Yoga Mat Market size is set to grow by USD 2.87 billion from 2024-2028, Product premiumization owing to more innovation in yoga accessories boost the market, Technavio

NEW YORK, June 24, 2024 /PRNewswire/ -- The global yoga mat market size is estimated to grow by USD 2.87 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.5% during the forecast period. Product premiumization owing to more innovation in yoga accessories is driving market growth, with a trend towards increasing focus on using sustainable raw materials. However, inconsistent pricing of raw materials poses 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, Second Earth Pty Ltd., Trimax Sports Inc., Yoga Direct LLC, Yogamatters Ltd., and YogiKuti Pvt. Ltd..

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Market Driver

The global yoga mat market is experiencing growth due to the rising demand for eco-friendly and sustainable yoga apparel and accessories. Manufacturers prioritize using natural and recyclable raw materials, such as natural rubber, PER, jute, and cotton, to minimize environmental impact. Companies like Manduka LLC and JadeYoga adopt eco-friendly manufacturing processes, using materials like natural rubber in their products. However, the increasing demand for natural rubber may lead to higher import prices, impacting profit margins. To mitigate this, manufacturers can source raw materials from countries like India and China, which have the capacity to meet global demand. Consumers prefer eco-friendly mats due to their sustainability and lower carbon footprint, leading to increased market growth.

The yoga mat market is experiencing significant growth with increasing trends towards health and wellness. Bodies and minds seek tranquility and flexibility, leading to the demand for high-quality mats. Exercises like yoga, Pilates, and stretching require proper mats for effective practice. Flexibility and durability are key considerations for consumers. Techno-grips and closed-cell mats are popular choices due to their stickiness and resistance to sweat. Heavier mats offer more stability, while lighter ones provide portability. Brands offer a variety of colors and designs to cater to personal preferences. The market is expected to continue growing, making it an exciting space for businesses.

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Market Challenges

• The yoga mat market faces challenges due to price fluctuations in key raw materials, rubber and plastic. Historical price volatility in rubber, as seen in China from 2010 to 2014, impacts manufacturers' profit margins. Major importers like the US and Canada source natural rubber primarily from Indonesia, Malaysia, and Thailand. These countries' decision to reduce exports in 2017 may increase costs for manufacturers, but the lag between cost increases and price adjustments can negatively impact profitability. Price-sensitive consumers prefer affordable mats, limiting revenue growth for global brands. These factors pose significant challenges for the yoga mat market.
• The yoga mat market faces several challenges in the current business environment. Keywords such as fines, regulations, and trademark issues are becoming more common. For instance, there are ongoing disputes regarding the use of certain logos and trademarks in the industry. Additionally, the increasing cost of raw materials like rubber and PVC is a significant challenge for manufacturers. Furthermore, the competition is intense, with many players offering similar products at competitive prices. To stay ahead, companies must focus on innovation, such as creating eco-friendly mats or introducing new designs. Another challenge is the growing demand for affordable mats, which requires manufacturers to find ways to reduce production costs without compromising quality. Overall, the yoga mat market is dynamic and requires constant adaptation to remain competitive.

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Segment Overview

This yoga mat market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. End-user
• 2.1 Personal
• 2.2 Health clubs
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline- The yoga mat market comprises various retail formats, including pharmacies, monobrand stores, department stores, hypermarkets, supermarkets, and specialty stores. Monobrand stores, owned by product manufacturers, are increasing in number due to their upscale appearance and direct-to-customer sales strategy. Specialty stores offer an extensive selection of yoga mats, while retailers provide product information to attract and retain customers. Offline distribution channels were impacted by the COVID-19 pandemic but have since recovered with the initiation of vaccination campaigns and lifting of lockdowns. Vendors have also implemented free shipping or shipping cost coverage to boost sales.

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Research Analysis

The yoga mat market is experiencing significant growth due to the increasing awareness of the health benefits of regular exercise, flexibility, and body positioning. Energy loss during workouts can be minimized with the use of high-quality mats, such as those made from natural rubber or PVC-free materials. AI technology and digital connectivity are also transforming the industry, offering users personalized yoga assistant apps like YogiFi that suggest Asanas and track strength and flexibility. Injuries can be prevented with proper body warm-up and stretching movements, making yoga mats an essential item for households, health problems, and fitness activities. Travel yoga mats, jute mats, and sticky yoga mats cater to various user needs, making them readily available in hypermarkets & supermarkets and health & fitness clubs.

Market Research Overview

The Yoga Mat Market encompasses the production, distribution, and sale of yoga mats worldwide. These mats are essential for practicing various yoga poses and stretches, providing comfort and grip. The market caters to diverse consumer preferences, offering a range of materials such as PVC, rubber, jute, cork, and hybrid mats. Some mats come with additional features like textured surfaces, biodegradable materials, and adjustable straps. The market is driven by factors like increasing health awareness, growing popularity of yoga, and the convenience of practicing at home. Consumers seek mats that offer durability, comfort, and ease of cleaning. The market is expected to grow significantly in the coming years due to these factors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• End-user
• Personal
• Health Clubs
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and 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 and counting, covering 800 technologies, spanning across 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio