Europe Yoga Accessories Market Outlook, 2027

Europe Yoga Accessories Market Outlook, 2027

The rise in the obese population, increase in health awareness, the influence of digitalization, and health benefits associated with yoga drives the growth in European yoga equipment requirements. The recent publication by Bonafide Research, named “Europe Yoga Accessories Market Outlook, 2027”, the market was valued around USD 4610 Billion in 2021. In addition, wide support of the geriatric in Europe contributing to yoga to develop cardiovascular conditions. This trend significantly offers lucrative growth opportunities in the region, which is expected to reflect a growth rate of more than 11% during the forecast period.
The restrictions implemented in various fitness centers and other public places in Europe due to the COVID outbreak have forced people to train and exercise in confined places of their homes. This indirectly became a boon to the yoga accessories market of the region. Even before the COVID outbreak, the yoga mat was quite popular among the people, which accounted for more than half of the market share since 2016. Technology-oriented fitness trends are not yet very popular, whereas boutique fitness studios seem to be an emergent work setting in Europe. The market is to witness visibly a high growth rate in the yoga blocks segment during the upcoming timeframe.

The region has been much drawn towards online shopping for a long back, which is reflected in the yoga accessories segment too. With the rising health trend brought by the pandemic, it’s unsurprising that it saw the second most digital commerce growth in Europe last year. The online store segment accounted for USD 3000 Million of the total yoga accessories market of Europe in the year 2020. The largest and second-largest markets in terms of online shopping, the UK and France, rounded out the top three fastest-growing countries. On the other hand, Germany grew the slowest in Europe in 2020. Through the forecasted period, the offline store segment is likely to grow with an anticipated CAGR of 10.98%, slightly lesser than its counterpart.

Countries such as UK, Italy, Germany, and France are having the world’s largest fitness centers, whereas Germany is the highest revenue generator in the Europe region. The popularity of yoga is on the rise, particularly in major German cities. In Berlin alone, there are currently around 300 yoga studios, in Munich 200. However, the presence of other alternatives such as multi-specialty gyms, fitness centers, and therapy classes hinder the market growth. On the other hand, the promotion of yoga for male participants and the surge in disposable income present new opportunities in the coming years.

Mega brands such as Reebok and Nike do not track yoga accessories as a separate category but say there has been a jump in demand for accessories used for practice. For instance, 5 days of International Yoga Day was celebrated in Moscow, Russia in Jun 2019 in Tagansky Park. Indian ambassador D B Venkatesh Varma was present at the occasion highlighted the importance of yoga how it can be celebrated once a year but it is an art that is to be practiced every day as a part of life. Vice-President of Russian Yoga Federation Svetlana Artisyevich stated that the number of people practicing yoga is increasing every year.

The Germany market dominated the Europe Specialty Stores Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,947.2 Million by 2027. The shift toward studio-based fitness practice that offers yoga and Pilates studio offers the specialist classes that people are demanding at a quality that justifies their price, with lower overheads than larger gyms. The majority of yoga and Pilates participants are women. There is an increase in the participation rates among men over the five-year period, thus boosting industry growth. The insurance companies in Germany and other parts of Europe provide a reimbursement for the part of the course fee in their health insurance plan. This factor is expected to boost the market growth.

Further, the top factors influencing the market growth include increase in health consciousness, rise in obese population across world, initiatives by government to promote healthy lifestyle, health benefits associated with yoga & Pilates and celebrity endorsement & promotion among others. Inactive lifestyle and dysfunctional diets cause obesity, which results in increased prevalence of cardiovascular and lifestyle diseases. Although fitness consciousness is higher in urban areas, the market is expected to witness steady growth in semi-urban areas of the developing economies.

Major Companies Present In the Market
Adidas AG, Barefoot Yoga Company, Gaima, Lululemon Athletica Inc, Manduka, Nike Inc

Considered In the Report
• Geography: Europe
• Historical year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Countries covered:
• UK
• Germany
• France
• Italy
• Spain
• Russia

Aspects Covered In the Report
• Market Size By Value for the historic time period (2016-2021)
• Market Size By Value for the forecast time period (2022-2027)
• Market Share by Product (Mats, Clothing, Straps, Blocks, others)
• Market Share by Sales Channel (Online & Offline)
• Market Share by Region (2016, 2021 & 2027F)
• Market Share by Country (2016, 2021 & 2027F)

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the yoga accessories manufacture industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.