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Yoga & Meditation Products Market

Market Study on Yoga & Meditation Product Market: PMR Foresees a Host of Growth Opportunities Ahead for the Market Participants, Analyzing the Increasing Awareness of Mental and Physical Well-being, and Innovations in Yoga and Meditation Accessories

A Detailed Analysis of the Yoga & Meditation Product Market Highlighting Trends, Consumer Preferences, and Industry Dynamics to Aid in Strategic Decision-Making for Businesses Operating in the Mindfulness and Wellness Sector

Yoga & Meditation Products Market

The european yoga & meditation products market is forecasted to expand at a CAGR of 9.2% and thereby increase from a value of US$ 19,191.1 million in 2023 to US$ 35,535.2 million by the end of 2030.

Attributes

Key Insights

Yoga & Meditation Products Market Size (2023E)

US$ 19,191.1 Million

Projected Market Value (2030F)

US$ 35,535.2 Million

Market Growth Rate (2023 to 2030)

9.2% CAGR

Historical Market Growth Rate (2018 to 2022)

8.7% CAGR

Revenue Share of Top Four Countries (2022E)

45%

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Market Introduction and Definition

The Yoga & Meditation Products (YAMP) market is a growing group of products that aims at improving the accessibility of health and well-being support systems through technological innovation. These products include digital applications as well as wearable devices that help in concise and continuous tracking of vital signs such as blood pressure, pulse, and steps taken. The applications also help in providing holistic plans as per the needs of the individual depending on their health goals, current health conditions, existing medical conditions, time, and equipment available. They showcase step-by-step routines that help novice users in getting into health and well-being activities.

The growing popularity of yoga and meditation activities can be attributed to the increased awareness about the benefits and ease of indulging in yoga and meditation as well as the rising conversations about mental and physical well-being. The ease of usage of devices as they are available in the form of simple mobile applications as well as smart watches has helped in propelling the growth of the yoga and meditation products market. These smartwatches and applications come with in-built settings for various yoga routines as well as custom options where you can input your routine and get information regarding your body functions, calories burnt, and time spent some applications also help in keeping track of calories and food consumption. They also help in around-the-clock monitoring that helps users to track and adjust their daily routines.

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Market Growth Drivers

Increased Awareness Of Mental And Physical Health Well-Being

The increased emphasis on the importance of physical and mental well-being amongst people is a major factor in the growth of the yoga and meditation industry. Studies that show the holistic benefits of yoga on both mind and body have helped in propelling yoga and meditation into fitness regimes. The inclusion of yoga settings in fitness tracking applications as well as the addition of yoga classes in gyms has helped in increasing awareness about the benefits of yoga and meditation among the growing number of fitness enthusiasts. The shifting focus to better physical fitness post-COVID has also seen a shift in trends where users have increased the use of applications and wearables to track their activities. These self-sufficient and easy-to-use applications show users how to start and become experts at yoga at minimal or no costs to attract new users and at the same time give them the freedom to perform at their comfort and pace.

In addition, the growing young population is also attracted to wellness retreats that help them take vacations and at the same time help them recalibrate their body and mind to become healthier. Social media has also played a big role in promoting yoga as a healthy lifestyle option with influencers and celebrities endorsing the ease and varied benefits of doing yoga. The surge in diseases and studies that show positive effects of daily yoga on these issues has also penetrated the slightly older population.

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Market Restraints

Lack Of Information On Yoga And Meditation Practices

The yoga & meditation products market is confronted with specific limitations despite their considerable potential. The lack of experienced professionals is a major drawback for people trying to get into yoga. Users belonging to the older generation who are not technologically driven can also pose a threat to the growth of the wearables and applications market. The cost of engaging a yoga instructor or finding sustainable and durable equipment and accessories can also prove as a setback for the growth of the industry.

Market Saturation Due to Lack of Innovation

Yoga and meditation as a form of health and wellness approach are limited in their performance. The emergence of multiple applications and devices has saturated the market with similar performance parameters. Innovation in terms of how the devices and applications perform has become restricted due to the high number of players and slow growth of users. This coupled with the rise of alternatives to yoga which are more prevalent in the fitness industry will pose a challenge for market players in the future.

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Opportunities

Growing Use Of Digital Platforms To Track Well-Being

The use of smartphones for day-to-day activities has increased over the past few years. Making advancements in yoga and meditation products for the technologically sound to improve penetration among the younger population is a key opportunity. Integrated applications that help in controlling mind and body as well as teach the users new and improved ways per their comfort and time will help in increasing the market for yoga and meditation products.

