Yoga Exercise Mats Market Global Market By Top Key Players, Size, Segmentation, Projection, Analysis And Forecast To 2025

Yoga Exercise Mats Market – 2019-2025

Report Description:

The global yoga mat market size is projected to grow from USD 8.9 billion in 2020 to USD 10.4 billion by 2025, at a CAGR of 3.0% during the forecast period 2020 to 2025. This growth can be attributed to the rising popularity of yoga and an increase in the prevalence of lifestyle diseases across the globe. 

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The key players covered in this study
Lululemon
Airex AG
Lotus Design
EuProMed
Manduka PROlite
Jade Yoga
Eco Yoga
Equilibrium DFS
Hugger Mugger Para Rubber
PrAna Revolutionary
Gaiam
Under Armor
HATHAYOGA
Kharma Khare
Hosa Group
Toplus

COVID-19 Impact on the Global Yoga Mat Market

The COVID-19 has had a direct and indirect impact on nearly all the countries across regions, their economic performance, and the distribution channels of all the industries. However, the health sector and its affiliated market have witnessed a positive impact due to the pandemic. The pandemic has positively impacted the global yoga mats market, which is a part of the fitness and healthcare products markets. This has been made possible by the enhanced e-commerce activities of millions of consumers globally.

According to numerous consumer psychologists, people around the world have been purchasing items based on three needs: to protect, entertain, and connect. Since gyms are closed, people have become more creative about their exercise routines, utilizing a part of their home space for yoga-practicing purposes. In addition, as per the data from Amazon, yoga mats are ranking high among Amazon’s bestselling products. The average category ranking of yoga mats has increased from 45th, in the second week of December 2019, to 18th in the second week of March 2020, which has been its highest ranking in a year. On the above chart, a lower data point signifies a higher ranking.

Furthermore, the global yoga mats market is projected to witness steady growth, even after the pandemic subsides, majorly due to the increase in awareness regarding the healthy lifestyle among people around the world.

Yoga Mat Market Dynamics 

Driver: Rise in popularity of Yoga

Yoga has become increasingly popular over the past few years. Based on yoga statistics worldwide, yoga has been listed among the 10 most popular fitness activities in the world. The Worldwide Survey of Fitness Trends for 2018 lists yoga among the “hottest fitness trends” in the world for that year. The United Nations General Assembly declared June 21 as the International Yoga day, as yoga is becoming popular among individuals across regions. The word “yoga” is among the 15 most popular words in the UK. The Sports Council of the UK, recognized the British Wheel of Yoga as the national governing body for ancient practice in the UK. According to the International Yoga Federation, there are nearly 300 million people who practice yoga in the world. According to Statista, between 2012 and 2016, the number of Americans practicing yoga increased by 50%. According to Eventbrite, an average yoga practitioner spends nearly USD 90 per month on yoga. This means they would spend nearly USD 62,000 in their lifetime on yoga classes and equipment. Every year, Americans spend a total of USD 16 billion on yoga classes, equipment, clothing, and accessories. The rise in the practice of yoga has led to a surge in demand for specialized equipment and accessories such as yoga mats. Hence, the rise in popularity of yoga is projected to drive the growth of the yoga mat market.

Restraint: Volatility of raw material prices

Polyvinyl Chloride (PVC), Thermoplastic Elastomer (TPE), Polyurethane (PU), and Natural Rubber, among others, are the majorly used materials to manufacture yoga mats. Polyvinyl Chloride (PVC), Thermoplastic Elastomer (TPE), and Polyurethane (PU) are the polymers derived from oil. Hence, the yoga mat industry is indirectly dependent on crude oil prices. As oil is a commodity, it tends to witness increased fluctuations in prices. Fluctuating commodity prices witness a significant impact on the cash flows and earnings of companies in their ecosystem. Volatility in oil prices has increasingly affected various companies, ranging from retailers to manufacturers of plastics, such as Polyvinyl Chloride. Over the past five years, the price of plastic has increased from USD 1,086/MT (metric tonne) to more than USD 1,662/MT. Such variations impact the company’s earnings, profit, net income, or earnings per share (EPS). Raw material suppliers are struggling to earn a profit, and yoga mat suppliers and OEMs are focusing on raising prices, however, suffering losses and a decrease in customer base. Hence, volatility in raw material prices acts as a restraint in the growth of the yoga mat market.

Opportunity: Use of eco-friendly and biodegradable materials

As yoga enthusiasts prefer spending on healthy, comfortable, and environment-friendly products and services, major companies, such as Manduka, Prana, Yoloha, Jade Yoga, and Tomuno, among others, are focusing on utilizing components that dispense low carbon emission levels during the manufacturing process. Moreover, stringent government regulations across regions have encouraged manufacturers to invest in environment-friendly components for developing yoga mats. In order to align with stringent government regulations, yoga mat manufacturers are shifting their focus from utilizing PVC materials to thermal plastic elastomer (TPE) materials, and others such as natural rubber, cotton, and jute.

