Week 4: Defining the Target Market

Jonathan Golding
Week 4: Defining the Target Market
  "Market data from IBISWorld estimates there to be 34,687 yoga studios in the United States, and Yoga Journal estimates yogis spend $16.8 billion dollars on yoga classes, clothing, equipment and accessories every year." *1  
  This being said I will begin to develop my fictitious business and perhaps launch it if I feel comfortable with the concept.  I am developing a yoga souvenir brand named "Niyama" who will drop ship merchandise to customers into yoga and wellness.   It is a trending topic along with more plant based diets.  Even though the actual yoga studios got hit hard by the Covid pandemic the need for yoga and wellness is still there, clothing is sill a need and now there are face-masks that may be added to the need met.  I can perhaps create a revenue sharing or get into an affiliate program by sharing other wellness links including food. vitamins, etc.
  "The Pilates & yoga studios market size was valued at $87,926 million in 2017, and is projected to reach $215,811 million by 2025, growing at a CAGR of 11.7% from 2018 to 2025."*2
  This is a growing market with a somewhat expanded age demographic, however most of the market to target would be estimated between ages 18 to 50. However the largest populated demographic in the USA are the populations between 25-29, with about 11.5 million women and 12 million men. *3
  The Yoga market already seems big enough however it is projected to grow even more!  It also has the potential for the booming trend to expire much like the aerobics leggings with warm-ups from the 80's.
   I do not feel like it is not a bad time to spread the use of mindfulness and Niyamas that can make living through the covid pandemic somewhat easier.   Perhaps people want to share connection because of covid separation with a gift, or practice more yoga to cope with stress. 

  



1. https://zebraathletics.com/2019-state-of-the-yoga-industry/#:~:text=Market%20data%20from%20IBISWorld%20estimates,equipment%20and%20accessories%20every%20year.
2. https://www.alliedmarketresearch.com/pilates-and-yoga-studios-market
3. https://www.statista.com/statistics/241488/population-of-the-us-by-sex-and-age/

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