LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global yoga apparel market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
The increasing popularity of customized yoga apparel is one of the major trends being witnessed in the global yoga apparel market 2019-2023. The evolution of yoga apparel has necessitated market competitors to focus on strategies like faster delivery processes and mass customization. Mass customization has slowly been gaining importance in the yoga apparel industry. These factors are driven by technology, supply chain transformation, and organizational restructuring. Major advances on the technological front have been witnessed to get customers feedback, design final product, and facilitate the delivery. Competitors of yoga apparel have adopted mass customization processes. However, the proper and complete adoption of mass customization only falls through when changes are brought about in three broad domains: incorporating technological advances such as computer-aided designing (CAD), body scanning, and digital printing; adopting flexible manufacturing systems, computer integrated manufacturing tools, and techniques; and applying organizational changes in terms of a flexible culture. Thus, mass customization of yoga apparel is expected to enable the market competitors to further attract consumers and help them build strong brand loyalty.
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According to Technavio analysts, one of the key factors contributing to the growth of the global yoga apparel market is the growing number of yoga practitioners:
Global yoga apparel market: Growing number of yoga practitioners
Yoga is one of the ancient forms of workout and meditation that originated in India. Since the past decade, yoga has gained significant popularity globally, especially in North America, as a form of fitness activity. The popularity of yoga is continuously increasing, especially in the US and Canada. People are opting for yoga and meditation due to multiple reasons, including stress relief, flexibility, general fitness, and overall development of health. The increasing awareness of yoga in most parts of the world and more people participating in it will directly influence the sales of yoga apparel, yoga equipment, and accessories across the world. This, in turn, will lead to significant growth of the global yoga apparel market during the forecast period.
According to a senior analyst at Technavio for research on apparel, accessories and luxury goods, “Innovation plays a vital role in the global yoga apparel market because it helps to differentiate the products and improves the performance of users. Advanced technical fabrications, innovative design, and product development position make yoga apparel premium-priced products. At present, consumers demand innovative, high-quality products that deliver high performance. Several technological advances have enabled market competitors to introduce performance-specific apparel for fitness activities such as yoga.”
Global yoga apparel market: Segmentation analysis
The global yoga apparel market research report provides market segmentation by product (bottom wear, top wear, and accessories), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The bottom wear segment held the largest share of the market in 2018, accounting for close to 53% share, followed by the top wear, and accessories respectively. However, during the forecast period, the top wear segment is expected to register the highest incremental growth, followed by the accessories segment.
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Five Forces Analysis
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Vendor Landscape
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