YOGA ACCESSORIES MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics

• Major growth driver for global yoga accessories market is increasing popularity of yoga. According to Yoga Journal report, in 2016, 36.7 million people practice yoga in the U.S. In 2017, U.S.’s yoga market was valued at around US$ 16 billion, which included yoga accessories, and revenue generated from yoga classes and yoga facilities.
• Furthermore, healthcare and wellness sector is witnessing a steady growth, globally. Statistics published in January 2017, by Global Wellness Economy Monitor stated that, globally wellness sector represented US$ 3.7 trillion economy. Airports, hotels in Europe as well as North America are offering quiet rooms for yoga and meditation. Among hotels such as Hilton, Westin, and Fairmont are providing yoga classes to their customers to maintain their wellness routine.
• Moreover, governments of various countries are focusing on initiatives to promote yoga and health benefits from yoga. For instance, World Yoga Day is celebrated on 21^st June, every year, by performing yoga in a large group publically. AYUSH is a governmental body in India aimed to develop education and research in Ayurveda and Yoga. These factors are expected to aid in growth of the market.