The spa services market is estimated at US$ 105.18 billion in 2022 and is projected to reach US$ 140.28 billion by 2032, at a CAGR of 10% during the forecast period.
According to Future Market Insights analysis, changing lifestyle trends are expected to fuel significant demand for investing in spa therapies for health and wellness consciousness. Hectic schedules are resulting in mental exhaustion, along with eating and sleeping disorders globally.
Unhealthy lifestyles have led to the growing need for stress management, peace of mind, and detoxification of the system. Demand for spa services is expected to remain high, attributed to the increasing need for maintaining a physically and mentally healthy lifestyle.
Moreover, the surge in demand for detoxification of systems, stress management, and therapies for chronic disorders is expected to propel the growth of the global spa services market significantly.
With increasing disposable incomes, customers prefer spending on luxurious services and relaxing therapies. Increasing demand for rejuvenating and relaxing therapies to detoxify the system is continuing to fuel demand for spa services.
The growing need for anti-aging treatments for clogged pores, acne, wrinkles, and hyperpigmentation is further expected to impact the growth of the global spa services market share.
The increasing old age population is increasingly spending on non-surgical treatments, such as exfoliation and peel, to improve their physical and mental health. Travel restrictions globally have had an impact on the spa services market. However, a recovery in the spa business is anticipated.
As customers place more emphasis on the value of their wellbeing, mental health, and stress alleviation, demand is rising. The current difficulty is finding and keeping enough employees, such as massage therapists and spa managers.
Key Takeaway
- The spa services market is expected to have a CAGR of 10%, with a market value of US$ 140.28 billion by 2032.
- COVID-19 has an impact on 45% of the global spa services market.
- After North America, APAC has the biggest spa services market share of 22%.
- Europe accounted for 19% of the spa services market share.
- As of 2022, the total number of spa services in the US fell to 21,560.
- Based on product type, hotels/resorts segment lead the spa services market and generate higher revenue.
- Based on the end user, women used spa services more frequently than men.
“The increased demand for body treatments and the continuous rise in health consciousness is expected to boost its market in the forecast period”, says FMI Analyst.
Leading players of global spa services are focusing on promotional strategies and advertising popular tourist destinations in various regions to improve demand for spa services. As a result of digitization, start-ups use new technology to connect individuals with salons and spas.
Major players present in the global spa services market are Hyatt Hotels Corporation, Four Seasons Hotel Limited, Marriott International, Inc., Hilton Hotels & Resorts, One SpaWorld Holdings Limited, Siam Wellness Group, Inter Continental Hotels Group plc, Massage Envy, Kempinski Hotels S.A., Brenners Park-Hotel & Spa, among many others.
Recent Developments:
- Starting in Dubai, the beauty and wellness appointment scheduling startup Mazkara enables customers to search and discover salons & spas in their vicinity.
- To draw in new customers and keep existing ones, Naantali Spa completed restoration and room improvements in the first half of 2019.
