DUBLIN, Aug. 13, 2021 /PRNewswire/ -- The "Spa Services Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global spa services market is evaluated at US$135.289 billion for the year 2019 and is projected to grow at a CAGR of 4.18% to reach a market size of US$180.273 billion in 2026. The spa services market is estimated to grow at a notable rate over the forecasted period owing to the increasing adoption of these services in emerging economies coupled with rising concerns over personal care and wellness. Spa services serve as a complete package for rejuvenation and relaxation of the body. Spa Services are services that are collectively offered to people including massage, facials, body treatment, pedicure, and medical services among others. These types of services are offered by trained professionals in a highly hygienic and cleansed environment. Spa services are specifically designed to deliver pleasure, fitness, wellness, and peace of mind to those people who avail of them. Moreover, Spa service treatment aid in the management of stress, detoxification of the body, treating medical ailments, and boosting an individual's immune system.
Increasing urbanization, especially in emerging economies coupled with shifting consumer market trends towards personal and wellness treatments are driving demand in the global spa services market. Moreover, the rising geriatric population is one of the integral factors prolling opportunities in the market over the forecasted period. Furthermore, increasing technological advancements in the form of widespread technological adoption and growing environmental concerns have led to the rising adoption of hybrid spa technology for keeping spa heated up, thereby curbing carbon emissions generated by it. Also, it reduces the usage of chemicals and proves to be a cost-effective solution as compared to other types of heating systems. Furthermore, increasing demand in the travel and tourism sector globally for spa services by travelers is further augmenting demand for hotel spas and destination spas, thereby burgeoning growth in the global spa market.
However, the lack of trained personnel offering spa treatments is estimated to hamper growth in the market. Owing lack of professional training facilities, especially in the emerging economies has resulted in a shortage of trained professionals for delivering proper and effective services. The increasing cost of services coupled with high costs associated with the training of personnel is anticipated to hinder growth in the global spa services market over the forecasted period.
The outbreak of the novel coronavirus disease negatively impacted the global spa services market. The COVID-19 pandemic induced lockdown and social distancing measures led to closures of hotels, spa's and allied institutions around the world to contain the spread of the virus. The closure of such spas, hotels led to the decline in demand in the global spa services market. Moreover, the spa services market recorded a sharp decline in revenue due to the spread of the coronavirus. Moreover, travel restrictions across the world further impacted the spa services market. However, recovery in the market is relatively slow owing to the onset of the second wave in many countries and skepticism among people for close contact services.
Medical spa to witness lucrative growth opportunities.
The Salon Spa segment is estimated to hold noteworthy growth in the global spa services market. The growth in the Salon spa segment can be attributed to the increasing adoption of salon spa services on account of widespread services offered by these settings. Moreover, increasingly affordable spa solutions are further estimated to drive demand in the salon spa segment. Whereas the medical spa segment is anticipated to grow at a decent rate over the forecasted period owing to shifting market trends towards medical spa services, especially in emerging economies owing to various anti-aging and other skin-related treatment offerings. Moreover, the growing demand for various skin treatments across the female population is estimated to further support growth in the global spa services market over the forecasted years.
Regional market trends in the global spa services market.
The Asia Pacific region is expected to witness significant market growth over the forecasted period owing to rising disposable income in the region coupled with growing concerns over personal care and wellness among millennials. Moreover, the rising geriatric population in countries like Japan, China is also projected to drive demand in the region over the forecasted period. Moreover, an increasing number of Spa's in the region is expected to further propel growth in the market. Luxury urban hotels and resorts have been best able to adopt such services, thereby being able to increase their market size across diverse markets ranging from China to the Maldives. Furthermore, wellness tourism is anticipated to witness an inclining trajectory in the region as more and more people are looking to travel from rejuvenation.
Whereas, the North American region is expected to witness a noteworthy growth-related during the forecasted period owing to large scale adoption of these services coupled with increasing demand for full body massage and beauty treatments in countries like the US and Canada.
Participation by market players
The market is characterized by both small-scale spa units and other prominent market players. Companies in the market increasingly focussing on proving customized packages to their clients within their facility. Moreover, companies are adopting modern digitalized solutions to collect information about their clients. Furthermore, increasing investments by spa service providers to offer clients modern amenities attract clients to their facilities. For instance, Emirates Palace Spa has partnered with The Exilir Clinic to offer tailor-made IV infusion spa services. The service is designed to replenish, reinvigorate and restore well-being from the inside.
The prominent market players in the global spa services market are implementing various growth strategies to gain a competitive advantage in the market. Companies have been able to maintain a stronghold in the market owing to their brand image and a wide array of product offerings.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Spa Services Market Analysis, by Service type
5.2. Medical Spa
5.3. Hotel Spa
5.4. Salon Spa
5.5. Destination Spa
6. Spa Services Market Analysis, by Geography
6.2. North America
6.3. South America
6.5. Middle East and Africa
6.5.1. Saudi Arabia
6.6. Asia Pacific
6.6.4. South Korea
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Hot Springs Resort & Spa
8.2. Emirates Palace Spa
8.4. Massage Envy
8.5. Jade Mountain
8.6. Planet Beach
8.7. Rancho La Puerta
8.8. Gaia Retreat & SPA
For more information about this report visit https://www.researchandmarkets.com/r/xb5wkj
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