Spa Market Expected to Grow at a CAGR of 12% Generating $326 Billion in Revenue by 2031: Fact.MR
Growing Awareness of Healthy Lifestyle, Tourism Industry and Anti-Aging Treatment Trend to Drive Spa Market Growth in 2021-2031
USA, March 10, 2022 /EINPresswire.com/ — According to the latest Fact.MR report, the global spa market is expected to exceed US$326 billion, registering a CAGR of 12% by the end of the forecast period 2021-2031. The growing need for stress and pain management due to hectic routines has led to an increase in the demand for spa therapies globally. The prevalence of chronic diseases such as asthma is further expected to impact the global market positive spa growth.
Historically, between 2016 and 2020, the spa industry grew at a CAGR of 6% to reach US$100 billion by the end of the aforementioned period. Due to the COVID-19 pandemic, the travel and tourism industry had to suffer significant financial losses as movement was restricted. This, in turn, has affected the spa industry. But, as tourist spots open up to tourists, leisure centers are expected to see an upsurge in sales.
The global spa market will continue to witness growth owing to various factors such as attractive packages for various therapies. In addition, the demand for spa and sauna treatments is expected to further grow due to an increase in serious cases of chronic diseases among customers worldwide. Thus, over the assessment period, the spa industry is expected to witness positive growth.
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What factors are driving the adoption of spa services globally?
Changing lifestyle trends are expected to fuel significant demand for investment in spa therapies for health and wellness. Busy schedules lead to mental exhaustion as well as eating and sleeping disorders around the world. Unhealthy lifestyles have led to a growing need for stress management, peace of mind, and system detox.
The demand for spa treatments is expected to remain high due to the growing need to maintain a healthy physical and mental lifestyle. Additionally, the prevalence of chronic diseases is expected to further drive the demand for spa therapies globally.
Rising demand for system detox, stress management and therapies for chronic disorders is expected to propel the growth of the global spa market significantly.
Key Segments Covered
Type of hot tub
• Hotels/spa resorts
• Destination Spas and Health Centers
• Medical Spas
• Thermal/mineral spas
• Other hot tubs
What growth prospects abound in the North America market?
According to the Center for Disease Control & Prevention, 7.6% of adults who are in the age group of 18 and older, or 18.4 million people in the United States have asthma. Increased spending on relaxing therapies such as sauna and spa treatments provides these asthma patients with a sense of respiratory relief.
In addition, the people of the region have shown an increasing propensity for rejuvenating treatments. Along with aging baby boomers, millennials are also diving headlong 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 more than 40% market share over the forecast period 2021-2031.
Why is Asia an emerging hub for spa services?
In 2020, the spa services field in Asia accounted for nearly 30% of global market revenue. This is largely attributed to an increase in people’s disposable income and an improvement in general living conditions.
Countries like India and China are at the forefront of Asian demand for spa services. The increase in population of these two countries is attracting the spa industries. Additionally, the increase in health conditions in the region has prompted people to opt for spa treatments.
In addition, the travel and tourism industry has grown considerably. Thus, the resorts in the region offer attractive packages for customers. Additionally, the region’s traditional Ayurvedic treatments have created huge opportunities for the spa industry.
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Major 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.
Leading players are emphasizing the introduction of several spa packages geared towards different consumer segments. However, players are likely to find maximum growth opportunities in the premium and luxury sectors. In addition, the increasing digitization of services intensifies competition between competing service providers.
• In March 2021, Zenoti Foundation, a cloud-based platform for spa, beauty and wellness services, partnered with Sutherland Global to improve customer experience through extensions real-time chat and phone support and address queries. in a few minutes
Profiled Key Companies
• Zivaya Spa
• Savor the spa
• L’Oreal Professional
• Natural Beauty Spa
• Amore Fitness Pte Ltd.
• Amanda Spa
• Lotus Spa Center Ltd.
• L’Occitane In Provence
• Nirvana Spa
• Grand Resort Bad Ragaz
• COMO Shambhala Estate
• Forte Village Resort
• Canyon Ranch
• St. Regis Bahia Beach Resort
• Chiva Som International Spa Resort
• The Connaught Aman Spa
• Four Seasons Resort Bora Bora
• Rancho La Puerta
• Zenoti Foundation
• Chedi Andermatt
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Key insights from market research
• Spa services in hotels/resorts will account for 2/5ths of global spa industry revenue
• Thermal/mineral spring spas will reach a value of US$20 billion by 2026
• North America is expected to hold over 40% market share for spas through 2031
• Asia held 30% market share for the spa industry in 2020
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