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Asia-Pacific Yoga Accessories Market Outlook, 2027

Asia-Pacific Yoga Accessories Market Outlook, 2027

Bonafide Research 21-09-2022 55 Pages Figures : 13 Tables : 19
Region : Asia-Pacific Category : Consumer Goods & Services Apparels & Lifestyle

1. Nike, Inc

2. Adidas AG

3. Barefoot Yoga Company

4. Gaima

5. Lululemon Athletica Inc

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In Asia-Pacific, the demand for yoga equipment is on the upswing due to rising health awareness and an improving lifestyle. The mounting dominance of obesity and related diseases is compelling people to opt for a healthy lifestyle. Also, an increasing number of people are opting for yoga over other exercises and gyms as the former do not have any drawbacks or side effects. This will eventually boost the demand for yoga equipment in different economies. Further, affordability is another dynamic factor that is driving the potential for yoga equipment across the region. Many people cannot afford to pay for the fitness centre on a monthly basis. People are electing to do home-based yoga exercises in order to stay fit and live a healthy lifestyle. There is an incessant growth in the number of yoga clubs given the mounting trend of exploitation of numerous yoga exercises at home. Such yoga fitness clubs offer yoga courses at reasonable prices, as likened to that of a gym’s monthly subscriptions. Hence, growing yoga clubs are supplementing the demand for yoga equipment and accessories, thereby impacting positively on the overall growth. According to the report, "Asia-Pacific Yoga Accessories Market Outlook, 2027" published by Bonafide Research, the market was valued at around USD 5360 Billion in 2021, which is anticipated to grow at more than 13% CAGR for 2022–2027. According to the obtained data, the maximum number of yoga physicians and consultants are in the Asia-Pacific region. Impacts such as the local government's activities for funding the yoga business, such as the AYUSH initiative launched by the Indian government in 2018, are driving the region's increased demand for yoga. Also, factors such as the presence of low-cost labor and abundant availability of raw materials, awareness of fitness and preference towards a fit and healthy lifestyle among the youth, and the existence of numerous local manufacturers are liable for propelling the demand in the Asia-Pacific region. This is owing to the rise in the number of yoga studios, the increase in the attractiveness of yoga practices in Asia, and the rise in sales of yoga gear at different studios. However, Asia-Pacific is projected to record the highest CAGR during the estimated period, owing to the rich yogic ethos in countries such as India, reliable knowledge throughout the Indian sub-continent, and the vast number of yoga schools and studios across the region. Furthermore, the launch of smart mats will offer massive growth opportunities. To make the most of it, the key players and vendors are focusing more on the rising prospects in the fast-budding segments while upholding their positions in the slow-growing segments. Also, supportive government initiatives coupled with increasing participation are the key factors fueling the product demand in the region. Moreover, the increasing number of yoga studios in Beijing, Shanghai, and other Chinese cities is expected to boost the product demand. Post the introduction of International Yoga Day in 2015, preexisting medical tourism gained more popularity and the focus shifted to wellness tourism, which majorly included yoga retreats. Price is a real advantage, especially for American and European travelers. This increase in wellness tourism is expected to be a boon in disguise for the yoga accessories market in the region. Even though yoga is an age-old practice in the region, the fact that it is now more commercialized is In many big cities, yoga is practiced in well-designed studios while wearing western fashion such as yoga pants, tracksuits, shorts, and smart tops. This trend is expected to be the major aid for the yoga accessories market in Asia to expand with prominent market growth. People now want yoga to be a workout and prefer the more dynamic and fast-paced forms to classical and traditional yoga techniques. This change in the mindset of people has been a boost for yoga accessories, especially for the clothing segment among the Millennial. However, young people who stick to yoga for a longer time tend to move towards the classical and traditional forms later on. Apart from this, from light asanas with high-intensity interval training, yoga enthusiasts are now discovering new methods to reap the benefits of yoga. Unlike other regions, Asia doesn’t have a vast difference between the different sales channels. This is majorly due to the large number of unorganized players selling the products at a lower price in the market. Yet, the online sales channel segment accounted for more in 2021 than the offline segment, which is likely to grow at more than 13% CAGR during the forecast period. Increased mobile internet usage, the exponential growth in the uptake of eWallets and digital payment services, and a rise in social commerce; all factors into the emerging online marketplace trends in Asia. Health and wellness are the new lifestyle status symbols for millennial Asians, with China leading the way. If one was born in the 80s and lives in a first-to-third-tier Chinese city, chances are high that they’re into healthy living. Validating enough, China dominates the market with more than a quarter of the market share. Japan, Hong Kong, Taiwan, South Korea, and Singapore have highly developed competitive physical activity markets. Governments in these markets are also active in promoting physical activity through public education campaigns. Mega brands such as Reebok and Nike do not track yoga accessories as a separate category but say there has been a jump in demand for accessories used for practice. Covid-19 Impacts: The COVID-19 has had a direct and indirect impact on nearly all the countries across regions, their economic performance, and the distribution channels of all the industries. However, the health sector and its affiliated market have witnessed a positive impact due to the pandemic. Yoga mat market is a part of fitness and healthcare products markets. The pandemic has not negatively impacted the global yoga mats market. Nowadays people are becoming more creative and introducing yoga in their exercise routines. According to numerous consumer psychologists, people around the region have been purchasing items based on three needs: to protect, entertain, and connect. Furthermore, the Asia-Pacific 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. Major Companies Present In the Market Adidas AG, Barefoot Yoga Company, Gaima, Lululemon Athletica Inc, Manduka, Nike Inc Considered In the Report • Geography: Asia-Pacific • Historical year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027 Countries covered: • China • Japan • India • Mexico Aspects Covered In the Report • Market Size By Value for the historic time period (2016-2021) • Market Size By Value for the forecast time period (2022-2027) • Market Share by Product (Mats, Clothing, Straps, Blocks, others) • Market Share by Sales Channel (Online & Offline) • Market Share by Region (2016, 2021 & 2027F) • Market Share by Country (2016, 2021 & 2027F) The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the yoga accessories manufacture industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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