The global yoga mat market is estimated to reach USD 17.32 billion by 2025 and is projected to grow at a CAGR of 5.8% from 2019 to 2025, according to a new report by Million Insights. The rising popularity of yoga particularly in countries such as China, the U.S., and the U.K. is projected to propel the demand for yoga mats. Moreover, government authorities are taking up initiatives to promote the Ayurveda, and yoga, which, in turn, is expected to boost the demand for the product.
Polyvinyl chloride (PVC) type mats have dominated the yoga mat market with a share of over 40.0% in 2018, owing to their low price, and high efficiency. Although, manufacturers are now focused on producing mats using biodegradable and eco-friendly materials such as thermoplastic elastomer (TPE), and rubber. Due to the stringent policies by the government on the usage of plastics, the rubber segment is projected to grow at a significant rate in the coming few years.
In 2018, the specialty stores channel held the largest market share in the overall market. Rise in the number of specialty stores in the countries such as Australia, U.S and China are positively attributing to the segment growth. Further, these stores have a wide range of product availability and customers find it easy to get the products of their desire. The online segment is anticipated to grow at a significant rate over the forecast period owing to the increasing number of e-commerce stores and growing trend of multi-channel retailing.
North America held the largest market share in 2018, and the region is expected to continue its dominance over the forecast period. Increasing awareness about benefits of yoga has led to a rise in awareness among people. Additionally, the increase in number of yoga studios in the regions is expected to proliferate the product demand. Asia Pacific, on the other hand, is projected to register the highest growth rate over the forecast period, largely because of increasing government initiatives to promote yoga in emerging countries including India.
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Further key findings from the report suggest:
• North America is anticipated to lead the market over the next few years, owing to the growing popularity of yoga among consumers.
• Based on the distribution channel, online segment is projected to grow at the highest rate over the forecasted period.
• Asia Pacific is projected to grow at the CAGR of 7.3% during the forecasted period.
• Major players in the market are Manduka, Hugger Mugger; Jade Yoga; Alo Yoga, Inc., and Tomuno.
Million Insights has segmented the yoga mat market based on material, distribution channel, and region:
Yoga Mat Material Outlook (Revenue, USD Million, 2015 - 2025)
Yoga Mat Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Specialty Store
• Departmental Store & Hypermarket
Yoga Mat Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa