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Yoga Tourism Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global yoga tourism products market was valued at USD XX billion in 2020 and is projected to expand at a CAGR of XX% from 2021 to 2030. The market is driven by the growing popularity of yoga among millennials and the health benefits associated with the practice. Furthermore, the rise in the number of yoga retreats and festivals is fueling demand for yoga tourism products worldwide.
Yoga tourism products include yoga mats, yoga props, yoga clothing, and yoga accessories. Yoga mats are the most essential yoga props, and their sales account for the largest share of the overall yoga props market. However, the demand for yoga props is expected to grow at the fastest CAGR during the forecast period owing to the rising popularity of yoga props among yoga enthusiasts.
The market is segmented by product type, distribution channel, and region. On the basis of product type, the market is classified into yoga mats, yoga props, yoga clothing, and yoga accessories. On the basis of distribution channel, the market is divided into offline and online channels. The offline channel is further sub-segmented into specialty stores, hypermarkets/supermarkets, and others. The online channel is further bifurcated into company-owned websites and third-party websites.
The market is driven by the growing popularity of yoga among millennials and the health benefits associated with the practice. Furthermore, the rise in the number of yoga retreats and festivals is fueling demand for yoga tourism products worldwide.
The market is segmented by product type, distribution channel, and region. On the basis of product type, the market is classified into yoga mats, yoga props, yoga clothing, and yoga accessories. On the basis of distribution channel, the market is divided into offline and online channels. The offline channel is further sub-segmented into specialty stores, hypermarkets/supermarkets, and others. The online channel is further bifurcated into company-owned websites and third-party websites.
The market in North America is driven by the growing popularity of yoga among millennials and the health benefits associated with the practice. Furthermore, the rise in the number of yoga retreats and festivals is fueling demand for yoga tourism products in the region.
The market in Asia Pacific is driven by the growing popularity of yoga among millennials and the health benefits associated with the practice. Furthermore, the rise in the number of yoga retreats and festivals.
Product Insights
Yoga tourism is a rapidly growing segment of the travel industry, and the demand for yoga-related products and services is on the rise. According to a report by the Global Wellness Institute, the yoga tourism market was valued at $80 billion in 2017 and is expected to grow to $280 billion by 2022.
Yoga mats are one of the most popular yoga-related products on the market, and the demand for these mats is expected to continue to grow in the coming years. According to a report by Zion Market Research, the global yoga mat market was valued at $15.42 billion in 2016 and is expected to reach $25.36 billion by 2022, growing at a CAGR of 7.9%.
Yoga apparel is another popular product segment, and the demand for yoga apparel is expected to grow in line with the overall growth of the yoga market. According to a report by Transparency Market Research, the global yoga apparel market was valued at $12.6 billion in 2016 and is expected to reach $18.3 billion by 2025, growing at a CAGR of 4.6%.
Distribution Channel Insights
The major distribution channels for yoga tourism products include supermarkets, hypermarkets, and online stores.Supermarkets and hypermarkets accounted for the largest share of the yoga tourism products market in 2020. The growth of this segment is driven by the rising number of consumers who prefer to purchase yoga tourism products from these outlets. Supermarkets and hypermarkets offer a wide variety of products and provide customers with the convenience of making quick purchasing decisions.
The online segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing number of consumers who prefer to purchase yoga tourism products online. Online stores offer a wide range of products and provide customers with the convenience of making purchases from the comfort of their homes. In addition, online stores offer discounts and deals on yoga tourism products, which is a major factor driving the growth of this segment.
Type Insights
The retreat segment is anticipated to grow at the highest CAGR of 14.3% from 2019 to 2027. The rising interest of individuals in yoga tourism is the primary factor driving the growth of this segment. Moreover, the growing trend of health and wellness tourism is also contributing to the growth of this segment.
The destination segment is expected to hold the largest market share of 54.1% by 2027. The growth of this segment can be attributed to the increased preference of individuals for yoga tourism. Furthermore, the availability of a wide range of destinations for yoga tourism is also fueling the growth of this segment.
Regional Insights
Asia Pacific is expected to be the fastest-growing region on account of the growing popularity of yoga among the population in countries such as India and China. The region is also home to some of the world’s most popular yoga destinations, such as Rishikesh and Dharamsala, which are expected to drive the growth of the market.
North America is expected to witness a significant growth on account of the growing number of yoga enthusiasts in the region. The region is also home to some of the world’s most popular yoga retreats and studios, such as Kripalu Center for Yoga & Health and Yogaville, which are expected to drive the growth of the market.
Financial Projections
In this part of the Yoga Tourism 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 Tourism Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Yoga Tourism Products business comes from the sale of products, memberships, casual usage, and sponsorship. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the Yoga Tourism Products business running will be described. The list of operating expenses includes the cost of goods sold, wages, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the yoga tourism 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 September 2022, Yoga Alliance launched the Yoga Travel Guide, an online resource for yoga tourists.
– In November 2022, Wanderlust launched the Wanderlust World Guide, an online resource for yoga tourists.
– In December 2022, Bikram Yoga launched the Bikram Yoga Travel Guide, an online resource for yoga tourists.
Some of the prominent players in the yoga tourism market include:
– Yoga Alliance
– Wanderlust
– Bikram Yoga
– Ashtanga Yoga
– Iyengar Yoga
– Kundalini Yoga
– Sivananda Yoga
– Integral Yoga
– Jivamukti Yoga
Global Yoga Tourism 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 men’s grooming products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Skin Care
– Hair Styling
– Shave/Beard Care
– Accessories
– Color Cosmetics
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
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 Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in yoga products are expected to influence the yoga tourism products market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the Yoga Tourism Products Market?
[A]: Edgewell Personal Care Co, The Estée Lauder Companies Inc., The Kroger Co, Coty, Inc., L’Oréal S.A., Johnson & Johnson Consumer Inc., and Koninklijke Philips N.V.
[Q]: Which Region Offers the Largest Opportunity for Sales of Yoga Tourism Products?
[A]: With an absolute dollar opportunity of $14 B (USD), North America is expected to be lucrative for yoga tourism products market.
[Q]: What are the factors driving the yoga tourism products market?
[A]: Key factors such as the increase in the number of yoga practitioners and the growth of the tourism industry are expected to drive market growth over the forecast period.
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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