We are about to witness revolutions in various markets, and ideally, the yoga market should not be left out in such challenging and important times for humanity, as it is where the balance between body, mind, and spirit becomes more than a concept — it becomes a transformative and peaceful experience in the world.
And as with all types of business, we know that it’s important to be aware of economic factors in order to start the new year on the right foot.
So let’s take a look at what lies ahead and share some information that could be crucial for both practitioners and professionals in this sector that we love so much.
Let’s go Yoga 2024!!!
In the year 2021, in the midst of the pandemic, Cristina Romero wrote for Forbes Spain and in her article entitled “Locos por Yoga”, she talked about the figures of a phenomenon that was growing at a high speed and which at that time was also going through difficulties, but which was beginning to break new ground and strengthen a new path: that of online monetization. Since then, yoga businesses have been re-establishing themselves. Some have closed their doors, others have opened or reopened, and some have opted for change and renewal.
Now, as we approach 2024, it’s the perfect time to explore the trends that are shaping the world of yoga and understand how this ancient discipline is evolving in the market to meet the needs of practitioners.
So how about we start by talking about next year’s growth projections for the yoga industry?!
Yoga 2024: Market Expectations
According to a report by Expert Market Research, the global yoga market reached a value of almost $115.43 billion in 2023, driven by the increasing popularity of yoga practices and the focus on holistic wellness. As a result, the market is expected to grow at a CAGR of 9% between 2024 and 2032, reaching US$250.70 billion by 2032.
The smart yoga mat market size alone was estimated at US$ 180.39 million in 2023, which is growing at a CAGR of 4.69% to reach US$ 248.76 million by 2030, according to a study by Research and Markets.
A qualitative report published by market intelligence data research on the Global Yoga Hemisphere Market Growth 2023-2029 seems to consider that the market is set to grow at a strong and positive compound annual growth rate until 2030. In addition, the global Yoga and Meditation Accessories Market is also expected to grow at a considerable rate until 2031.
To complement the path that yoga has been following, in a segment forecast made for the period 2021 to 2030, Polaris Market Research also predicted significant growth for the yoga market alongside the exercise mat market and considered continued expansion mainly due to the increase in disposable income, the number of people taking part in practices, and people generally choosing comfortable products to practice with. In other words, regardless of the speed at which the market is advancing, it is notable that it is constantly moving in a positive direction.
And then there’s the wellness market, which includes yoga. This sector is expanding and is expected to see significant growth by 2024, with a focus on holistic experiences and personalized approaches to health and well-being. In 2021, the wellness market was valued at more than US$1.5 trillion globally, according to a recent McKinsey study in six countries. Alongside it is wellness tourism, which is also on the rise and is defined by the Global Wellness Institute as a global chain of therapies, yoga classes, exercises, and much more.
Factors that are driving the growth of the yoga industry in 2024
In 2024, the yoga industry should continue to experience growth driven by several factors that converge to create a good economic and creative scenario. These include the growing popularity of yoga practices and the awareness of the importance of physical and mental well-being that is leading more people to seek out this type of practice. The growing number of yoga studios and the introduction of favorable government initiatives to promote yoga are also driving the growth of the yoga market. In addition, the integration of technological advances into yoga studios, such as interactive apps, smart devices, and virtual training, is making the practice more accessible and personalized than ever before. All of this is reinforced by the consequent demand for yoga and meditation accessories.
Key trends and expectations for 2024
There are several trends and expectations that can inspire yoga practitioners and entrepreneurs in the coming year. Research points to a market focused on self-care and well-being for all, also influencing purchasing decisions for accessories, for example, and business strategies in this sector.
- Personalized Experiences
The personalization trend will continue in 2024 to generate a union based on the teacher’s profile and the student’s profile, with the aim of adapting the theme and environment of yoga classes.
With the increasing use of technology, yoga classes can integrate apps, screens for visual aids, social networks, or online training and monitoring programs.
The number of yoga studios is expected to rise significantly in the coming years due to the increase in qualified professionals, innovative space ideas, and interested people.
- Products and Services
New brands of accessories, such as clothing, mats, blocks, belts, blankets, and equipment, may emerge, as well as teacher training programs.
Yoga studios and professionals can develop partnerships with spas, hotels, wellness centers, inns, or other companies to offer joint sales and promotions.
- Environmental Awareness: Yoga that Respects the Planet
Conscious practice and the search for sustainable ways of guaranteeing yoga culture should be at the forefront when making purchases, choosing venues or materials, making professional agreements, and signing contracts.
MODERN YOGI TRENDS
- Outdoor Yoga
- Yoga Retreats
- Face Yoga
- Yin Yoga
- Hot Yoga
- Multi-Sensory Yoga
- Yoga For Kids
What is the market’s growth rate?
The market is projected to grow at a CAGR of 9% between 2024 and 2032.
How many people practice yoga in the world?
Globally, more than 300 million people practice yoga, according to statistics.
How big is the online yoga market?
According to research, the online yoga market represents 67% of the total number of people who do yoga.
Which people practice yoga the most?
Women aged 30 to 49 are the group most likely to practice yoga, according to the Yoga Alliance.
In which country is yoga most popular?
India is home to the largest number of yoga practitioners in the world, with almost one and a half billion people, while when it comes to online interest, according to Google Trends, yoga is most popular in Canada, which has the highest number of people interested in searching for yoga on the Internet.
We can see that the future of yoga is full of exciting promise, that it will continue to play a key role in promoting well-being around the world, and that it will experience remarkable growth.
Yoga 2024 is more than a trend; it’s an invitation to a more balanced, conscious, and fulfilling life.
Let’s go on this journey of transformation and hope together!
Happy new year to the Yoga Trade community!!!
Enthusiast of life, nature and yoga practices. Certified in Yoga Nidra and Thetahealing meditation techniques. Graduated in Law, she loves writing and has become a curious student of digital marketing and copywriting. Born in Brazil, she loves to travel and has lived in various places and countries, where she has experienced adventures and personal transformations. She believes that we should create, inspire and prosper in a way that is conscious and increasingly respectful of the environment.