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Yoga Mat Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global yoga mat products market was valued at USD 3.3 billion in 2022 and is projected to expand at a CAGR of 5.1% from 2023 to 2030. The increasing awareness regarding the health benefits associated with the practice of yoga has boosted the demand for yoga mat products. The growth of the market can be attributed to the growing popularity of yoga and the increasing preference for eco-friendly and natural products. Furthermore, the growing number of yoga studios and gyms is expected to drive the demand for yoga mats. Additionally, the increasing number of health-conscious consumers and the growing trend of athleisure are further driving the demand for yoga mat products.
The development of advanced yoga mats with improved features such as antimicrobial and anti-bacterial properties, cushioning, and superior grip is propelling the market growth. Manufacturers are focusing on introducing innovative products to meet the rising demand for comfort and convenience. For instance, in April 2021, Lululemon launched its new Reversible Mat 5mm, which can be used on both sides with a different texture to offer superior grip.
The rising trend of premiumization is further driving the demand for yoga mat products. Consumers are willing to pay more for high-end yoga mat products with superior quality, comfort, and durability. To capitalize on this trend, manufacturers are launching premium-priced products with advanced features. For instance, in March 2021, Manduka launched PROlite Yoga Mats, which are made from a new material to provide superior support, comfort, and cushioning.
The increasing demand for yoga mats from eco-friendly and organic sources is also driving the market growth. Manufacturers are introducing products made from natural materials such as jute, cork, and rubber to cater to the demand from health-conscious consumers. For instance, in December 2020, Gaiam launched a new collection of eco-friendly and sustainable yoga mats made from natural rubber and jute.
The growing popularity of online shopping is further propelling the demand for yoga mat products. Online retailers are offering a wide variety of yoga mat products at competitive prices. Moreover, the availability of attractive offers and discounts is further driving the demand for these products online. The increasing number of e-commerce players in the market is expected to boost the sales of yoga mats in the coming years.
Product Insights
The yoga mat segment accounted for the largest share in the yoga mat products market in 2020. The growing demand for eco-friendly and natural products has been instrumental in driving the growth of the segment. Increasing awareness among people regarding the health benefits associated with yoga has been driving the demand for yoga mats. According to an article published by Yoga Journal, in October 2019, the number of American adults who practiced yoga had increased from 20.4 million in 2012 to 37.7 million in 2019. Moreover, rising disposable income and the increasing availability of yoga mats online are expected to support the growth of the segment in the coming years.
The yoga accessories segment is anticipated to expand at the fastest CAGR of 8.1% over the forecast period. Growing awareness among individuals regarding the health benefits of yoga and the emergence of various yoga accessories are some of the key factors driving the market growth. According to an article published by Ahimsa Yoga, in February 2020, yoga accessories such as bolsters, blocks, straps, and blankets are essential for proper alignment and comfort in yoga poses. In addition, increasing demand for yoga accessories among the millennial population is expected to propel the segment growth in the coming years.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest share of the market in 2022. The growth of the segment is mainly driven by the increasing demand for yoga mats from physical stores, where consumers can touch and feel the product before making their purchase. The presence of a wide variety of products in the supermarkets & hypermarkets segment is another factor driving the segment’s growth.
The online segment is expected to expand at the highest CAGR of 13.8% in the forecast period. The growing penetration of the internet, increasing number of smartphone users, and the rising popularity of e-commerce websites are driving the growth of this segment. The availability of a wide variety of yoga mats on various e-commerce websites, such as Amazon and Flipkart, is further driving the growth of the segment. In addition, the convenience and ease of shopping provided by these e-commerce websites are also propelling the demand for yoga mats sold through the online segment.
Type Insights
The foam segment accounted for the largest revenue share of 58.7% in the year 2022. The growing demand of yoga mats made of foam material is attributed to its lightweight, easy to clean and maintain and high durability. As foam is the most common material used in making yoga mats, it is widely available in different colors and sizes, which is further driving its demand. Furthermore, the availability of different thicknesses in foam yoga mats makes them appropriate for all levels of yoga practitioners, from beginners to experts.
