PUBLISHER: SkyQuest | PRODUCT CODE: 1244267
PUBLISHER: SkyQuest | PRODUCT CODE: 1244267
Global Spa Market was valued at USD 53.3 billion in 2021 and it is expected to reach a value of USD 119.31 billion by 2028, at a CAGR of 12.2% over the forecast period (2022-2028).
The primary factors propelling the worldwide spa market over the projected period are the shift in urban lifestyles, rapid expansion of inbound and outbound wellness tourism, and rising public awareness of health issues. Also, the demand for spa services is anticipated to grow significantly over the next several years in order to maintain a physically and mentally healthy lifestyle on a global scale.
In addition, the spa industry has benefited from the accelerated adoption of western culture and rising urbanisation in developing nations like China, India, and Indonesia. According to our research, India presently has about 6500 spas, which bring in just over USD 2 billion a year, and the market is expected to continue this trend with more than 10,000 spas in the next five years. During the course of the forecast period, the expansion of spa facilities in developing countries is anticipated to have a beneficial impact on the global spa market.
Also, the market penetration of multinational hotel chains and the acceleration of spa centre construction are projected to contribute to the continued strength of the spa industry. Significant factors including a significant increase in the number of women worldwide and the popularity of anti-aging spa treatments would benefit the spa sector by supplying potential customers over the projection period. For instance, Starwood Hotels, one of the top hotel chains worldwide, is building 65 spas in the area, while Hilton anticipates opening 124 locations worldwide.
Top-down and bottom-up approaches were used to estimate and validate the size of Global Spa Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global spa market is segmented on the basis of facility type, end-user, and region also. By facility type, the market is sub-segmented into hotel spa, medical spa, destination spa, and others. By end-user, the market is bifurcated into women and men. Based on service, the market is segmented into massage, beauty/grooming, physical fitness, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Drivers
The main reason anticipated to increase demand for spas throughout the forecast period is the rising popularity of beauty services among young people worldwide. Before any form of gathering, party, or prom, young people use spa services. They are especially interested in grooming procedures that can improve their appearance, shape, and tone of their bodies. In the upcoming years, it is anticipated that all of these reasons would increase demand for spas. Also, businesses that offer beauty services are heavily investing in eye-catching packaging, interior design, and lighting effects to attract young people and teenagers.
Restraint
The primary challenge facing the global spa market during the forecast period will be a lack of competent and trained labour for the many types of beauty treatments offered globally. Since successful and efficient spa therapies and other beauty treatments require highly experienced personnel, their scarcity is a major constraint limiting market expansion. The worldwide spa market is also anticipated to be hampered by high treatment costs and low awareness among semi-urban residents.
Market Trends
The spa sector is gaining enormous global popularity as people's awareness of their health and wellbeing grows. People in today's society have extremely hectic schedules and little free time for personal maintenance. Due to the fact that individuals are increasingly experiencing a variety of problems, including stress, anxiety, and depression, the demand for spa services is rapidly increasing and is predicted to have a favourable effect in the near future.