The incorporation of recorded classes and live sessions by experts that can be accessed by users at their comfort with minimal support of equipment and accessories can also help in increasing the market share for yoga and meditation products. These platforms can also help increase visibility engage users in conversation and raise awareness about the benefits of yoga.

Analyst’s Viewpoint

What do our Analysts Predict for the Future of Yoga & Meditation Products Market?

The Yoga & Meditation Products Market is anticipated to undergo substantial expansion and change. As a result of the increased technological expertise, the use of yoga and meditation products is expected to rise. The understanding of mental health and the know-how of how it affects personal well-being, physical health, and professional efficiency is expected to boost the use of yoga as a primary form of maintaining holistic fitness. Moreover, employer focus on employee fitness in terms of both mental and physical capacity will also help in the inclusion and growth of yoga tourism as a form of employee bonding and corporate excursion. The increasing awareness of the benefits of yoga and the ease of how it can be performed in a personal capacity will lead to its inclusion at grassroots levels such as schools and educational institutions, paving the way for future growth of the yoga and meditation products market. Yoga and meditation as a way of community connection will also help boost the market for yoga and meditation products. The future of yoga and meditation products lies in innovation so that the ease of using such products breaks the barriers of age and digital literacy. The geriatric population has to be targeted and included as they can benefit immensely from the positives of yoga and maintain their physical and mental health. Easy modules in the form of videos or one-on-one classes at minimal prices will significantly help in drawing in new users from various backgrounds.

Supply-side Dynamics

Several factors, including the increasing awareness about holistic well-being, digital literacy, and ease of usage of access channels, all contribute to the dynamic and rapid expansion of the yoga & meditation products market. Core Power Yoga, SoulCycle, Peloton Digital, Gold’s Gym, YogaGlo, Alo Moves, and POPSUGAR Fitness are market leaders in the product sector. Countries such as the UK are major players in the innovation of yoga and meditation products.

Several corporations are allocating resources toward expanding their catalog to satisfy the increasing need for yoga and meditation products. It is anticipated that these expansions will substantially alter the dynamics of the market, resulting in heightened competition, reduced prices, and an influx of innovative products. As yoga and meditation products change to meet all kinds of minute criteria that entail physical and mental fitness, the outlook and approach to holistic well-being will flourish.

Market Segmentation

Which Product Type Is Expected to Benefit the Most from Revenue Generation?

Extensive Sales for Wearables Due to Primary Usage Factors

The wearables segment is expected to hold the bigger revenue in the product segment due to lower price points and a wider range of products as compared to devices. The wearables are primary essentials to indulge in yoga and meditation. It consists of products such as clothing, accessories, and trackers. The emergence of eco-friendly and sustainable athleisure which doubles as daily use wear which provides comfort as well as performance is expected to boost the market for wearables. Additionally, the device category is anticipated to grow at the fastest rate. There has been an increase in the use of technology for yoga and meditation. These gadgets can monitor a number of parameters, including heart rate, respiration patterns, and even offer guided meditation sessions. There has been an increase in sales for fitness trackers and smartwatches that support these activities.

What End-User Will Be Targeted the Most?

Highest Percent Share Attributed To Residential Due To Increased Awareness About Personal Well-Being

The end-user segment includes residential, corporate and schools, infotainment, and others. Amongst these, residential is expected to grow the most as the awareness among individuals regarding mental and physical health and the positive impact of yoga and meditation on the same rises. The increase in the number of yoga classes in residential complexes, at minimal costs, and the ease of attending one as compared to going to a gym as an alternative, is also expected to boost the market. Moreover, communal connection as a way of releasing work stress is also expected to support the use of yoga as a way of improving well-being. Additionally, the corporate and schools segment is anticipated to grow at the fastest rate. A growing number of businesses were introducing yoga and meditation into their wellness initiatives as a way to support staff members' mental health and lower stress levels. Offering yoga courses, meditation sessions, and associated items to employees was a common corporate wellness effort.

Which Distribution Channel to be Focused on the Most Regarding Sales?

Online Sales Channels To Help Increase Sales Due To Easy Of Availability

The distribution channel segment is divided into online retailers, direct sales, modern trade, departmental stores, specialty stores, independent small stores, and other channels. The online retailer’s segment is expected to showcase the highest sales due to the availability of a large variety of products, at differing price points, which are available at a single point of sale. The high speed of delivery and efficient supply chain of online retailers that ship and deliver products on the same day have helped in growing segment sales. Moreover, the direct sales segment is anticipated to grow at the fastest rate. The use of yoga and meditation has expanded as a result of growing knowledge of the advantages these practices provide for both physical and mental health. The demand for associated goods and accessories from direct sales has been boosted as a result.