The eco-friendly segment is anticipated to expand at the highest CAGR of 9.4% over the forecast period. The growing demand for sustainable materials is expected to propel the growth of the segment. Eco-friendly yoga mats are made from natural materials such as cork, jute, and rubber, which are biodegradable and recyclable. The increasing trend of sustainable living and awareness of environmental protection among consumers is likely to drive the market for eco-friendly yoga mats in the forecasted period.
Regional Insights
Asia Pacific is the largest market for yoga mats and likely to continue its dominance in the coming years. The market in this region is growing due to increasing awareness of yoga among people and increasing popularity of yoga classes and gyms. Moreover, the growing health-conscious population in the region is expected to drive the demand for yoga mats in the near future.
North America is the second-largest market for yoga mats and is projected to register a healthy CAGR over the forecast period. The growing popularity of yoga and increasing disposable income of people in the region are the key factors driving the market in this region. Moreover, the presence of leading market players such as Lululemon Athletica, Gaiam, and JadeYoga offering high-quality yoga mats is expected to create a positive outlook for the regional market.
Financial Projections
In this part of the yoga mat products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your yoga mat products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a yoga mat products business comes from the sales of mats, accessories, and other related products. Additionally, revenue can be generated from other sources such as advertising, sponsorships, and partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the yoga mat products business running will be described. The list of operating expenses includes raw material costs, advertising, website hosting, and other digital marketing costs, salaries and wages, insurance policies, and utilities.
Key companies & market share insights
Some of the key companies operating in the yoga mat market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Gaiam launched the Eco-Luxe yoga mat, a biodegradable yoga mat designed to provide extra cushioning and comfort.
– In August 2022, Lululemon Athletica Inc. launched the Reversible Mat, a two-sided mat designed to provide superior grip on both sides.
– In October 2022, Manduka launched the Prolite series of mats, designed to provide superior cushioning and support.
Some of the prominent players in the yoga mat market include:
– Lululemon Athletica Inc.
– Gaiam
– PrAna
– Manduka
– Aurorae
– Jade Yoga
– BalanceFrom
– Hugger Mugger
– Hugger Mugger Yoga Products
– Clever Yoga
Global Yoga Mat Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global yoga mat products market based on product type, distribution channel, material, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Traditional Mats
– Travel Mats
– Eco-Friendly Mats
– Printed Mats
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Material Outlook (Revenue, USD Million, 2017 – 2030)
– Natural
– Synthetic
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Yoga Mat Products?
[A]: Yoga mat products are becoming increasingly popular in the global market due to their ability to provide comfort, stability, and support for yoga practitioners. The advances in technology and materials used in the production of yoga mats have resulted in the development of lightweight, durable, and high-performance products that are capable of providing superior cushioning and grip. Additionally, the increasing demand for eco-friendly and sustainable materials has led to the introduction of natural and organic materials such as jute, cork, and cotton.
[Q]: Who are the Key Players in the Yoga Mat Products Market?
[A]: Top players in the global yoga mat products market include Lululemon Athletica Inc., PrAna Living LLC, adidas AG, Aurorae Yoga, Hugger Mugger, Manduka, Gaiam, Inc., JadeYoga, and Hugger Mugger.
[Q]: Which Region Offers the Largest Opportunity for Sales of Yoga Mat Products?
[A]: North America is projected to be the largest regional segment for the yoga mat products market, followed by Europe. This is due to the embrace of healthy lifestyle trends, the presence of a large number of yoga studios, and the increasing acceptance of yoga practices among the population.
[Q]: What are the factors driving the yoga mat products market?
[A]: Increasing adoption of yoga as a physical exercise, rising health consciousness, and the availability of superior quality yoga mats are some of the key factors driving the global yoga mat products market. Additionally, the growing popularity of yoga retreats and yoga tourism, the increasing prevalence of yoga festivals, and the emergence of online retailing of yoga mats are also expected to contribute to market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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