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 factors propelling the growth of the yoga and exercise mats market.
Asia Pacific accounted for the largest share of the yoga and exercise mats market in 2020. The countries considered for study in the Asia Pacific yoga and exercise mats market include China, India, Japan, South Korea, Malaysia, Thailand, Australia, and Singapore. According to the UN study, the number of yoga practitioners is maximum in the Asia Pacific region. Factors such as the local government initiatives to support the yoga industry, such as the AYUSH initiative by the Indian government, the presence of cheap labor and multitude of raw materials, the health consciousness and inclination toward healthy lifestyle among the youth, and the presence of many local manufacturers of yoga and exercise mats are responsible for propelling the demand for yoga and exercise mats in the Asia Pacific region.
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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.
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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