Spa Market: Thermal/Mineral Springs Spa to Represent the Fastest Growth through 2026
Published : 07 Dec 2017 Industry: Consumer Goods
Growing need for stress and pain management due to hectic routines has led to 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. Fact.MR states that the global market of spa is projected to reflect a CAGR of 5.7% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global spa market is mainly bound to various macro-economic and micro-economic factors. Surge in hectic schedules and routines has continued to rev up demand for rejuvenating and relaxing therapies. Demand for anti-ageing treatments for the ageing population is further projected to boost demand for relaxing therapies and treatments globally. As the requirement of detoxifying the system arises, customers prefer spending increasingly on spa therapies.
Prevalence of arthritis and joint pains due to the hectic lifestyle has led to surge in demand for mineral springs spa treatment. The spa centers and resorts are increasingly using Malkinskaya mineral water, which is much known for its therapeutic effects on the cardiovascular conditions. In addition, the spa resorts and centers are also using iodine-bromine waters and hydrosulfuric healing techniques for treatment of chemical and heat burns among children and adults. Increasing demand for hydropathic treatment is mainly bound to growing number of disabled people with limited mobility.
Demand for spa therapies is further bound to growing prevalence of various chronic diseases such as bronchitis and asthma. A recent report by CDC states that 18.4 million people in the U.S., which is 7.6% of the adult population of 18 years of age and over are asthmatic. Growing prevalence of chronic disorders such as bronchitis and asthma has led to increased spending on sauna therapy and steam rooms. Moreover, sauna and spa treatments helps in detoxification of the system through the skin and widens the airways in asthmatic patients. Opting for steam baths helps in treatment of respiratory issues, bronchitis and coughing through loosening mucus and phlegm. Surge in demand for treatment of respiratory problems is projected to fuel growth of the global market of spa.
On the contrary, the global market of spa will continue to witness inhibiting growth due to various factors such as expensive spa packages. As spa packages are comparatively expensive as compared to the medical treatments received at the hospitals, demand for spa therapies is expected to drop in the global market. Demand for spa and sauna treatment is further projected to witness inhibiting growth due to increase in the severe cases of chronic diseases among customers globally. Moreover, spa treatments continue to remain a conventional treatment for asthmatic relief and pain management, due to which the patients prefer visiting the hospital and clinics. Such factors are further expected to impact growth of the global market negatively.
Sales for Thermal/Mineral Springs Spa to Remain High
Growing need to treat various physical ailments such as rheumatism and depression has led to an upsurge in demand for thermal/mineral springs spa globally. During the forecast period, the thermal/mineral spas product type segment is projected to reflect the highest CAGR. In terms of revenue, the hotel/resort spas segment is projected to represent robust revenue growth, recording more than US$ 20,000 Mn by 2026-end.
Major players in the global market of spa 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.