According to Research Dive analysis, the global pilates and yoga studios is estimated to generate a revenue of $269,301.8 million by 2028, increasing from $127,698.8 million in 2020, at a healthy CAGR of 10.0%.
Impact Analysis of COVID-19 on the Global Pilates and Yoga Studios Market:
The global pilates and yoga studios industry experienced a negative impact due to lockdown imposed across various countries that has resulted in the shutdown of pilates and yoga studios. Due to this, the pilates and yoga studios owners have faced huge revenue losses and those operating on small margins are facing difficulty in paying rent, electricity bills, and other. Also, some of these studios may never open again due to unprecedented lockdown. Even after some relaxations given on lockdown people are not willing to join gym, pilates and yoga studios, or any other fitness centers and prefer only home workouts. The social distancing norms, and restrictions on large gathering of people have negatively impacted the pilates and yoga studios as these studios accommodate various people and mostly it involves exercise in groups. Due to the fear of COVID-19 virus many people have shifted towards home workout which has led to reduction in the number of members of pilates and yoga studios. All these factors have led to negative impact on the global pilates and yoga studios industry.
Pilates and Yoga Studios Market Analysis:
The global pilates and yoga studios market experienced appreciable growth due to increase participation of individuals in yoga and pilates due to rise in disposable income, increase in the rate of obesity, and health benefits offered by these exercises. The yoga and pilates focuses on relaxation from spiritual meditative, and mindful perspective. Whereas, the pilates mostly focus on physical relaxation. These exercises focus on self-improvement and provides various health benefits ranging from weight loss, stress reduction, regulating the sleep patterns, improving blood circulation, functioning of cardiovascular system, improved posture, and improved muscle strength. Hence, these are the best exercises that improves strength, endurance, flexibility, and helps in stress management. Also, increase in obesity rate that gives rise to various diseases such as obesity, type 2 diabetes, heart attacks are estimated to increase the demand for pilates and yoga studios market in the upcoming years.
Apart from yoga and pilates there are various other exercises that involves gym, Zumba, aerobics, and sports activities such as basketball, tennis, and others which has gained huge popularity due to associated health benefits. The presence of these platforms is estimated to create a negative impact on the growth of pilates and yoga studios market during the analysis period.
The pilates and yoga studios industry is growing rapidly owing to increase in government initiatives to promote healthy lifestyle habits and technological advancements such as launch of virtual exercise classes. For instance, government of India has launched Fit India Movement on August 29, 2019, to make fitness an integral part of daily lives. This movement aims to spread awareness regarding fitness and physical activities through various fitness campaigns. In addition, every year on August 29, India celebrates National Sports Day in the memory of legendary Olympian and hockey player Major Dhyan Chand. In addition, SARVA, the India’s leading yoga and wellness platform, is redefining yoga with its new initiative called Yoga+ which is inspired by famous celebrities like Malaika Arora, Shikhar Dhawan, Aditya Ghosh, and others. The launch of virtual or online yoga and pilates classes due to pandemic restrictions is motivating people to perform workouts at home and to lead a healthy life. Such initiatives are predicted to generate huge opportunities for the growth of pilates and yoga studios market during the analysis period.
Based on activity type, the global market for pilates and yoga studios industry is divided into yoga classes, pilates classes, pilates and yoga, and merchandise sales. The yoga classes sub-segment is projected to have the fastest market growth and generate a revenue of $144,293.7 million by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific pilates and yoga studios industry is anticipated to rise at a growth rate of 10.0% by 2028 from the revenue generated in 2020.
The companies involved in the global pilates and yoga studios industry 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, and Core Studio Pilates & Yoga, LLC