Surge in demand for yoga mats from emerging markets, increase in obese population, and rise in government initiatives to promote healthy lifestyle propel the growth of the global yoga mat market
PORTLAND, Oregon, Feb. 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Yoga Mat Market by Material (PVC, TPE, Rubber, Cotton/Jute, and Others), End User (Yoga & Fitness Clubs, Household, and Others), and Distribution Channel (Supermarket/Hypermarket, Specialty Stores, E-commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026" According to the report, the global yoga mat industry garnered $14.29 billion in 2019, and is estimated to reach $23.2 billion by 2026, growing at a CAGR of 7.1% from 2019 to 2026.
Drivers, restraints, and opportunities-
Increase in demand for yoga mats from emerging markets, rise in obese population, and surge in government initiatives to promote healthy lifestyle fuel the growth of the global yoga mat market. On the other hand, rise in issues associated with yoga mats impedes the growth to a certain extent. Nevertheless, product innovation and inclination toward mats made from natural materials is expected to create lucrative opportunities for the key players in the industry.
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The PVC segment to lead the trail by 2026-
Based on material, the PVC segment contributed to more than one-third of the global yoga mat market share in 2018, and is expected to rule the roost by the end of 2026. These mats are light in weight and are highly resistant to moisture, which make them an ideal base for practicing yoga. In addition, its low cost and enhanced comfort offered during yoga practice fuels the growth of the segment. Simultaneously, the cotton/jute segment would cite the fastest CAGR of 7.9% from 2019 to 2026. This is due to rise in demand for yoga mats fabricated from biodegradable and eco-friendly materials.
The household segment held the largest share in 2018-
Based on end-user, the household segment held the major share in 2018, generating nearly three-fifths of the global yoga mat market. Online yoga classes for practicing yoga, and their time flexibility and comfort, drives the growth of the segment. At the same time, the yoga and fitness club segment would showcase the fastest CAGR of 7.6% throughout the forecast period, owing to rise in consumer awareness about the health benefits of practicing yoga, and online pricing of memberships including special discounts, priority scheduling, or access to exclusive services of professional classes.
Asia Pacific to rule the roost in terms of revenue, North America to follow-
Based on geography, the market across Asia-Pacific accounted for more than one-third of the global yoga mat market revenue in 2018 and is projected to dominate throughout the study period. In addition, the region would register the fastest CAGR of 8.1% by 2026. This is attributed to the availability of yoga classes in this region, and rise in popularity of hybrid forms of yoga. On the other hand, North-America contributed to the second highest share of the global market.
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Leading market players-
- Jade Fusion
- Lululemon Athletica
- Hugger Mugger
- Aurorae Yoga, LLC
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