For instance, leading yoga mat companies, such as Dragonfly Yoga, are diverting their investments toward developing eco-friendly and lightweight yoga mats to offer biodegradable and eco-friendly solutions. The company utilizes thermal plastic elastomer as an alternative to PVC in order to offer UV-resistance, latex-free, recyclable, and phthalate-free yoga mats. In addition, the incorporation of TPE components in yoga mats also offer water-proof and skid-proof features.

Prana is the first North American apparel brand to produce Fair Trade-certified clothing, which has developed a 100% organic cotton, with recycled material for yoga mats. The material is UV-resistant, and its closed-cell construction prevents germs from absorbing into the mat. In addition, leading companies, such as Manduka, are focusing on developing a range of environment-friendly and non-toxic yoga mats, including eKO Lite Mats. These mats are manufactured using rubber from natural resources and biodegradable components as an alternative to PVC materials. Due to the robust grip and safe and comfortable features, these yoga mats are attracting the attention of yoga enthusiasts and their competitors. These factors are projected to create new growth opportunities for manufacturers in the yoga mat market.

Challenge: Availability of alternatives to yoga mats

A yoga mat provides a surface that is supportive and has a good grip, making the practice more accessible overall. The grip or stickiness of a yoga mat is probably the most important factor, due to which it witnesses increased use. Although many fitness enthusiasts practice yoga at home, particularly in South Asian countries, such as India, and do not feel the need to practice yoga on a yoga mat. Instead, they use alternatives, such as woven carpets, grass lawns, wooden floor, bathmat, or a big rock, among others, as far as they meet the same purpose. In addition, buying a premium quality mat can be costly, and fitness enthusiasts may not be prepared to spend that amount right at the beginning. This poses a major challenge for manufacturers, impacting the growth of the yoga mat market.

Based on end-use, the personal segment accounted for the largest market share in 2019

By end-use, the personal segment accounted for the largest market share in 2019. Yoga mats witness increased adoption for at-home workouts, as they are used as heat protectors, absorbing wipes, in garden laying, and other recreational activities. Yoga mats offer more than basis functionalities, due to which their consumption has been steadily increasing in the consumer market. Due to COVID-19-enforced lockdowns, individuals have been forced to stay inside their own houses, and all outdoor recreational activities at public places, such as studios and gymnasiums, were closed for a major part of 2020. This has led to high demand for home fitness products among consumers. ICON Fitness, the company that owns Nordictrack, Proform, and iFit, announced an increase of 600% in sales in April in the US. Similarly, an increase in home workout sessions is projected to increase, thereby driving the adoption of yoga mats during 2020.

Based on distribution channel, the e-commerce segment accounted for the largest market share in 2019

By distribution channel, the e-commerce segment accounted for the largest share of the yoga mat market in 2019. E-commerce distribution is widely used for expanding business activities, through which products can be sold to customers without the need for a retail shop. This distribution channel has been growing due to the advancements in technology and internet accessibility. Businesses have been able to reach their potential customers by setting online stores where the products offered by manufacturers can be accessed globally. This channel includes online marketplaces, such as Amazon, Walmart, and eBay, along with third-party e-retailers who provide business merchandising online. Fitness products, such as yoga mats, witnessed a high demand due to the COVID-19-enforced lockdown of health clubs and gymnasiums. This has led to an increase in the expansion of e-commerce distribution channels and demand for fitness products.

Based on material, the Polyvinyl Chloride segment accounted for the largest market share in 2019

By material, the Polyvinyl Chloride (PVC) segment accounted for the largest share of the yoga mat market in 2019. PVC is used for manufacturing yoga mats as it is cheaper than other polymers, provides flexibility, durability, and is also easier to wash, in comparison to other materials. Hence, PVC is preferred for manufacturing low-cost yoga mats. The use of PVC yoga mats is observed to be higher in developing countries, such as India, Brazil, Argentina, and Mexico. 

Asia Pacific accounted for the largest share of the yoga mat market in 2019

Asia Pacific accounted for the largest share of the yoga mat market in 2019. The large market share is due to the increasing popularity of yoga in countries such as China, Japan, Thailand, and Australia, among others. India accounted for the largest share of the yoga mat market in the Asia Pacific region. Yoga was originated in India and is practiced on a wider scale. The government of India has also undertaken various initiatives to promote the benefits of yoga in the country. For instance, the International Yoga Fest (IYF) is being organized by the Union Ministry of AYUSH every year since 2016. The 1st International Yoga Fest was held from 20-22 April 2016, and the second one was held from 8 March to 9 March 2017. The popularity of yoga, along with the increase in government initiatives to promote yoga, is expected to drive the yoga mat market in the country. 

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Scope Of Report:

Table of Content:

1 Study Coverage

2 Executive Summary 

3 Breakdown Data by Manufacturers 

4 Breakdown Data by Type 

5 Breakdown Data by Application 

…

11 Company Profiles 

12 Future Forecast 

13 Market Opportunities, Challenges, Risks and Influences Factors Analysis 

14 Value Chain and Sales Channels Analysis 

15 Research Findings and Conclusion

16 Appendix 

Continued …

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