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Spa Market

Spa Market

Rising Healthy Lifestyle Awareness, Tourism Industry & Inclination Towards Anti-Ageing Treatments to Drive the Spa Market Growth during 2021-2031

Spa Market
FACT341MR
  • Sep-2021
  • List of Tables : 57
  • List of Figures : 45
  • 170 Pages
  • Consumer Goods

Market Snapshot

According to Fact.MR, the spa industry exceeded a market value of US$ 106 Bn by the end of 2020. Rising disposable incomes and inclination towards personal healthcare is surging the demand for spa treatments. In addition, sedentary and hectic lifestyles has created chronic illnesses for people. Due to this, people have shown an inclination towards various spa treatments. Thus, the global spa market is expected to represent a value of over US$ 326 Bn by registering a CAGR of 12% during the forecast period, 2021-2031.

Key Points Covered in Spa Industry Analysis

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Spa Market and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Spa Revenue Analysis 2016-2020 in Comparison to Future Outlook 2021-2031

Historically, between 2016 and 2020, the sales of the spa industry exceeded US$ 100 Bn by the end of the aforementioned period, expanding at a CAGR of nearly 6% according to Fact.MR- a market research & competitive intelligence provider. Increased emphasis on improving individual health has stimulated spa services demand.

The COVID-19 pandemic has a dual effect on the global spa industry. In the initial half of 2020, imposition of strict lockdowns compelled customers to cancel or postpone their visits to commercial spa centres to prevent further spread of the infection. At the same time, individuals opted for home based spa treatments, which sustained its demand. Also, with the lifting of the curbs, customers are now resuming their visits to spa centres, with proper hygiene measures in place.

The demand for personal healthcare treatment has increased by leaps and bounds in recent years. The spa industry is focusing on offering treatments ranging from traditional treatments to modern treatments. According to Fact.MR, the market for spa services is expected to register a CAGR of 12% from 2021 to 2031.

Which Factors are Propelling Spa Services Adoption Globally?

Changing lifestyle trends are expected to fuel significant demand for investing in spa therapies for health and wellness consciousness. Hectic schedules are resulting in mental exhaustion along with eating and sleeping disorders globally. Unhealthy lifestyles have led to growing need for stress management, peace of mind and detoxification of the system.

Demand for spa therapies is expected to remain high attributed to the increasing need for maintaining a physically and mentally healthy lifestyle. In addition, the prevalence of chronic diseases is further expected to boost demand for spa therapies globally.

Surge in demand for detoxification of system, stress management and therapies for chronic disorders is expected to propel growth of the global spa market significantly.

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How is Pain Management Boosting Demand for Spa Therapies?

Mental exhaustion and stress due to hectic lifestyles has led to increased spending on relaxing and rejuvenating therapies such as spa and aromatherapy. With increasing disposable incomes, customers prefer spending on luxurious services and relaxing therapies. Increasing demand for rejuvenating and relaxing therapies to detoxify the system will continue to fuel demand for range of spa therapies.

Hectic routines can further lead to physical stress leading to increasing demand for pain management. Demand for pain management will continue to contribute towards growth of the global spa market significantly. Leading players in the global market are increasingly capitalizing on such opportunities and offering range spa therapies to gain a competitive edge.

How is Anti-Ageing Treatment Impacting Global Market Growth?

Growing need for anti-ageing treatments for clogged pores, acne, wrinkles and hyper-pigmentation is further expected to impact growth of the global spa market. Increasing old age population is increasingly spending on non-surgical treatments such as exfoliation and peel to improve their physical and mental health.

Detoxification of the system and anti-stress treatment will continue to up the demand for spa treatments in the global market. Such factors are expected to contribute towards growth of the global spa market during the forecast period.

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How is Prevalence of Chronic Diseases Creating Growth Opportunities for Spa Industry?

Prevalence of chronic diseases such as asthma will continue to boost demand for range of spa therapies in the global market. Patients with asthma have swollen airways that lead to breathing problems. Shortness of breath, coughing and wheezing are some of the common problems that asthmatic patients face regularly.

Spending on steam rooms and saunas helps in eliminating the toxins through skin and opens airways of the asthmatic patients. Moreover, increasing spending on steam baths help in the treatment of the upper respiratory problems, coughing and bronchitis through loosening phlegm and mucus. Growing need for asthmatic relief and relaxation is expected to contribute towards growth of the global spa market.

