Yoga Market Expected to Reach $66.2 Billion by 2027—Allied Market Research
Pune, Maharashtra, India, September 22 2020 (Wiredrelease) Allied Analytics :According to a new report published by Allied Market Research, titled, Yoga Market by Type: Global Opportunity Analysis and Industry Forecast, 20212027, the global yoga market size was $37.5 billion in 2019, and is projected reach $66.2 billion by 2027, registering a CAGR of 9.6% from 2021 to 2027 The offline segment dominates in terms of market share; however, the online segment is expected to register the highest CAGR during the forecast period.
Yoga is a combination of spiritual, physical, and mental discipline originated in India. It is a holistic discipline based on an extremely subtle science, majorly focusing on bringing harmony between body and mind. Yoga is well-known for promotion of health, management, disease prevention, of many lifestyle-related disorders. In addition, practicing yoga improves strength, flexibility, breathing lung capacity, and posture. It thus aids in managing anxiety, stress, depression, and other chronic diseases.
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The yoga industry is witnessing rapid growth, particularly in North America and Asia-Pacific. The yoga practitioners is expected to cross 350 million by the end of this decade. Furthermore, the ongoing COVID-19 outbreak has bolstered the enrollment for yoga classes particularly virtual yoga programs around the world. This is attributed to the fact that yoga aids in immunity enhancement and stress management. As a result, humans from all walks of life and age are practicing yoga.
With focus on yoga and advancements in technologies, stakeholders in the industry are venturing into online or virtual yoga programs. Various online yoga platforms have emerged multifold amidst this pandemic. Moreover, offline players are providing virtual classes to untap colossal opportunity arising due to widespread lockdown and social distancing norms. Considering highly infectious nature of virus and no sign of immediate recovery, the global wellness industry is transforming rapidly with much of the focus on high-quality, easy to understand, and interactive virtual yoga content. Though offline classes were the major revenue contributor to the market, ongoing pandemic has certainly augmented the growth of such online platforms.
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Recent years have seen increased traction toward hybrid form of yoga. For instance, yoga sports, yoga surf, yoga cruises, yoga diving, yoga detox, and yoga wine along with the more popular yoga meditation and yoga Ayurveda programs are trending among the practitioners. These programs are highly engaging, interactive, and full of fun, which, in turn, has resulted in increase in enrollments for these programs. This yoga market trend is likely to prevail in the upcoming years with the relaxation of lockdown and social distancing norms.
The global yoga market is analyzed depending on expenditure incurred by the yoga practitioners. The yoga market report covers analysis based on type and geographic prospects. On the basis of type, the market is studied across online yoga course, offline yoga course, and yoga accreditation training programs. Region wise, the global yoga market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings Of The Study
By region, North America dominates in terms of yoga market share and is expected to retain its dominance during the yoga market forecast period.By type, the offline yoga course segment led in terms of yoga market size, in 2019; however, online yoga course is expected to gain market share in the upcoming yearsAsia-Pacific is anticipated to grow with robust CAGR of 10.8% during the forecast period.
Some of the leading players profiled in the yoga market analysis include Alo Moves, Inc., Flyogi LLC., Gaia, Inc., Momo Studio B.V. (Momoyoga), Omstars LLC., One Yoga London, Yoga International, Yogaglo, Inc., Yoga Today LLC, and Yogiapproved LLC.
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