Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Pilates & Yoga Studios in the US - Industry Research Report" report has been added to ResearchAndMarkets.com's offering.
Pilates and yoga studios' revenue was steadily growing until the COVID-19 outbreak halted the industry's expansion trajectory. Despite strengthening participation in yoga and Pilates, the emergence of lower-cost alternatives has stifled studio attendance. Online platforms, mobile applications, gyms and fitness centers have intensified competition for studios. With greater demand but mounting competition, yoga and Pilates studios have responded by offering specialized programs. Studios that teach niche but trending practices have no hard time filling up classes, but those that don't are disadvantaged. Revenue has fallen at a CAGR of 1.7% to reach an estimated $14.7 billion leading up to 2024 when revenue will dip an expected 6.8%.
While Pilates participation rates have remained somewhat stagnant in recent years, yoga participation rates have boomed. Still, this expansion in practitioners hasn't translated to Pilates and yoga studio sales since yoga is more accessible for newcomers to pick up and maintain outside of a studio. Pilates practitioners may be more inclined to attend classes to have access to high-cost equipment like reformers and towers. To keep yoga practitioners coming back, studios have expansively appealed to niche demographics through prenatal, senior or power yoga classes.
Market share concentration for the Pilates & Yoga Studios industry in the US is low, which means the top four companies generate less than 40% of industry revenue. The average concentration in the Arts, Entertainment, and Recreation sector in the United States is 8%.
Industry Statistics and Trends:
- COVID-19 halted extraordinary growth in Pilates and yoga studio sales. When studios shut their doors amid social distancing guidelines, practitioners found at-home alternatives and many stuck with them even as the pandemic subsided.
- Over a third of Pilates and yoga practitioners are above the age of 50. Though most fitness industries are more popular with younger consumers, yoga and Pilates are known to yield great results while remaining low-impact.
- The distribution of Pilates and yoga studios follows population trends. Studios are located near consumers since practitioners are unlikely to travel far for a Pilates or yoga class.
- Competition from virtual alternatives is heating up. Pilates and yoga practitioners can find low- or no-cost classes online via social media, YouTube or mobile applications.
Report Scope:
- Market Estimates from 2014-2029
- Competitive Analysis, Industry Segmentation, Financial Benchmarks
- Incorporates SWOT, Porter's Five Forces and Risk Management Frameworks
COVID-19 interrupts expansion in Pilates and yoga
COVID-19 and the associated social distancing guidelines forced Pilates and yoga studios to temporarily shut their doors. Patrons had to seek alternative options for their fitness routines, with many opting for at-home variations.
Virtual classes offer practitioners another competitive avenue
The popularity of virtual yoga and Pilates classes kicked off by the outbreak of COVID-19 has persisted in the post-pandemic era.
Growth slows after the pandemic altered the nature of the industry
Once social distancing measures lifted, yoga and Pilates studios were granted permission to relaunch their physical operations. They undertook a fresh approach to regain their client base, emphasizing the overwhelming need for community and connection.
Pilates and yoga studios struggle to differentiate themselves
Studios are typically small and independently owned and cater to a market niche of local consumers.
Key Topics Covered:
About this Industry
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
Industry at a Glance
Industry Performance
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
Products & Markets
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
Competitive Landscape
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
Major Companies
Operating Conditions
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
Key Statistics
- Industry Data
- Annual Change
- Key Ratios
Jargon & Glossary
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