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According to an April 2012 report published by leading industry and market research group IBISWorld Inc., the yoga and Pilates studio industry is one of the 10 fastest-growing industries in the U.S. Interestingly, the report specifies the studio industry, and does not include the sizable yoga apparel and accessories market. Even with this distinction, the industry has outpaced nearly every other in terms of recent growth and predicted growth.
While most business reported huge losses and negative growth due to the 2008 economic downturn (dubbed the “great recession”), yoga and Pilates studios not only smoothly weathered those rough recession waters, but managed to maintain a highly respectable average growth of 12.1percent in the last 10 years. Predicted to continue to grow at an average annual rate of 4.8 percent through the year 2017, IBISWorld calls the industry “flourishing.”
The reason for such growth? The report contends that, “along with their heightened concern for the environment, Americans are increasingly seeking ways to become and stay healthy,” as well as “alternative ways to stay fit.”
Also making the list are environmentally driven industries solar panel manufacturing and green building construction, and advanced technology industries including social network gaming, and 3-D printer manufacturing.