BackYoga: An idea of PM Modi that is now a global phenomenon
June 21 has been observed as the International Yoga Day since 2015. In 2019, the Yoga market was worth $37,462.5 million and is expected to increase to $66,226.4 million by 2027.
PremiumIt was Prime Minister Narendra Modi who proposed to celebrate Yoga during his speech to the UN General Assembly in 2014, soon after he had received a historic mandate to form the government. As the United Nations approved the same, June 21 has been observed as the International Yoga Day since 2015. While Yoga has always been India’s own way to fitness, it was PM Modi who made it mainstream and spread a wider awareness across the world.
PM Modi also established the Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH), which has given the entire industry a much-needed boost.As a result, the global Yoga market is now expected to reach $66.2 billion by 2027, growing at a CAGR of 9.6%, according to Allied Market Research.
Yoga's numerous health benefits have led to a surge in the number of people practising it around the world. Yoga can help with a variety of conditions, including insomnia, hypertension, gastrointestinal problems, diabetes, anxiety, depression, psychosis, and sleep disturbances.
Furthermore, Yoga promotes blood pressure management, aids in illness prevention, stabilises hormonal fluctuations, regulates blood sugar, and aids in the balance of body fluids. Yoga's extensive health benefits are projected to propel the industry further in the coming years.
In 2019, the Yoga market was worth $37,462.5 million and is expected to increase to $66,226.4 million by 2027, with a CAGR of 9.6% from 2021 to 2027. Although North America has the largest share of the yoga market, the Asia-Pacific region is expected to develop at the fastest CAGR over the forecast period.
Yoga became a massive source of wellbeing in the COVID-19 pandemic. As moving outside was restricted, numerous people started practising Yoga to stay fit. The Narendra Modi-led government kept promoting Yoga and its benefits even during the pandemic.
On the International Yoga Day, when the country was struggling through the first wave of coronavirus, Prime Minister Narendra Modi stated that yoga was even more crucial during the pandemic since certain yoga "asanas" and practises may benefit those suffering from various respiratory disorders.
“The theme of International Day of Yoga this year is ‘Yoga at home, Yoga with family’. Today, we will stay away from all social gatherings and do yoga with our family. When family members come together in practising Yoga, it spreads energy in the entire house," said PM Modi in 2020.
Yoga classes have reopened as lockdowns have been lifted in most locations. The demand for offline courses has surged once again, and the offline category is expected to continue its dominance throughout the projected period. According to Allied Market Research, the online Yoga course category is predicted to grow at an annualised rate of 12.3% from 2021 to 2027.
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