Given the projections, one can expect the slice of revenue from the yoga pie to grow larger and larger in the coming years.
Before 2015, one would imagine that many people looking to stay fit would have scoffed at the effectiveness of yoga, with some even called it as a fad.
Flash forward, four annual iterations of the International Yoga Day later, such detractors are proved wrong as yoga has become a staple of the wellness industry.
According to data by Statista, yoga is expected to be a $11.6 billion industry in the United States by 2020, with close to 55 million actively practising it by then.
In fact, yoga was ranked at number 7 in ACSM’s (American College of Sports Medicine) list of “Top 10 fitness predictions for 2019.”
Statista, when it analysed the trend in 2015, said that classes made a majority of revenues earned from yoga. An Economic Times report pegged the wellness industry in India to the tune of Rs 490 billion, 40 percent of which is expected to generate from wellness services. It is safe to say that, of the many wellness services that are unique to India, yoga can take up a sizeable chunk of a Rs 295-billion opportunity.
But, with yoga, come not only postures but comes an entire ecosystem which includes clothing, equipment, retreats, festivals, instructors, and even training the instructors. According to an India Today report which quoted trade body Assocham, there is a shortage of three lakh instructors, as compared to a demand for five lakh such practitioners of yoga.
To bridge that gap, the Economic Times report noted of certificate courses that charge fees ranging from Rs 1.8 lakh to Rs 3 lakh, and courses ranging from 200 to 500 hours.
Nonetheless, those seeking to do yoga would soldier on with the bare minimum of instruction and the equipment to pull off those graceful postures. A The Guardian report quoted a research company Technavio saying that the yoga and exercise mat business in the US was projected to touch $14 billion in 2020.
According to the estimate of a sports goods manufacturer quoted in the Economic Times report, the market for yoga accessories was around Rs 500-700 crore in India.
The India Today report also noted that the Delhi-based Morarji Desai National Institute of Yoga, which is an autonomous government body dedicated to yoga, saw a jump in the sale of equipment to practice yoga to Rs 3 lakh in 2015-16, up from Rs 2 lakh in 2014-15.
The Economic Times report also identified several hotspots which carry out yoga tourism. These include Mysuru, which the report called as the yoga capital of India, Goa, Kerala, Rishikesh and Pune, which was the base of the Iyengar school of yoga since the 1950s.
As to yoga businesses, the India Today report quoted yoga institutes noting a rise in subscriptions from June to July, which indicated a fillip given to the industry by the International Yoga Day celebrations.Given the projections, one can expect the slice of revenue from the yoga pie to grow larger and larger in the coming years.