga festivals held in Dubai every year. In South Africa, it is not only about the actual practice, however, as many schools try and influence their followers through their philosophy. Some institutions even encourage charity work as well as pilgrimages to India for personal growth. With many yoga masters accepting South Africa as their home, locals can expect their influence to rise throughout the years. South Africa is expected to be dominating the region with the highest share of over 40% by the end of the forecasted period.
Further, the market is majorly classified into two segments of Online and Offline sales channels. Among them, the market is led by the online sales channel segment. Fitness products, such as yoga mats, yoga socks, wheels, sandbags, etc. are abundantly available in a specialty store; as such stores focus more on increasing their sales, in terms of volume, as compared to supermarkets. Consumers are willing to invest heavily in these premium products due to factors like superior quality and durability. This is to allow the offline market segment to be growing at an anticipated CAGR of more than 12%. Nowadays people are becoming more creative and introducing yoga in their exercise routines. According to numerous consumer psychologists, people around the world have been purchasing items based on three needs: to protect, entertain, and connect. Furthermore, the global yoga mats market is projected to witness steady growth, even after the pandemic subsides, majorly due to the increase in awareness regarding the healthy lifestyle among people around the world.

COVID-19 Impacts:
The COVID-19 outbreaks have affected virtually every one of the nations across locales, their financial presentation, and the circulation channels of the multitude of businesses. Notwithstanding, the wellbeing area and its associated market have seen a positive effect because of the pandemic. The pandemic has decidedly affected the worldwide Yoga Mat Market, a piece of the wellness and medical care items markets. This has been made conceivable by the improved web-based business exercises of millions of buyers worldwide. As per various buyers' therapists, individuals throughout the planet have been buying things dependent on three necessities in order to secure, engage, and connect. Furthermore, the worldwide Yoga Mat Market is projected to observe consistent development, even after the pandemic dies down, significantly because of the expansion in mindfulness regarding the sound way of life among individuals throughout the planet.


 

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Quirky Yoga Forms to allow the yoga accessories market to grow at 12.5% CAGR: Bonafide Research

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