The global yoga and exercise mats market size is projected to grow from USD 11.7 billion in 2021 to USD 15.2 billion by 2026, at a CAGR of 5.3% during the forecast period 2021 to 2026. An increase in the rate of obesity across the globe is one of the major factor propelling the growth of the yoga and exercise mats market.
By material, the polyvinyl chloride segment accounted for the largest market share in 2020. Polyvinyl chloride is used for manufacturing yoga and exercise mats as it is cheaper than other polymers, provides flexibility, durability, and is also easier to wash in comparison to other materials. Hence, polyvinyl chloride is preferred for manufacturing low-cost yoga and exercise mats. The use of polyvinyl chloride yoga and exercise mats is observed to be higher in developing countries, such as India, Brazil, Argentina, and Mexico. The government of India has also undertaken various initiatives to promote the benefits of yoga in the country.
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By distribution channel, the e-commerce segment accounted for the largest share of the yoga and exercise mats market in 2020. Fitness products, such as yoga and exercise mats, witnessed a high demand due to the lockdown of health clubs and gymnasiums. This has led to an increase in the expansion of e-commerce distribution channels and demand for fitness products. This distribution channel has been growing due to the advancements in technology and internet accessibility.
By material, the personal segment accounted for the largest market share in 2020. Yoga and exercise mats witness increased adoption for at-home workouts, as they are used as heat protectors, absorbing wipes, in garden laying, and other recreational activities. Yoga and exercise mats have more uses than their basic functions, due to which its consumption has been steadily increasing in the consumer market. This is projected to drive the growth of the yoga and exercise mats market during the forecast period.
Lululemon Athletica Inc (Canada), Columbia Sportswear Company (US), Adidas AG (Germany), Under Armour, Inc. (US), Sequential Brands Group Inc. (US), Airex AG (Switzerland), Jade Yoga (US), Manduka LLC (US), Hugger Mugger Yoga Products (US), Liforme Ltd. (UK), Barefoot Yoga Co. (US), Fabrication Enterprises, Inc. (US), Quanzhou Sansheng Rubber Plastic Foamed Shoes Materials Co., Ltd. (China), and La Vie Boheme Yoga (US) are some of the leading players operating in the yoga and exercise mats market. These players have adopted the strategies of acquisitions and agreements to enhance their position in the market.
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Lululemon Athletica Inc., in July 2020 entered into a definitive agreement to acquire MIRROR (US), an in-home fitness company, for a valuation of USD 500 million. MIRROR offers a mirror-style product that mimics an in-studio experience, as well as more than 70 new classes and over 40 class types per week, including strength training, weight training, pre-and post-natal workouts, and yoga. This acquisition is expected to enhance the annual sale of yoga mats by Lululemon Athletica Inc.
Columbia Sportswear Company (CSC), in May 2020 entered into a definitive agreement with Steelpoint Capital Partners (US) and other minority members to acquire all controlling interests of the yoga-inspired prAna apparel brand. prAna will join CSC’s portfolio of authentic, active outdoor brands and is expected to propel CSC into the yoga mat market.
Columbia Sportswear Company (CSC), in January 2019 acquired the remaining 40% interest in Columbia Sportswear Commercial (Shanghai) Company, its joint venture in China with Swire Resources Limited. The joint venture began operations on January 1, 2014, with headquarters in Shanghai, China. This acquisition enhanced the distribution channel of CSC in the South-East Asian region.
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