A combination of workouts inspired by yoga, calisthenics, and ballet forms the base for pilates which has over 500 exercises. On the other hand, yoga works on three primary sections, which are – breathing, meditation, and exercise. Both of these forms of workout are taught and practiced in specific studios which need to be spacious and open.
Covid-19 Impact on the Global Pilates and Yoga Studios Market
The COVID-19 virus brought with it tremendous losses for several businesses due to the restrictions placed by countries to contain it. Pilates and yoga studios have people of all groups coming in and this led to it being one of the first activities to be banned due to social distancing norms in place. This resulted many studious facing financial crisis of large proportions, which also made it difficult for the studios to pay the utility bills such as the cost of electricity, rents, trainer salaries, and more. Additionally, some of the small budget pilates and yoga studios had to permanently shut down their centres. Also, many of them who normally relied on the studios started preferring home workouts instead of having to pay for membership fees. This resulted in massive loss for the market.
But over time, people decided to adapt to the situation and many key players decided to come up with an advancement to make things convenient. They came up with the hybrid model that would help people to work out with their studio trainers at home. This involved memberships or subscriptions of virtual classes that could be done anytime the person wants. These virtual subscriptions have hence helped people stay healthy without having to step out of their homes. This new approach is predicted to help in the growth of the market in the forecast period.
Key Developments in the Industry
Several industries are working on building up their presence in the market while also involving in research which is a part of the efforts. The innovative methodologies by organizations of creating better products are also used, keeping in mind satisfaction of customers or companies in terms of quality.
For instance, in November 2020, Restored Motion and Pilates, a pilates studio in Houston decided to bring forth an innovative idea. They decided to start a new venture named DUO Coffee and Pilates, which will allow people to fit in their morning workout along with their favourite coffee as well. The studio is expected to have six reformer machines and those who choose to attend, can pick any type of workout – Yoga or Pilates as per their convenience.
Forecast Analysis of the Global Pilates and Yoga Studios Market
According to a recently published report by Research Dive, the global pilates and yoga studios market is expected to witness a rise in revenue from $127,698.8 million in 2020 to over $269,301.8 million by 2028 at a steady CAGR of 10.0% from 2021-2028.
Both yoga and pilates are forms of workout that help build up the body in a calming manner. Pilates is divided into two variants – mat based and equipments. Both of these forms work primarily in enhancing muscle strength, improving flexibility, relaxing the muscles in the back, neck, and shoulder. It also keeps a person to reduce stress levels as well. These workouts focus primarily on breathing and the ability to build up the abdominal muscles. Yoga on the other hand uses ‘asanas’ that hold extensive health benefits such as helping to stabilize blood pressure, which in then enhances the cardiovascular systems functioning, regulating blood circulation, working on keeping the digestive system stable. These workouts and the health benefits associated with them areprimary reasons for the growth of the market. However, other forms of active workouts such as kickboxing, zumba, martial arts are predicted to be a restraining factor for the market in the forecast period.
One of the best ways to implement workout is to push a quick yoga or pilates session every day. But, many people tend to find it difficult to balance exercise and work. This has led to many instructors coming with online sessions or YouTube channels to help people implement a workout as per their convenience. This is predicted to further help in creating an opportunity for the market growth.
Additionally, several key players such as Body and Soul Yoga Club, Fitness Firm Yoga and Pilates Studio, Fitness Unlimited, Flex Studios, Inc, Core Studios Pilates and Yoga LLC, Alona Pilates, Authentic Pilates Ltd, Core Pilates, M Pilates+Yoga, and Pilates Plus have been working on building up on various techniques and methods to work on new products, mergers, and other initiatives to help in the growth of the market.