Product ID: SQSG25J2012
Report ID: SQSG25J2012 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 91 | Figures: 76
Spa Market size was valued at USD 53.4 billion in 2021 and is poised to grow from USD 60.22 billion in 2022 to USD 155.61 billion by 2030, growing at a CAGR of 12.6% in the forecast period (2023-2030).
The change in lifestyles in urban areas, high growth in inbound and outbound tourism for the wellness purpose, and increasing awareness among people regarding health problems are the key driving factors of the global spa market during the forecast period. Moreover, for the maintenance of a physically and mentally healthy lifestyle across the globe the demand for spa therapies are likely to increase at a significant speed in the next few years.
Furthermore, rapid growth in the adoption of western culture and growing urbanization in the emerging economies such as India, China, and Indonesia have created lucrative growth opportunities for the spa market. According to our findings, currently India has around 6500 spas, which generates a revenue of around over USD 2 billion annually, and the market is set to continue this with more than 10,000 spas in next 5 years. The growth in the spa centers in the developing nations are projected to have positively impact on the global spa market over the forecast period.
In addition, the presence of international hotel chains in the market and increasing development in the spa centers is likely to help spa market to remains strong. Major factors such as an extensive rise in women population and increasing number of anti-aging spa treatments across the globe would help spa industry by providing potential clients over the forecast period. For instance, Starwood Hotels, an leading hotel chain in the global market has 65 spas in the region which are under construction, while Hilton has around 124 expected across the globe.
US Spa Market is poised to grow at a sustainable CAGR for the next forecast year.
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Spa Market is segmented on the basis of facility type, end-user, and region also. By facility type, the Spa Market is sub-segmented into hotel spa, medical spa, destination spa, and others. By end-user, the Spa Market is bifurcated into women and men. Based on service, the Spa Market is segmented into massage, beauty/grooming, physical fitness, and others. By region, the Spa Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Spa Market Analysis by Facility Type
By facility type, the hotel spa segment dominated the market and accounted for over 38% market share in 2021 owing to the rapid growth in the tourism all over the world. In the last few years, tourism sector has seen an extensive growth in the number of tourists around the world. As a result, the demand for spa therapies in hotels are on their boom and the large hotel chains have contributed a large segment of the segment growth and expected to do the same throughout the forecast period. For instance, in April 2021, EDITON Hotels announced about the another international expansion by the end of 2022, with the opening of 8 new properties across three continents. Their new openings will be in Rome, Madrid, Dubai, Reykjavik, Tampa, Doha, Mexico, and EDITON’s second property in the Tokyo
Spa Market Analysis by End-User
By end-user, the women segment held a significant market share in 2021 and is expected to maintain its dominance throughout the forecast period. Since, women are the primary and major users of personal care services and increasing number of working women in the recent years couple with the rising disposal income is further expected to drive the demand for spa therapies in the near future. However, rising trend of grooming among men population is also likely to propel men segment growth. In addition, several new companies are entering into the market with centers dedicated only to male customers. For instance, New Paradise Men’s Spa, New York, that offers massage and facial services that are significantly designed for only male customers. Therefore, the adoption of spa among men’s is likely to increase the growth of the global spa market.
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Globally, Asia Pacific dominated the spa market with a significant growth rate and healthy market share in 2021. Easy availability of spa services and growing awareness for full body massage and beauty treatments are the major factor for the growth of spa industry in the region. In addition, improvement in lifestyle along with the rapid expansion in the number of tourists in developing countries such as India and China are another major factor responsible for the growth of spa market.
Furthermore, North American region is expecting highest growth rate during the forecast period. Increase in the luxurious service facilities and development of new spa therapies are the major factors expected to drive the growth in the region over the forecast period. According to our findings, there are more than 21,500 spa locations across the United States, around 173 million Americans visited to spas across the United States, and almost 3,66,000 employees are currently working in the spa industry.
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Spa Market Drivers
Spa Market Restraint
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The global spa market is fairly competitive with the presence of several small- scale businesses as well as large players such as Marriott and Hyatt across the globe. Key market players are mainly focusing on offering various customized packages to their customers for enhancing their experience in the services. Moreover, adoption, new product innovation, partnerships, and collaboration are some other key strategies on which market players are currently implementing.
Top Players in the Global Spa Market
Spa Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global spa market is witnessing a significant growth during the forecast period owing to increased per capita income, continuously growing women workforce, and increasing adoption of spa services in the emerging economies such as India and China. In addition, factors such as helps to de-stress, reduces headaches, make skin smoother, and help with anti-aging are the main factors projected to drive the market growth over the forecast period. However, poor professionalism, substandard performance, and annoying chattering are the reasons likely to hamper the growth of the market during the forecast period.
|Market size value in 2021||USD 53.4 billion|
|Market size value in 2030||USD 60.22 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Spa Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Spa Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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