Dublin, Sept. 15, 2021 (GLOBE NEWSWIRE) -- The "Global Spa Market Size, Share & Trends Analysis Report by Service Type (Hotel/Resorts Spa, Destination Spa, Day/Salon Spa, Medical Spa, Mineral Spring Spa), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global spa market size is expected to reach USD 117.9 billion by 2028 and 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.
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.
Spa Market Report Highlights
- 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
Consumer Behavior Analysis
- Consumer Trends & Preferences
- Factors Affecting Buying Decision
- Consumer Product Adoption
- Observations & Recommendations
Market Dynamics
Driver Impact Analysis
- Increase in hectic lifestyle in urban areas
- Expansion of tourism sector
- Innovative marketing strategies
Restraint Impact Analysis
- High prices and strict regulation
- Lack of trained personnel
Industry Challenges
Industry Opportunities
Business Environment Analysis
- Industry Analysis: Porter's Five Forces
Roadmap of Spa
Market Entry Strategies
Penetration & Growth Prospect Mapping
Companies Mentioned
- Emirates Palace Spa
- Planet Beach
- Hot Springs Resort & Spa
- Four Seasons Hotels and Resorts
- Massage Envy
- Lanserhof
- Jade Mountain
- Rancho La Puerta Inc
- Mandarin Oriental Hotel Group
- Omni Hotels & Resorts
For more information about this report visit https://www.researchandmarkets.com/r/44f8wj