Country-wise Analysis

What Growth Prospects Abound the North America Market?

According to the Center for Disease Control & Prevention, 7.6% of the adults who fall in the age bracket of 18 years and above i.e., 18.4 million people in the U.S. have asthma. Increased spending on relaxing therapies such as sauna and spa treatment provides these asthmatic patients a sense of respiratory relief.

In addition, people from the region have shown an increasing inclination towards rejuvenating treatments. Besides aging baby boomers, the millennials are also plunging headfast into the spa industry, as they seek to opt for relaxing treatment options, given the prevalence of hectic lifestyles. Thus, North America is expected to hold over 40% market share across the 2021-2031 forecast period.

Why is Asia an Emerging Hub for Spa Services?

As of 2020, the Asian spa services domain accounted for nearly 30% of the global market revenue. This is largely attributed to an increase in people’s disposable incomes and an improvement in the general living conditions.

Countries such as India and China are at the forefront of the Asian spa services demand. Increasing population of both these countries is attracting spa industries. In addition, rising health conditions in the region has pushed people to opt for spa treatments.

Furthermore, the travel and tourism industry has expanded significantly. Thus, resorts in the region are offering attractive packages for customers. Also, traditional ayurvedic treatments in the region have created humongous opportunities for the spa industry.

Spa market forecast analysis by Fact.MR

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Category-wise Insights

Why are Hotel/Resort Spas Gaining Popularity?

Preference for relaxing therapies during trips and tourism has led to surge in demand for spa therapy in hotel/resort spas globally. On the basis of product type, the hotel/resort spas segment is expected to generate significant revenues in the global spa market during the forecast period.

Thus, the hotel/resort service segment is expected to possess more than 40% market share through the assessment period 2021-2031. However, the thermal/mineral springs spas product type segment is expected to register a robust 7% CAGR.

Competitive Landscape

Prominent service providers 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

Report Scope

Attribute

Details

Market size value in 2020

USD 106 Billion

Market forecast value in 2031

US$ 326 Billion

Growth Rate

CAGR of 12% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania 
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • UK
  • Spain
  • France
  • Italy
  • Russia
  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • GCC
  • South Africa

Key Market Segments Covered

  • Hotel/Resort Spas
  • Region

Key Companies Profiled

  • Zivaya Spa
  • Savor Spa
  • L’Oréal Professional
  • Natural Beauty Spa
  • Amore Fitness Pte Ltd.
  • MATRIX
  • Amanda Spa
  • Lotus Spa Centre Ltd.
  • L'Occitane En Provence
  • Nirvana Spa
  • Grand Resort Bad Ragaz
  • COMO Shambhala Estate
  • Forte Village Resort
  • Canyon Ranch
  • St. Regis Bahia Beach Resort
  • Chiva Som International Health Resort
  • The Connaught Aman Spa
  • Four Seasons Resort Bora Bora
  • Rancho La Puerta
  • Zenoti Foundation
  • The Chedi Andermatt

Pricing

Available upon Request

Key Segments Covered

  • Spa Type

    • Hotels/Resort Spas
    • Destination Spas & Health Resorts
    • Medical Spas
    • Thermal/Mineral Springs Spas
    • Other Spas

Spa Market- Scope of Report

A recent study by Fact.MR on the spa market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering spa services.

The study also provides the dynamics responsible for influencing the future status of the spa market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the spa market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of spa services across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of spa during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative spa markets?
  • Which factors will impact the growth of spa?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the spa industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of value (US$ Mn).

Estimates at global and regional levels for spa are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global spa market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the spa market during the forecast period.

Country-specific valuation on demand for spa has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading providers of spa services, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering spa has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the spa domain.

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the spa industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

As of 2020, the market for spa reached surpassed US$ 100 Bn according to Fact.MR

According to Fact.MR, the spa industry is expected to surpass a CAGR of 12% from 2021 to 2031.

From 2016 to 2020, the market for spas expanded at a CAGR of 6% as per historical data

The spa market is expected to reach nearly US$ 326 Bn by 2031

Increasing importance for healthy lifestyle, surge in travel and tourism industry and inclination towards anti-ageing treatments are the key trends driving spa sales.

North America is expected to account for 40% of the global spa industry revenue share

The spa industry is expected to hold 30% market share throughout Asia

Prominent companies operating in this space include 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, Th

The hotel/resort spa type is expected to hold the highest share for sales, expanding at over 40% market share.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.