The yoga industry has really come into its own in recent years. It’s benefited from numerous headwinds and complimentary trends, like the growth of boutique fitness and rise of athleisure. So, what’s next for the global yoga market and how can you tap into the (spoiler alert) rising tide?
In this article – we explore the latest yoga industry statistics, market data, and trends, then analyse what it means for the future.
Yoga Industry Growth
The yoga industry is worth over $88bn worldwide and expected to reach $215bn by 2025. That’s a compound annual growth rate (CAGR) of 11.7%! And that’s just studios, once you account for retreats, clothing, mats, blocks, and other accessories, the global yoga market is worth well over $130bn.
- USA – the American yoga market is worth £12bn and growing at a rate of 9.8% annually. (IBIS World)
- UK – the market is worth £908m and growing at a modest 2% each year. (IBIS World)
- China – yoga-related revenue in China was 25.4 billion yuan ($3.6bn/£2.9bn) in 2017 and was expected to reach 46.8 billion yuan ($6.6bn/£5.3bn) in 2020. (Statista)
- Australia – the industry is worth $621m and growing 2.2% each year. (IBIS World)
There are 41,079 yoga studios in the USA, 4930 in the UK, and 3912 in Australia. But, as with other areas of the fitness industry, it’s the Asia Pacific region that’s expected to see the highest growth over the coming years.
Let’s look at some of the yoga market sectors beyond traditional studios…
- Apparel – the yoga clothing market is worth $31.3bn globally and expected to grow at around 6% CAGR.
- Equipment – the yoga mat industry generates $13bn worldwide and continues to grow.
- Tourism – the wellness tourism market, which includes yoga retreats, is projected to reach $919 billion by 2022.
Trends in the Yoga Industry
Yoga has a long and rich history but it’s not been left behind like other fitness trends. It continues to adapt and evolve, keeping pace with current times. According to Google data, new yoga trends include goat yoga, yin yoga, aerial yoga, and YouTube yoga. Could your business tap into these opportunities?
Yoga features consistently in the top 20 fitness trends compiled by the ACSM annually. However, it dropped to number 15 in 2021, down from 7 just two years previously.
So, although the market research predicts that it’s a growth area, other exercise trends are currently proving more popular.
The yoga pants trend and mainstreaming of athleisure looks set to continue, although at a slower pace than previously. Sportswear hit the height of fashion a few years back and is no longer as trendy as it once was. But the trend towards owning yoga pants in statement colours or bold patterns continues to drive sales.
We’re also seeing the same yoga fashion trends impact the mat industry. This sector has exploded in recent years as these products increasingly become a style accessory and not just equipment. Mats are available in a huge range of colours, patterns, and even custom designs.
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Yoga Industry Analysis
It may seem like yoga is a wellness growth industry as it’s everywhere these days. But we’d argue that this growth is actually being driven by other trends – the rise of boutique fitness studios, athleisure, home workouts, and meditation are just a few.
This Google trends graph shows that in the US, interest in yoga has actually decreased over the last five years. However, it’s been stable over the last 12 months which indicates that this decline is now plateauing. In case you’re wondering, those annual peaks are in January and driven by new years resolutions.
However, when we look at the global interest, we can see that it looks pretty consistent. There are the same January peaks along with ones in June, most likely related to International Yoga Day.
It’s also worth noting another peak in March 2020 indicating that coronavirus has spiked interest in doing yoga. This may be people looking at ways to stay healthy and active during the lockdown or deal with the generally stressful situation.
One thing remains true no matter which month of the year it is – yogis spend a lot of money on their hobby. According to research by the Yoga Alliance, a typical yogi will spend $62,640 on classes, workshops, and accessories over their lifetime. This equates to about $90 per month, almost half of which is just on classes. There’s clearly a huge opportunity to serve this dedicated audience and generate a strong income in the process.
How Will Coronavirus Affect The Industry?
We don’t have a crystal ball, but here are our five predictions for how coronavirus may impact the yoga industry…
- Immediate effect – we’re already seeing increased interest in home yoga workouts driven by lockdowns around the world. This is likely to continue after restrictions are lifted, although with reduced demand compared to current conditions.
- Short-term – unfortunately, some studios will go out of business. This will be influenced by their financial situation, the amount of government support available to them, and whether they can secure agreements with their landlord, creditors, etc.
- Medium-term – customers will be hesitant to return to studios initially, due to concerns over catching the virus. People will be less willing to be in enclosed spaces or have physical contact than they previously were. They may also have less money to spend on memberships, clothing, and accessories, and so on due to the economic recession, loss of jobs, and reduction in disposable income.
- Long-term – yoga studios will bounce back. People visit them for an experience – like a spa on a budget. They enjoy the serene atmosphere, sandalwood scents, and minimalist decor. This isn’t something that can be replicated at home so studios shouldn’t fear that YouTube workouts will canabalise their sales.
- Longer-term – domestic yoga tourism will also recover as travel restrictions and underlying concerns mean more people seek to holiday in their home country. However, it’s unclear whether international yoga tourism will return to its previous growth trajectory, given predictions for the travel industry as a whole are looking downbeat.
So, there you have our roundup of the latest yoga trends, market situation, and industry predictions. While there are many factors that influence this sector, the signs look positive for a quick rebound following coronavirus and continued growth in the coming years.
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Note: Data is correct at the time of publishing, but it’s important to do your own local research when making business decisions.