The spa services market is expected to reach US$140.28 billion
NEWARK, Del, Aug. 26, 2022 (GLOBE NEWSWIRE) — The global spa services market is expected to flourish during the forecast period of 2022 to 2032 reaching a valuation of $140.28 Bn while posting a robust CAGR of 10% over that duration. Estimated at $105.18 Bn in 2022, the spa services market is driven by rapidly changing consumer preferences. The availability of a wide range of therapies such as cryotherapy, hydrotherapy, LED therapy, and sound therapy, among others, further complements the spa services market.
With rapid urbanization, people’s lifestyle choices and habits are also changing. Due to a hectic lifestyle and busy schedules, the general health condition of the population as a whole is deteriorating. A rushed lifestyle, lots of travel, and hectic schedules often lead to muscle cramps and body aches. Therefore, a large part of the population is inclined to receive spa services as it rejuvenates the body.
On top of that, due to mainstream trends and social media influences, there is an incredible emphasis on staying fit and trim. Rising beauty standards among young adults and working professionals are also contributing to the spa services market outlook from 2022 to 2032.
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Again, the growing geriatric population often complains of body-related distresses such as back pain, neck pain, headaches, digestive disorders, and other body aches. Thus, seniors often access spa service packages that offer comforting treatments, pain management, internal body healing, and anti-healing. This factor is likely to push sales of spa services over the projected period of 2022 to 2032.
“The growing demand for spa services for healing and pain management, especially among the elderly, is likely to drive the growth of the spa services market over the forecast period,” says an IMF analyst.
Key points to remember:
- Growing demand for relaxation, wellness and meditation activities to drive market potentials.
- High operational costs and low market penetration in developing countries may hamper market growth.
- North America is expected to offer many lucrative opportunities over the forecast period.
- Asia-Pacific is projected as a highly profitable emerging market for spa services.
- The spa services market in Europe is expected to register a CAGR of 19% through 2032.
- By product type, hotel/resort spa services are likely to generate substantial revenue.
- Based on the end user, women are expected to lead the market.
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Hyatt Hotels Corporation, Mazkara.com, Four Seasons Hotel Limited, Marriott International, Inc., Hilton Hotels & Resorts, OneSpaWorld Holdings Limited, Siam Wellness Group, InterContinental Hotels Group plc, Massage Envy, Kempinski Hotels SA, Brenners Park-Hotel & Spa , and others are some of the major Spa Services market players which are profiled in the full version of the report.
Major players in the market want to expand their package offerings and focus more on personal care, fitness and nutrition packages. These companies are also engaged in establishing more branches locally, nationally, regionally and globally to increase their market penetration.
More information on spa services Market Report
In its latest report, FMI offers an unbiased analysis of the Global Spa Services Market, providing historic data from 2017 to 2021 and forecast statistics from 2022 to 2032. To understand the potential, growth, and scope of the global market, the market is segmented on the basis of product type (day spa, resort/hotel, medical spa, thermal/mineral spas, others), service type (massage, beauty/grooming, fitness, others), end user ( men, women) and region.
According to the latest IMF reports, based on the region, the spa services market in North America is expected to account for 25% of the global market share during the assessment period. The growing presence of luxurious massage services coupled with a growing consumer trend towards rejuvenating treatments is responsible for this regional market growth.
In Europe, the spa services industry is expected to grow at a CAGR of 19% during the forecast period. Increased interest and spending on health and wellness along with environment-friendly government initiatives are driving the market growth in this region.
The Asia-Pacific spa services market is expected to witness considerable growth over the assessment period. The market in this region is expected to acquire 22% of the overall market share. This growth is due to the thriving hospitality industry as well as the growing popularity of traditional spas such as Thai massage and Ayurveda.
Based on the segmentation, by product type, hotel/resort spa segment is expected to generate the most revenue during the forecast period and on the basis of end user, women, comparatively, frequent the more spa services than men during this observation period.
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Global Spa Services Market by Category
By product type:
- A spa day
- medical spa
- Thermal/mineral spas
By type of service:
Per end user:
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market context
3.1. Market dynamics
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s analysis
3.6. Regulatory landscape
3.6.1. By key regions
3.6.2. By key countries
3.7. Regional Parent Market Outlook
4. Global Spa Services Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value Analysis (USD Million), 2017-2021
4.2. Current and Future Market Size Value Projections (USD Million), 2022-2032
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