Yoga Accessories Market To Grow By $6.55 Bn (2024-2028), Driven By Product Innovation & Premiumization
The global yoga accessories market size is estimated to grow by USD 6.55 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.91% during the forecast period. Product premiumization due to more innovation in yoga accessories is driving market growth, with a trend towards growing enrolment in fitness and health clubs. However, fluctuating raw material prices pose a challenge. Key market players include Adidas AG, Barefoot Yoga Co., Body Solid Inc., Decathlon SA, Hugger Mugger Yoga Products LLC Inc., JadeYoga, La Vie Boheme Yoga, Liforme Ltd., lululemon athletica Inc., Manduka LLC, Merrithew International Inc., New Balance Athletics Inc., Nike Inc., NoCoast Beer Co., OPTP, Padma Seat, Trimax Sports Inc., Yoga Direct LLC, Yogamatters Ltd., and YogiKuti Pvt. Ltd..
Key Market Trends Fueling Growth
The health and fitness industry has seen significant growth in recent years. With an increasing number of memberships and the establishment of new clubs worldwide. This trend is driving the demand for yoga accessories. These products are essential for various fitness activities offered in these clubs. Health and fitness clubs, such as Planet Fitness, YMCA of the USA, Life Time Fitness, Anytime Fitness, and ClubCorp, have been expanding their offerings to attract customers with exclusive packages and discounts.
As a result, the sales of yoga accessories are expected to increase in line with the growth of these clubs during the forecast period. With the rising focus on health and fitness, the number of health and fitness clubs in the US has grown by over 18% between 2012 and 2017. This growth in memberships has led to an increased demand for yoga accessories to support a range of fitness activities, including weight training, limbering down, and yoga.
Market Challenges
The yoga accessories market is currently facing challenges due to the volatile prices of key raw materials. Manufacturers, such as lululemon athletica, are experiencing profit margin fluctuations as a result. The prices of synthetic fibers, like polyester, are particularly affected. This volatility makes it difficult for manufacturers to anticipate costs and maintain profitability. Furthermore, price-conscious consumers prefer affordable yoga accessories, limiting the sales potential and revenue of global market players. This situation puts pressure on manufacturers to keep costs low, potentially compromising product quality. Overall, the unpredictability of raw material prices poses a significant challenge to the growth of the global yoga accessories market.
Research Analysis
The yoga accessories market is thriving due to the growing popularity of yoga as a healthy lifestyle activity for people of all ages and abilities. From beginners to advanced yoga practitioners, these accessories play a crucial role in enhancing the yoga experience. They include mats made of grass or eco-friendly materials for those who prefer a natural surface, as well as mud mats for those with physical disabilities or injuries. Yoga props such as blocks, straps, and blankets provide support and help with various yoga poses, reducing the risk of injuries.
Product design innovation, celebrity endorsements, and personalization are key trends driving market growth. Low-cost alternatives and seasonal demand also influence market strategies. Yoga accessories offer numerous health benefits, including improved flexibility, strength, and balance, as well as relief from illnesses such as high blood sugar and other healthcare and fitness issues. Whether you’re a yoga enthusiast or just starting out, there’s an accessory to suit your needs.
Market Research Overview
Yoga accessories have become an essential part of practicing this ancient art, providing comfort, support, and enhancement for various poses. With the rising health consciousness, yoga has gained immense popularity among beginners and practitioners alike, regardless of physical disabilities. Yoga props like mats, blankets, bolsters, and pillows help align the body correctly, reducing injuries and easing muscle tension on the spine. Natural raw materials like grass, mud, and cork have given way to synthetic alternatives such as Nylon, Plastic, and Polyurethane. The e-commerce boom has made yoga accessories more accessible, with brands offering high-quality, recyclable, and natural rubber options. Key benefits of yoga accessories include personalization, product design innovation, and seasonal demand. However, high-level competition and limited knowledge about the right props for specific illnesses like diabetes, cardiovascular problems, and obesity pose a challenge.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends. This provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports. This count covers 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Disclaimer: The above content is originally posted on prnewswire.com. We have reposted the article. The relevant information is provided by Technavio. All credit goes to their respective Copy Right Holders. ( Technavio )
Source Link: www.prnewswire.com
