The Global Pilates and Yoga Studios Market Anticipated to Generate a Revenue of $269,301.8 Million, Growing at a CAGR of 10.0% from 2021 to 2028Download Sample Reports Overview
The global pilates and yoga studios industry is estimated to be valued at $269,301.8 million by 2028, surging from $127,698.8 million in 2020 at a noteworthy CAGR of 10.1%.
Impact Analysis of COVID-19 on the Pilates and Yoga Studios Industry
The global market for pilates and yoga studios is estimated to experience a negative impact amid the COVID-19 pandemic. The growth is declining amid the pandemic due to the lockdown imposed across various countries that has led to the closure of pilates and yoga studios, fitness centers, gyms, and others. Also, restriction on movement of people and large gatherings has affected the pilates and yoga studios where people come together to perform pilates or yoga exercises. Also, due to unprecedented lockdown some of the pilates and yoga studios are closed permanently due to revenue loss and growing expenses on electricity, rent, trainer salaries, and others. Even after the lockdown restrictions are eased up to some extent across various countries people is not preferring going to pilates and yoga studios for performing exercises, instead they are more inclined towards home workouts to prevent the spread of COVID-19 virus. All these factors have severely affected the demand for pilates and yoga studios and resulted in huge revenue losses during the pandemic.
Various initiatives and technological advancements such as launch of digital classes for yoga and pilates are estimated to drive the market growth amidst the pandemic. The growing popularity of virtual workout session is majorly owing to the schedule flexibility as the individuals can perform workouts as per their time convenience. It was not possible before with physical pilates and yoga studios especially for the corporate employees who mostly work erratic hours. In case of virtual pilates and yoga, the individuals just need to get up from bed, set up their mat and start working. At home the individuals can perform various workout sessions including strengthening exercises such as yoga and pilates. In addition, in the virtual classes the qualified instructors conduct various sessions with detailed exercises and instructions that makes an ideal workout. All these factors and benefits offered by virtual classes are estimated to create lucrative investment opportunities during the forecast period.
Global Pilates and Yoga Studios Industry Analysis
The enormous growth of the global pilates and yoga studios industry is mainly attributed to growing health awareness and fitness-conscious population. The rise in disposable income has led to upsurge in the number of pilates and yoga studios that provides numerous health benefits. In addition, pilates and yoga studios facilitates effective workout sessions as they include instructors that provides the necessary coaching and motivation during the exercise. In addition, pilates improve flexibility, provides strength, and balances your body. Moreover, yoga enhances the functioning of cardiovascular system, digestive system, nervous system, and provides musculoskeletal strength. In addition, increase in prevalence of chronic diseases such as diabetes, obesity, heart attacks have increased the popularity of pilates and yoga studios. All these aspects are predicted to create a positive impact on the pilates and yoga studios industry growth during the forecast period.
The major growth restraints in the event industry are the presence of alternative fitness platforms such as gyms, aerobics, Zumba, and others which have gained significant attention in recent years. This factor is estimated to hamper the market growth during the analysis timeframe.
The government initiatives to promote healthy lifestyle coupled with technological advancements are estimated to generate huge opportunities in the global market. For instance, June 21, the longest day of the year is celebrated as yoga day across many countries that increases the awareness about benefits of yoga. In addition, the Indian Government has introduced Fit India movement on August 29, 2019 that takes various initiatives to promote fitness and to spread awareness regarding physical activities through focusses campaigns, to encourage indigenous sports, to inculcate fitness right from school, college, university, village, and others. This mission aims to bring behavioral changes among individuals and to promote active lifestyle. Various campaigns under this initiative are youth club certification, school certification, indigenous games, fitness protocols, fitness from home series, fit India dashboard, and others. Such initiatives are estimated to drive huge growth opportunities in the global pilates and yoga studios market during the forecast period.
Global Pilates and Yoga Studios Market, Segmentation
The global pilates and yoga studios market is segmented based on activity type and region.
The activity type segment is further classified into yoga classes, pilates classes, pilates and yoga, and merchandise sales. Among these, the yoga classes sub-segment is anticipated to have a dominant market share and surpass $144,293.7 million by 2028, with an increase from $63,942.2 million in 2020. Yoga is one of the popular exercises that is centered around five belief’s namely proper relaxation, breathing, diet, exercise, positive thinking and meditation. Yoga provides various physical and mental benefits that can overcome anxiety, depression, arthritis, chronic pain, and others. In addition, it is known to treat respiratory conditions, helps in reducing high blood pressure, and prevents the risk of type 2 diabetes. All these benefits are predicted to create positive impact on the yoga classes sub-segment throughout the forecast period.
The pilates and yoga studios industry for the Asia-Pacific region is projected to witness rapid growth. This region generated a revenue of $40,019.7 million in 2020 and is further projected to reach up to $89,790.9 million by 2028. The popularity of pilates and yoga is increasing rapidly due to increase in fitness conscious individuals and roots of yoga in India that can be traced back to 5,000 years ago. Yoga offers spiritual and therapeutic benefits to the body that calms the mind and soul. The advancements in different forms of yoga such as power yoga, hatha yoga, vinyasa, Iyengar, hot yoga, ashtanga, yin yoga, and others. In addition, the growing popularity of pilates as it helps in postural alignment, improves muscle balance, and core strength. Hence, both yoga and pilates are popular forms of exercises in Asia-Pacific countries which has now become popular across the globe. Yoga improves the flexibility and pilates offer relaxation of muscles. In addition, the United Nations General Assembly has announced June 21st, the day of Summer Solstice as yoga day which is celebrated across many countries. Such initiatives and benefits are estimated to drive the growth of Asia-Pacific pilates and yoga studios during the forecast period.
Key Players in the Global Pilates and Yoga Studios Industry
Some of the leading global pilates and yoga studios industry players are
- Alona Pilates
- Body & Soul Yoga Club
- Authentic Pilates Ltd.
- Fitness Firm Yoga and Pilates Studio
- Core Pilates
- Fitness Unlimited
- M Pilates+Yoga
- Flex Studios, Inc.
- Pilates Plus
- Core Studio Pilates & Yoga, LLC
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Pilates and Yoga Studios Industry
- Bargaining Power of Suppliers: The major companies in pilates and yoga studios are focusing on adopting new technologies such as digital classes and business expansion. The suppliers in pilates and yoga studios does not have much involvement customers directly contact the companies for purchasing the membership.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have moderate bargaining power, as the buyers are high in number, and companies are using strategies such as offering discount on group package, yearly package, half-yearly packages, and others.
Hence, the bargaining power of buyers is moderate.
- Threat of New Entrants: Startups entering this market are using various techniques such as adoption of new technologies, product innovations, low pricing strategy and others. Also, the existing players are focusing on adoption of innovative technologies.
As a result, the threat of the new entrants is high.
- Threat of Substitutes: The availability of substitute platforms such as gyms, cross fit training, Zumba, aerobics, and others acts as a substitute platform that has gained huge popularity recently.
Therefore, the threat of substitutes is moderate.
- Competitive Rivalry in the Market: The ventures operating in the global pilates and yoga studios industry are focusing on strategies such as partnership, acquisition, business expansion and adoption of new technologies such as virtual classes to stay ahead in the competition.
Therefore, competitive rivalry in the market is high.