Hotel/Resort Services to Possess 40% Market Share for Spa Market: Fact.MR Study
Published : 24 Sep 2021 Industry: Consumer Goods
As per Fact.MR’s latest report, the global spa market is expected to exceed US$ 326 Bn, registering a CAGR of 12% by the end of the forecast period 2021-2031. Growing need for stress and pain management due to hectic routines has led to a surge in demand for spa therapies globally. Prevalence of chronic diseases such as asthma is further projected to impact the global market growth of spa positively.
Historically, between 2016 and 2020, the spa industry expanded at a CAGR of 6% to reach US$ 100 Bn by the end of the aforementioned period. Due to the COVID-19 pandemic, the travel and tourism industry had to suffer major financial losses as movements were restricted. This, in turn, affected the spa industry. But, as tourism places open for tourists, recreational centres are expected to observe an upsurge in sales.
The global market of spa will continue to witness growth due to various factors such as attractive packages for various therapies. In addition, demand for spa and sauna treatment is further projected to witness growth due to an increase in the severe cases of chronic diseases among customers globally. Thus, in the assessment period, the spa industry is expected to observe a positive growth.
Key Takeaways from the Market Study
- Spa services at hotels/resorts to account for 2/5th of the global spa industry revenue
- Thermal/mineral springs spas to reach US$ 20 Bn in value by 2026
- North America expected to hold over 40% market share for spas until 2031
- Asia held 30% of market share for the spa industry as of 2020
“Inclination towards personal healthcare and increase in the number of patients suffering from various ailments is propelling the sales of the spa industry.” says a Fact.MR industry.
Key players in the spa industry are COMO Shambhala Estate, Grand Resort Bad Ragaz, Forte Village Resort, Canyon Ranch, Chiva Som International Health Resort, St. Regis Bahia Beach Resort, Four Seasons Resort Bora Bora, The Connaught, The Chedi Andermatt and Rancho La Puerta among others.
Prominent players are emphasizing on introducing multiple spa packages oriented towards different consumer segments. However, players are likely to find maximum growth opportunities in the premium and luxury sectors. Furthermore, rising digitalization of services is intensifying competition between rival service providers.
- In March 2021, Zenoti Foundation, a cloud-based platform for spa, beauty & wellness services, partnered with Sutherland Global with the objective of improving customer experience via expansions in real-time support across both chat and phone-based channels and address queries within minutes
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global spa market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of hotel/resorts (destination spas & health resorts, medical spas, thermal/mineral springs spas and other spas) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Sr. Consultant - Consumer Products