Yoga Mat Market – Overview
The demand for yoga accessories and equipment has been gaining a huge traction across the globe particularly in Asia Pacific and North America region. Yoga mats are made of rubber that provide sitting support while practicing yoga. With the growing popularity of yoga across the globe, leading players in the global yoga mat market are joining hands for a developing collaborative products with an objective to attract more users. Moreover, several governments are promoting the benefits of practicing yoga along with the combination of Ayurveda. The global yoga mat market is expected to achieve positive growth in the coming years of the forecast period.
Yoga Mat Market – Notable Developments
Some of the recent developments in the global yoga mat market are given below:
- In 2018, the government of India allocated more than INR 1000 Cr for the development of the AYUSH system of medicine. This is unique medicinal system with roots in the Ayurveda. This has been in promotion of the yoga across the nation.
- In 2017, the government of India opened around 100 yoga parks in the country. This has been a great driving factor for the growth of the yoga mat market as more number of people have started practicing yoga.
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Yoga Mat Market – Drivers and Restraints
There is a wide range of factors that is helping to drive the overall growth of the global yoga mat market. One of the key driving factors for the market growth has been the growing health awareness among people across the globe. More and more number of people are trying to adopt healthier lifestyle by signing up for yoga classes and performing different ‘asanas’. With the growing number of yoga studios across the globe, it has had a direct impact on the overall development of the global yoga mat market.
In addition to this, several governments and regulatory bodies across the globe are supporting the yoga sessions. This has encouraged several funding and investments for the development of new and innovative products that provide comfort to the yoga performer. This has thus been a significant driving factor for the growth of the global yoga mat market.
In addition to this, a key trend that has been observed in the market that new yoga mats are being produced from a degradable, recyclable, eco-friendly material. Thus, it is working in two folds – conserving the nature and enhancing the human health. Naturally, the popularity of these mats on the rise.
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Yoga Mat Market – Geographical Outlook
From a geographical standpoint, there are five key regions of the global yoga mat market. These regions are North America, Latin America, Asia Pacific, Middle East and Africa, and Europe. Of these, the global yoga mat market has been dominated by the North America region. One of the key driving factors behind the dominance of the North America region is the growing popularity of yoga among the population in the region. In addition to this, the number of yoga studios have been growing at a great pace in the region. As per a recent study report, around 36.7 million people in the US alone practiced yoga in 2016. This is a huge number of end users and thus is helping to drive the growth of the yoga mat market in North America. Moreover, with the growing health awareness among the people about having a fit physique and healthy body is also driving the uptake of yoga. This is thus helping to grow the market in the region to new heights.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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