Increased Per Capita Expenditure on Health and Wellness to Catapult Yoga Mat Market
Growing health awareness among people coupled an increasing number of gym-goers is expected to drive the market demand for yoga mats between 2021 and 2025. Yoga mats available in the market are generally made up of rubber, plastic, hessian and cork. Among all the materials, PVC is estimated to hold the largest value share followed by TPE material.
PVC material segment accounted for more than 30% value share in 2019. However, the rubber segment is expected to register a relatively higher CAGR during the forecast period. Rubber-based yoga mats are highly durable and are recyclable, which is expected to support the segment’s growth in the near future.
The yoga industry has shown immense growth in the past few years. The industry is largely being influenced with a growing number of yoga practitioners in the Western parts of the world, setting a trend for improving lifestyles. The report predicts that by 2021 the number of yoga practitioners will be more than 50 million in the U.S. An average yogi spends approximately US$90 per month on classes, workshops and accessories in the U.S. This is expected to create a sizeable opportunity for yoga mats in the near future.
Promotion of yoga as a lifestyle by governments is also been a supporting factor to the market. Image building around yoga, as a lifestyle that enables better living, has definitely created a positive impact on the global market.
Product Innovation to Meet Specific Demands Aids Market Opportunities
Demand for antiskid or non-skid yoga mats has been an emphatic one amongst yoga practitioners. With the need to prevent injury, most yoga teachers and students prefer mats with traction for better grip on slippery surfaces. In addition to this, manufacturers are launching eco-friendly yoga mats, which has a greater appeal amongst consumers.
For instance, in 2019 DIYogi launched an eco-friendly yoga mat made of natural tree rubber. The mat has an inner layer of antibacterial cotton, which offers improved cushioning and keeps the mat fresh for longer. Along with this, the company offers an option for customization. The newly launched mat comes with a set of designed drawing stencils, which enables the user to decorate them according to their wish.
Sale of Self-cleaning, Eco-friendly Mats to Remain Key Strategy for Players
Overall yoga mats market is highly fragmented. Along with the international brands, there are many local players offering mats at a very low cost, which is expected to affect the value share of key brands operating in the market. Thus, to target potential customers, leading companies are offering yoga mats with technological advancements.
Few of the manufacturers are also investing and manufacturing eco-friendly products. In, addition, yoga mat manufacturers are shifting their preference towards selling their products online rather than choosing store-based sale channels. This has enabled them to offer products at cost-effective price range.
Yoga mat manufactures are also focusing towards offering products with technological advancement hence, consumers are shifting their preferences towards buying specialized products.
For instance, Blank Yoga is offering self-cleaning, odour resistance yoga mats. These mats are outfitted with an antibacterial mechanism that uses antimicrobial silver salts to prevent odour and germs.
Recently in February 2020, Wellnesys an Indian-based company launched world’s first interactive yoga mat under the brand name of YogiFi. It is a smart yoga mat, which can be connected to any fitness app and one can track and get real-time feedback upon his/ her performance during the exercise.
Some of the major players considered in the report includes Lululemon, Manduka, Tomuno, Adidas, prAna, Yaazhtex, Khataland, Liforme Ltd., Hugger Mugger, Jade Yoga, Dragonfly and Alo Yoga, Inc. among others.
Key Elements Included In The Study: Global Yoga Mat Market
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