Allied Market Research published a report, titled, “Yoga Clothing Market by Product Type (Top wear and Bottom Wear), End User (Men and Women), and Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, E-commerce, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030″. According to the report, the global yoga clothing industry generated $33.68 billion in 2020, and is anticipated to generate $70.29 billion by 2030, witnessing a CAGR of 7.8% from 2021 to 2030.
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According to the perspective of top-level CXOs, highly stressful and competitive world has resulted in increasing popularity of wellness and health consciousness. As a result, sharp increase in the acceptance of yoga and associated practices around the world has significantly contributed toward the growth of the global yoga clothing market. In addition, rapid urbanization along with myriad of health issues has enforced individuals to incorporate practicing yoga in their daily routine, including but not limited to breathing exercises asana and meditation.
The CXOs further added that the global yoga industry has come up with innovative spectrum of offerings meeting the demands of increasingly tech-savvy consumers. Virtual yoga classes, social media platforms, and yoga tourism are some of the key areas where the engaged stakeholders are continuously investing, innovating, and reaping profits. This is a crucial factor accountable for the growth of the number of yoga practitioners across the globe. Furthermore, the sub-continent of India has played a conspicuous role in proliferating yoga practices on global platforms by developing a unique market position, image, and brand through its rich heritage of indigenous knowledge coupled with strong infrastructure and skilled manpower. These factors are expected to significantly contribute towards the growth of the yoga clothing market.
Key findings of the study
- By product type, the bottom wear segment is estimated to witness the fastest growth, registering a CAGR of 8.1% during the forecast period.
- In 2020, depending on end user, the women segment was valued at $20,520.7 million, accounting for 60.9% of the global yoga clothing market share.
- In 2020, the U.S. was the most prominent market in North America, and is projected to reach $5,855.5 million by 2030, growing at a CAGR of 6.4% during the forecast period.
Prime determinants of growth
Surge in demand from emerging markets, rise in prevalence of obesity, and increase in government initiatives to promote yoga drive the growth of the global yoga clothing market. However, increase in the number of yoga accidents hinders the market growth. On the other hand, promotion of yoga for male practitioners presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has positively impacted the global yoga clothing market.
- People became health conscious and started joining online yoga classes during the pandemic, which in turn, boosted the demand for yoga clothes to a great extent.
The bottom wear segment to maintain its leadership status throughout the forecast period
Based on product type, the bottom wear segment held the highest market share in 2020, accounting for more than half of the global yoga clothing market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in number of yoga studios and health & fitness clubs across the globe. Moreover, the same segment is projected to manifest the highest CAGR of 8.1% from 2021 to 2030. The report also mention top wear segment.
The women segment to maintain its lead position during the forecast period
Based on end user, the women segment accounted for the largest share in 2020, contributing to more than three-fifths of the global yoga clothing market, and is projected to maintain its lead position during the forecast period. This is due to the increased women participation in yoga. However, the men segment is expected to portray the largest CAGR of 8.3% from 2021 to 2030, owing to the rising prevalence of obesity among the men across the globe.
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North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global yoga clothing market. This is due to increase in health awareness and fitness concerns among consumers in North America. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 8.8% from 2021 to 2030. Rise in popularity of yoga has led to many hybrid forms of yoga such as nude, hot, power, goddess, dog yoga, or even snowcap (yoga in snow) adapted to suit requirements of participants. This has significantly boosted the demand for yoga clothing, thereby fueling the growth of the market. Other regions discussed in the report include Europe and LAMEA.
Leading Market Players:-
Nike
Puma
Asics
Under Armour, Inc.
Adidas
Lululemon Athletica
Manduka
Prana
Hugger Mugger
Aurorae Yoga, LLC
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