Branding and business in YOGA
My father whom I saw never doing yoga for the past 5 years is glued to TV early morning and is doing yoga by copying the actions of our beloved PM Shri Narendra Modi.
Thanks to our Prime minister speech at UN last September in which he said to dedicate a day to Yoga which has been India’s gift to the world and thanks to Ban Ki Moon by taking his speech in a serious way and announcing 21st June as international Yoga day.
The popularity in Yoga has been driven by of course the current Indian government to make yoga a daily routine not a fashionable work out or anti depressant thing. There are over 200 million yoga practitioners of which half are Indians but still Yoga market remains a largely unorganized industry which is clearly underserved by brands.
Business in Yoga is clearly booming worldwide especially in US.
In US this industry is worth $27 billion and 30 million people practice there. Unlike India it’s becoming a profession and to become a yoga instructor one has to get a certificate from certification agencies in US the most popular being US national Yoga alliance. To be certified candidate has to perform 200 hours of training that includes doing all the asanas. But this doesn’t come cheap, to become certified yoga instructor one has to spend anywhere between $3000-$5000. While there are many schools of yoga in India and around the world, the credit for taking yoga to the West goes to BKS Iyengar. Another legendary yoga teacher and disciple of T. Krishnamacharya (the father of modern yoga and BKS’s guru).
Dave Banerjee co founder of yoga apparel start up says that 70% of world yoga market is in North America and that’s where Bangalore based Proyog is followed by regions like UK, Japan and Australia.
Tapasya Bali cleverly used the value of “Indian” tag in the Yoga market. She quit her job in Wall street to start YogaSmoga, The New York based company recently valued at $74 million after a series B round of funding. The company intends to kill Lululemon Athletica, the Canadian brand which has the stronghold in the Yoga market.
Even in Yoga the innovation exists. In my last year visit to Rishikesh there was an international Yoga festival where there were many foreigners and Indians too, I met a Korean lady in her 30s wearing tight yoga pants and $100 Nike Yoga shoes. She said that in their country there is craze for Yoga and they also developed and customized yoga into Korean way. Infact there are many variants of Yoga such as Nude Yoga, power yoga, Doggy style yoga, poonam pandey yoga and etc.
As a result of increased awareness towards wellness and health-related activities, this sector poses great investment opportunities in the areas of setting up specialized treatment centres, spas and rejuvenation treatments as well as Ayurveda drug manufacturing (nutraceuticals, food supplements, cosmetics and rejuvenatives). Baba Ramdev’s Patanjali Ayurved alone recorded revenues of Rs 1,200 crore in the fiscal year 2014, and claims to have crossed Rs 2,000 crore last year. The organization recently announced plans to open 10,000 gyms in Haryana to promote yoga and Ayurveda.
Even Big companies like flipkart decided to take a peek at how customers practice has been trending worldwide among its 45M registered customers.
Interesting Insights and trends
80% growth in demand for Yoga mats in one year
1400 Flipkarts Yoga mat selections across key brands such as gravolite, Aerolite, Lnt & Mlsr
5000 Books on Yoga available on Flipkart
Consumer are moving from simple mats and now they prefer mat that are odour free, water resistant and shock absorption mats
Shilpa shetty’s DVD titled Shilpas yoga is far the best selling DVD on yoga in Flipkart
The smart thing for the Jaguar_Landrover is to let the local run it even after it was acquitted by Tata since we don’t understand it. When it comes to promoting yoga: it’s good that you are proud of it but eventually you have to connect and invest in understanding the consumer. It’s not respect to larges sense , Indian businesses are unwilling to invest. To move to next step, it needs somebody to step in, lead, invest, understand and sustain.