– Multiple health benefits related to yoga and celebrity endorsements & promotion of yogic practices drive the growth of the global yoga market
PORTLAND, Ore., Oct. 7, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Yoga Market by Type (Online Yoga Course, Offline Yoga Course, and Yoga Accreditation Training Programs): Global Opportunity Analysis and Industry Forecast, 2021–2027.” According to the report, the yoga industry generated $37.46 billion in 2019, and is expected to generate $66.22 billion by 2027, witnessing a CAGR of 9.6% from 2021 to 2027.
Prime determinants of growth
Multiple health benefits related to yoga, celebrity endorsement & promotion of yogic practices, and initiation of international yoga day and other supportive government initiatives drive the growth of the global yoga market. However, presence of other alternatives including fitness centers, multi-specialty gym, and therapy classes and surge in number of yoga accidents hinder the market growth. On the other hand, mental benefits to deal with a hectic lifestyle and increase in stress present new opportunities for the market across the world.
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The demand for yoga exercises increased with the outbreak of Covid-19 as governments of many countries enforced lockdown to curb the spread and people needed to stay fit by exercising at home. As yoga can be practiced in confined spaces, it was one of the most preferred exercises during the lockdown.
Online yoga courses surged significantly as yoga studios were closed and people needed guidance and expertise of trainers and experts to carry out yogic exercises and meditation techniques.
During the post-lockdown period, many studios have been reopened and yoga practice has been taking place by maintaining proper hygiene and social distancing. The demand for offline course has increased to stay fit and boost immunity.
The offline yoga course segment to maintain its lead position during the forecast period
Based on type, the offline yoga course segment contributed to the largest market share in 2019, holing more than three-fourths of the global yoga market share, and is projected to maintain its lead position during the forecast period. This is attributed to availability of private sessions for practicing yoga and meditation, attention to details given by instructors, and well-maintained ambiance. However, the online yoga course segment is expected to grow at the highest CAGR of 12.3% from 2021 to 2027, owing to convenience provided by online courses and the outbreak of pandemics such as Covid-19, enforcing people to stay home and carry out exercises.
North America to continue its dominant share in terms of revenue by 2027
Based on region, North America accounted for the highest market share, accounting for nearly two-fifths of the global yoga market in 2019, and is expected to continue its dominant share in terms of revenue throughout the forecast period. This is due to increase in popularity of yoga practices, rise in number of yoga studios in the U.S., and rise in sales of yoga gear at different studios. However, Asia-Pacific is estimated to register the highest CAGR of 10.8% during the forecast period, owing to rich yogic culture in countries such as India, authentic knowledge across the Indian subcontinent, and huge number of yoga schools across the region.
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