Top Regional Markets

Why is the UK Emerging as a Dominating Region?

Presence of a Holistic Healthcare System Fuel Growth for Easier Market Adoption

The holistic approach by the UK healthcare industry and its rising focus on mental well-being is expected to help in capturing the market in the region. The increase in awareness-building initiatives to improve overall health is also expected to boost the yoga and meditation product market. Moreover, the yoga and meditation manufacturing industry are booming in the country, which has helped in market capture. The inclusion of mindfulness campaigns by corporates and schools has also helped in spreading awareness about yoga.

What Opportunities Lie in Spain for Players?

Increase In Awareness And Yoga Tourism To Advance Growth

Spain exhibits the most rapid growth rate in the market for yoga & meditation products. A rise in awareness of chronic illness and the positive effects of yoga and meditation on the same has helped in the growth of the market in the country. Lack of accessibility and information about yoga and meditation practices was a hindrance to the growth of the market in the region but the increased adoption of wellness into tourism has benefitted the region which functions highly on tourism footfall.

Competitive Intelligence and Business Strategy

Prominent organizations, including SoulCycle, YogaGlo, and Alo Moves are at the vanguard of this sector, providing inventive solutions by capitalizing on their market knowledge prowess and vast experience in the health and fitness industry. Organizations operating within this sector prioritize inclusive catalogs, competitive pricing, and user experience improvement. These businesses make substantial R&D investments to create routines and content to attract and engage users. Additionally, they establish collaborations with healthcare associations as well as influencers to increase awareness about their products. Furthermore, to contend with the increasing market that is primarily motivated by concerns regarding all-round health and well-being, they must distinguish their products through the implementation of user-friendly interfaces and personalized health insights.

To distinguish themselves in this highly competitive market, these businesses strive to differentiate their products. They achieve this by providing distinctive plans, expert interactions, and more extensive health observations. Additionally, they might prioritize customization, enabling users to adapt the system to their health requirements and personal preferences.

Key Recent Developments

New Product Launch

Yoga Anytime is an established player in the yoga classes market, which helps people maintain a routine by providing different yoga sessions depending upon factors such as the season and style of yoga that one engages in. In September 2023, Yoga Time engaged in a collaboration with Oura Ring, a health and sleep tracking device worn on one’s finger.

Market Impact: Collaboration will probably help in the accurate monitoring of one’s vitals and help curate routines that are best fit to tackle problems indicated by health indicators. This will help in the expansion of such features in upcoming wearables and applications that will help users identify, understand, and rectify their mental and physical problems, without switching around on different platforms.

Glo, a yoga and fitness platform that has been functioning for the last 15 years has launched its new program called Daily Mindfulness. This new offering aims at giving out curated small sessions to make meditation and mindfulness a daily routine to have better over results in terms of fitness.

Market Impact: The inculcation of mental and physical checks daily that can be curated according to the user’s time and availability will help in the expansion of the user base that is interested in yoga and meditation products as they become more accessible.  

Yoga & Meditation Products Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • Europe

Key Countries Covered

  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain

Key Market Segments Covered

  • Product Type
  • End-use
  • Sales Channel

Key Companies Profiled

  • Core Power Yoga
  • Equinox
  • Gold’s Gym
  • Lifetime Fitness
  • SoulCycle
  • Headspace
  • YMCA
  • Obe Fitness
  • Peloton Digital
  • POPSUGAR Fitness
  • Yoga Anytime
  • YogaGlo
  • Alo Moves

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

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Yoga & Meditation Products Market Research Segmentation

By Product Type:

  • Wearables
  • Devices

By End User:

  • Residential
  • Corporate and Schools
  • Infotainment
  • Other End Users

- Companies Covered in This Report -

  • Core Power Yoga
  • Equinox
  • Gold’s Gym
  • Lifetime Fitness
  • SoulCycle
  • Headspace
  • YMCA
  • Obe Fitness
  • Peloton Digital
  • POPSUGAR Fitness
  • Yoga Anytime
  • YogaGlo
  • Alo Moves

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 9.2% during the projected period.

The Yoga & Meditation Products market was valued at USD 19,191.1 million in 2023.

The UK held the largest market share in 2023.

The prominent players in the market are Core Power Yoga, SoulCycle, Peloton Digital, Gold’s Gym, YogaGlo, Alo Moves, Yoga Anytime, and POPSUGAR Fitness, among others.

The wearables segment is expected to grow at the fastest growth during the forecast period.

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