NEW YORK, Jan. 12, 2022 /PRNewswire/ -- Some of the primary growth drivers for this market are the increase in adoption of facial, body, and hair treatments in spas; growing wellness tourism industry; and brand positioning enabling premium pricing for spa services, according to a senior analyst at Technavio.
The growing wellness tourism industry will fuel the growth of the spa market size. Many people opt for wellness tourism and travel to different countries for physical, spiritual, and psychological wellbeing. Hectic schedules lead to stress, bad eating habits, and pollution. These factors further result in different health issues such as skin problems, obesity, poor immunity, heart problems, and chronic diseases. Wellness tourism is an appropriate solution to improve the quality of life and prevent such health issues. This type of tourism creates opportunities for wellness businesses and other businesses, such as spas. Hence, the spa market is likely to witness significant growth during the forecast period.
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The spa market size is expected to grow by USD 22.08 bn from 2020 to 2025. The year-over-year growth rate of the market in 2021 is 4.30%.
Market Segmentation Highlights
Regional Analysis
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Related Reports:
Spa Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 6% |
Market growth 2021-2025 |
USD 22.08 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.30 |
Regional analysis |
Europe, APAC, North America, South America, and MEA |
Performing market contribution |
Europe at 33% |
Key consumer countries |
US, China, Germany, France, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Aspira Spa, Cal-a-Vie Health Spa, Gaia Retreat & Spa, Hand & Stone Franchise Corp., HOT SPRINGS RESORT & SPA, Kempinski Hotels SA, Lanserhof GmbH, Marriott International Inc., ME SPE Franchising LLC, and Rancho La Puerta Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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