The increasing number of health-conscious North Americans has helped drive the growth of the yoga industry over the past decade. The global yoga market is now worth $80 billion, with the United States representing close to $30 billion.
A study from Yoga Journal’s Yoga in America study found that currently 20.4 million Americans practice yoga, compared to 15.8 million in 2008. The popularity of this market is not just a short-term boom either, yoga has become much more accessible and appeals to a wide variety of demographics.
Due to the growing popularity of yoga in North America, the market for yoga and exercise mats is expected to experience relatively strong growth between 2016-2020. The market is expected to reach $14.03 billion in 2020, an increase of over $3 billion from its current value.
Yoga and exercise mats in North America 2016-2020
Source: Technavio 2015
The United States accounts for 72% of the North American yoga and exercise mat market. The increase in the obese population combined with the country’s increased health awareness is a major factor driving the growth.
While the United States dominates the market in terms of market sie, the market for yoga and exercise mats is actually growing faster in Canada.
Comparison of growth rate (revenue) among key countries in yoga and exercise mats market in North America 2016-2020
Source: Technavio 2015
The market growth in Canada can be attributed to increasing government initiatives such as the Canadian government’s children’s fitness tax credit policy. Under this policy, one can claim a fee paid-for membership or registration in a prescribed program of physical activity up to a maximum of $500 per child, aged under sixteen years. Just like the United States, the yoga and exercise mat growth is also driven by factors such as growing awareness of healthy lifestyles and the increasing obese population.
