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A Spa is often referred to as a resort or commercial establishment located by mineral springs that have health-promoting properties, but is also associated with facilities that offer wellness treatments.
Spa towns or spa resorts typically offer various health treatments, which are also known as balneotherapy. The wide range of spa services includes body scrub, steam baths, body massage, manicure, pedicure, facial, and others. The various types of spa services such as hotel and resorts spa, destination spa, medical spa, mineral or thermal springs spa, and other spa therapies easily available across the globe.
These establishments are also seen to offer customizable treatments that have anti-aging and de-stressing effects and are also proven efficient in managing stress, medical ailments, detoxifying the body, weight management and boosting the immune system.
The International Spa Association simply defines spas as places “devoted to well-being through a variety of professional services that encourage the renewal of the mind, body, and spirit.”
Global spa market is projected to grow at a steady CAGR in the next few years.
The growth of this market is mainly attributed towards factors such as increasing number of health problems among individuals such as anxiety, stress, depression due to hectic lifestyle, rising disposable income of individuals, improving the standard of living of individuals and increasing healthcare cost, new developments in spa services, and rising demand from teenagers, rising percentage of geriatric population, expansion in the wellness tourism industry across the globe and use of organic and herbal products etc.
Also, there is increasing preference for several spa services such as body massage, body treatments, facial and others especially among female population and growing demand for Thai massage therapy among working women and men consumers due to their hectic and all-day indulgent lifestyle and high stress. These also are a few factors expected to fuel growth of the global spa market.
Moreover, increasing customization and personalization of products and services drive the growth of the spa market as Companies like Mandarin Oriental spa, Tokyo with Aromatherapy Associates have started offering customized time rituals, where the clients can reserve a 2.5 to 3-hour window to receive customized treatment that combines facial with the body massage.
Furthermore, heavy integration of business areas like travel, hospitality, cosmetics, fitness, etc. with wellness tourism, especially in countries such as U.S., India, China, and Thailand, is expected to propel the market further.
However, high cost associated with several spa services, the availability of homemade spa solutions at affordable prices, high cost of skilled therapy professional, low penetration in the underdeveloped countries and language barriers are factors that hinder the growth of this market.
SPA MARKET SEGMENTATION:
By Service Type:
North America dominated the medical spa market in terms of revenue in the past years and is expected to be in the same position for the next few years as well. This can be attributed to the growing health and wellness trends among the consumers, increasing technological advancements, and the increasing number of new entrants in the medical spa industry in the US and Canada.
The Asia Pacific is expected to be the fastest-growing region in the spa resorts market owing to the rising disposable income, the presence of well-established beauty market, rise in the tourism industry and increasing demand for cosmetic alteration with procedures, such as body contouring, nonsurgical skin tightening, and scar revision especially in developing countries such as India and China
The European region held significant revenue share of the global market and is expected to continue the trend owing to factors such as the high popularity of lomi lomi massage, ayurvedic massage, and Thai massage in countries such as France, Germany, UK, Canada etc.
Lastly, the market in the Middle East & Africa and Latin America is projected to account for moderate growth in terms of revenue because of the rising popularity of destination spa, mineral or thermal spring’s spa among individuals in several countries in these regions.
FEW KEY PLAYERS IN SPA MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global spa market by the following segments:
- Service Type
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Spa Industry Report
The report offers a comprehensive insight on the Spa Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.