Global Spa Market

Spa Market Size, Share, Growth Analysis, By Facility Type(Hotel Spa, Medical Spa), By End-User(Women, Men), By Service(Massage, Beauty/Grooming) - Industry Forecast 2024-2031


Report ID: SQSG25J2012 | Region: Global | Published Date: July, 2001
Pages: 157 | Tables: 91 | Figures: 76

Spa Market Insights

Spa Market size was valued at USD 53.4 billion in 2019 and is poised to grow from USD 60.22 billion in 2023 to USD 155.61 billion by 2031, growing at a CAGR of 12.6% in the forecast period (2024-2031).

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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FAQs

Spa Market size was valued at USD 53.4 billion in 2019 and is poised to grow from USD 60.22 billion in 2023 to USD 155.61 billion by 2031, growing at a CAGR of 12.6% in the forecast period (2024-2031).

The 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. 'AccorHotels', 'Four Seasons Hotels and Resorts', 'InterContinental Hotels Group (IHG)', 'Mandarin Oriental Hotel Group', 'Marriott International', 'Radisson Hotel Group', 'Ritz-Carlton', 'Shangri-La Hotels and Resorts', 'Hilton Worldwide', 'Hyatt Hotels Corporation', 'Starwood Hotels and Resorts Worldwide', 'Fairmont Hotels and Resorts', 'Rosewood Hotels and Resorts', 'Canyon Ranch', 'COMO Hotels and Resorts', 'Six Senses Hotels Resorts Spas', 'Anantara Hotels, Resorts & Spas', 'Banyan Tree Hotels and Resorts', 'Waldorf Astoria Hotels & Resorts', 'St. Regis Hotels & Resorts'

Growing popularity of beauty services among young generation across the world is the major factor expected to boost the demand for spas during the forecast period. Young generation people avail spa services before any type of function, party and proms where they are greatly looking for grooming treatments that can easily enhance their look, appearance, and tone of the body also. All these factors are projected to fuel the demand for spas in the next few years. Moreover, beauty service facility provider companies are highly investing on attractive packaging interior décor, and lightning effects to gain the attention of young generation and teenagers also.

With the rising awareness among people regarding their health and wellbeing, the spa industry is getting huge popularity across the world. Nowadays, people have very busy schedule and don’t have much time for taking care of their health and body. As a result, people are suffering from several types of issues such as depression, anxiety, and stress, and these are becoming very popular among people, therefore the demand for spa services is growing very fast and expected to have a positive impact in the near future.

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.

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Global Spa Market

Product ID: SQSG25J2012

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