Yoga Mat Market Overview:
Yoga has gained immense popularity all over the world in the recent decades and along with it the yoga mat market has registered unprecedented growth. Ranging from PVC to natural fibers yoga mats are now available in various materials, sizes, colors and textures to cater to the widening demand for the appropriate surface for practicing the ancient practice. Due to its wellness benefits, the yoga industry has found a strong foothold so much so that in 2018, yoga has made it to the top of web search results and in 2019 celebration of yoga day became a global affair. Rising incidence of lifestyle related diseases has urged people to find long term solutions that do not involve medication but preaches mindfulness and raises personal well-being through exercise. statistics point out that by 2020 there will be an estimated 55 million yoga practitioners in the US alone. This increased interest has acted as a potent driver for Yoga Mat Market is projected to reach USD 11.78 Billion by 2030 at a CAGR of 5.40% from 2022-2030.
Segmentation:
The yoga mat market has been segmented on the basis of type, end user and distribution channel.
On the basis of type, yoga mat market is segmented based on the material used in the making of the mat. As such the classification includes PVC, rubber, TPE and cotton yoga mats. In 2018, the PVC yoga mat segment accounted for the largest revenue share of around 4% and is expected to hold its dominant position over the forecast period. However, growing concern over the fact that PVC is non-recyclable and therefore bad for the environment can cause some setback to the growth of the PVC yoga mat market. Rubber and TPE yoga mats are also popular among consumers due to favorable qualities like resilience, durability, elasticity, abrasion resistance etc. Cotton yoga mats segment is expected to register the highest CAGR over the forecast period due to the demand for ecofriendly products as well as the availability of such products by various yoga mat market players. The awareness that yoga is meant to be performed on more naturally derived products will also contribute to the rising popularity of cotton yoga mats.
Segmentation on the basis of end users includes adults and children. The adult segment is by far the larger segment and is anticipated to register a higher CAGR as more and more health aware adults are practicing yoga around the world due to the long term health benefits of the ancient art. As more adults come to practice and experience the goodness of yoga, they are expected to encourage their children to start yoga at a young age to reap greater benefits and thus indirectly adding growth impetus to the children yoga mat segment.
Yoga mat market is classified based on distribution channel. A majority of the yoga mat market share is held by store based distribution channel segment in 2018 as consumer prefer to buy yoga mats from stores where they can first physically feel the mat before making a decision. However, due to the proliferation e-commerce, the non-store based distribution channel segment is expected to register a higher CAGR as they are often able to offer a greater range of products and often for cheaper.
Regional Analysis:
Regionally, the yoga mat market is subdivided into Asia Pacific, North America, Europe and Rest of the World.
Asia Pacific is known to have held the largest share in the yoga mat market as the practice originates in India and a large number of yoga practitioners are based in India. Presence of various yoga mat market players such as Aerolite, Shenzhen Haifuxing Technology Co., Ltd., Shanghai Eversuccess Industries Co., Shrine Sports Distributors etc. will add traction to the market growth.
However, after the 50s, yoga made major inroads in the west which has literally been swayed by the health benefits that the practice offers. Therefore, a considerable share of the yoga mat market will be held by North America. The U.S. alone accounts for yoga industry that is expected to be worth nearly USD 12 billion by 2020. In Europe as well as Rest of the World, the yoga mat market is expected to perform well as yoga practice is becoming more common in all parts of the world and yoga mat is an integral part of performing the asanas to perfections.
Competitive Landscape:
The global Key Yoga Mat Market Players include Prana Revolution Kolckmann GmbH, Ako Yoga Hugger Mugger, Tapas, Eco-Rich, and Earth Elements Shenzhen Haifuxing Technology Co., Jiangxi Lveten Plastic Industry Co., Ltd., HFX Shrine Sports Distributors, Shanghai Eversuccess Industries Co., Ltd, Hefei Bodyup Sports Co., Ltd., Liforme Ltd, Stag Jade Yoga, Microcell Composite Company, Elysian, Shanghai Fitnessourcing Inc. etc.
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