SAN FRANCISCO, June 15, 2021 /PRNewswire/ -- The global spa market size is expected to reach USD 117.9 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.1% from 2021 to 2028. Unhealthy lifestyles have increased the need for stress management, mental clarity, and system detoxification. The growing need to maintain a physically and mentally healthy lifestyle is expected to drive the market. Moreover, rising disposable incomes, changing lifestyles, and an increasing population are expected to propel market growth.
Key suggestions from the report:
The hotel/resort spa segment dominated the market and accounted for the largest revenue share in 2020 due to the rising wellness tourism worldwide
On the other hand, the destination spa segment is likely to witness the fastest growth over the forecast period due to the growing demand for traditional spas such as Swedish, Ayurveda, and Turkish massage. The majority of people visit destination spas for week-long programs to -start their fitness or work on a particular problem
In 2020, Asia Pacific held a majority of the regional market share due to increasing disposable income, increase in wellness tourism, and availability of advanced technological infrastructure
In Europe, the market is expected to witness the fastest growth over the forecast period. Due to the growing trend among customers to control, minimize, and relieve stress, lose weight, and take a more positive and holistic approach to their wellbeing
The key players account for a considerable market share and have a strong presence across the globe. The growing trend of digitalization in the industry is increasing competition among players and is also presenting opportunities for new entrants in the market
The coronavirus (COVID-19) pandemic had a significant impact on the industry, as businesses were forced to close or enforce stringent hygiene requirements and regulations for their workers and visitors. In a March 2020 survey of the spa industry professionals worldwide, 31.0% predicted that the number of spa visits decreased by more than 70.0% during the pandemic compared to the same period the previous year.
The ability to avoid unwanted interaction can lead to set new standards for the hotel industry. Sanitizers are the new tabletop focus and all staff members are expected to wear face masks and gloves. Hotel owners and asset managers are planning new SOPs and safety measures during the hotel closure and ensuring transparency and direct contact with guests.
New wellness-based digital platforms including online yoga sessions via live stream to customers, create an opportunity to invest in digital health. Companies are increasingly focusing on and investing in sponsorships and strategic partnerships as these growth strategies help target a larger audience and increase brand visibility. Also, these strategies allow companies to interact with the right audience. Moreover, the growing sustainability and popularity of brands aid in generating more revenue.
Grand View Research has segmented the global spa market on the basis of service type,and region:
Spa Service Type Outlook (Revenue, USD Billion, 2016 - 2028)
Mineral Spring Spa
Spa Market Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Medical Spa Market– The global medical spa market size was valued at around USD 12 billion in 2018 and is expected to register a CAGR of 13.8% over the forecast period.
Essential Oils Market– The global essential oils market demand was estimated at 247.08 kilotons in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2020 to 2027.
Massage Oil Market – The global massage oil market size was valued at USD 2.60 billion in 2019 and is expected to witness significant growth in the forthcoming years.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.