GYM INDUSTRY

Goals

To understand how the yoga industry is defined, types of products sold by yoga brands, categories within the industry and their size, overall current trends & marketing trends in the industry, trends in the emergy regions, an overview of how yoga companies use data to improve their products, the demographics of a yoga customer, major platforms used to reach these customers, market size & growth of the yoga industry by retail channel and region, how the industry compares to competing industry in terms of growth, the largest yoga brands by market share, the fastest growing yoga brands, emerging yoga brands, challenges & opportunities in the industry, and future predictions/trends for the industry.

Early Findings

  • Most market research companies like Market Watch do not offer any data on the yoga market as a whole. They focus on the yoga accessories market, the yoga studios market, and the yoga mat market.
  • The US yoga market was worth $16 billion in 2016 while the global market was worth $80 billion at the time. Yoga use increased from 9.5% in 2012 to 14.3% in 2017 in the US.
  • Currently, there are over 300 million yoga practitioners globally. In the US alone, the number of yoga practitioners is expected to increase to 55 million people by 2020.
  • The global market for yoga mats is worth $1.2 billion as of 2019 and is forecast to reach $2 billion by 2024 at a compound annual growth rate of 8.8%
  • In 2018, the global yoga accessories market was worth $876.78 million. From 2019 to 2023, it is expected to grow by 7% with 36% of the growth coming from North America. The market is said to be "highly fragmented with few players occupying it." By product, yoga mats, yoga straps, and yoga blocks have the most share.
  • The North American region led the market in 2018, "followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to increasing cases of obesity, and the adoption of healthy lifestyles."
  • Some of the leading yoga mat companies are Lululemon, Manduka PROlite, Jade Yoga, and Easyoga.
  • The uprise in the popoularity of yoga is fueled by the fact that it "reinvents and refreshes itself every year making it an attractive form of exercise." In 5 years, Japan is expected to see the highest growth in yoga participants.
  • In the US, over 80% of yogis are women. By age, 41% are between 34 to 54 while 40.6% are between 18 to 34. In reference to race, 84% are White while only 6% are African American. About 78% of yogis are college educated and 44% earn over $75,000 annually.

Proposed next steps:

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The market size & growth of the yoga industry by retail channel and region is not available on the public domain. Most market reports block this information with a paywall. In addition, there is more information on the yoga accessories market than the yoga market at large. We also found that focusing on 2018/2019 data alone limits our search, thus, we suggest focusing on data published within the last two years (2017-2019). We recommend proceeding with 3 to 5 of the largest yoga brands globally by market share. For these yoga brands, we will create a competitive landscape including their revenue, the types of products they sell, their target audience, the social media platforms they use to reach this audience, and a description of how they use data to improve their business/product.
Next, we may proceed with 3 to 5 current trends in the yoga industry and 3 to 5 marketing trends in the industry, the market size of yoga accessories 3-5 years ago and an overview of its growth from that period till now (**NOTE: For this, we do have to use reports that were published during 3-5 years ago), an overview of five emerging/new yoga brands ranked by growth, and an overview of 3-5 key emerging markets (countries) in the yoga/yoga accessories industry.
We propose a SWOT (strengths, weaknesses, opportunities, and threats) analysis of the global yoga industry, as well. STRENGTHS will include positive characteristics of the industry such as what advantages the industry has over disruptors or other industries, WEAKNESSES will factor in the failures or disappointments the industry experienced and any decline in growth and what caused this, OPPORTUNITIES will include new market trends and changes in technology that open up new possibilities, and THREATS will be from disruptors or other unrelated obstacles that the industry is currently facing such as laws, technologies, money, legal factors, economic factors, and so on.