III. Industry Analysis
The Yoga Studios industry has benefited from the burgeoning number of individuals that participate in yoga. According to a study done by Yoga Journal, over 37 million Americans participated in yoga last year. Furthermore, an estimated 80 million Americans are expected to try yoga in the coming years, indicating further interest in industry services. Over the past five years, industry revenue is expected to grow at an annualized rate of 5.1%.
Over the next five years, industry revenue is forecast to remain stable, rising at an annualized rate of 0.5%. The industry is anticipated to benefit from relatively untapped customer bases, namely the 34.0% of Americans who did not practice yoga but claimed to be interested in trying it. In addition, many studios will likely aim to expand the number of men who participate in classes by offering men-only classes that focus on mobility. While other yoga studios will likely emphasize the health merits of yoga to attract the burgeoning elderly population.
Key industry drivers include per capita income, which is expected to increase, and time spent on leisure activity, which is also expected to increase over the next five years.
