According to the latest report by IMARC Group, titled "Spa Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global spa market experienced moderate growth during 2015-2020. Spa refers to a commercial enterprise that provides personalized wellness treatments for body relaxation and health management. These services usually include restorative treatments, such as body scrub and massages, steam baths, sauna baths, facials, manicures and pedicures. Spas are efficiently designed to promote fitness, health, and peace of mind to their customers. Moreover, they are beneficial in boosting immunity, treating medical ailments, managing stress, detoxifying the body, improving blood circulation, and weight management.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Spa Market Trends:
The global spa market is primarily being driven by the increasing need to maintain a healthy mental and physical lifestyle due to a rise in the number of various health problems, such as stress, anxiety and depression among individuals. This factor is further supported by rapid urbanization and the hectic schedules of the working population. Moreover, the growing availability of personalized, natural, and organic treatments and floatation therapies to promote relaxation and healing of the skin is acting as another growth-inducing factor. The market is also driven by constant developments in spa services, including the advent of hybrid spa technology that utilizes its gas generated hybrid system to maintain the temperature of the spa, thus minimalizing the use of carbon and other chemicals. Other factors, such as the expansion of the wellness tourism industry, rising consumer expenditure capacities, and the growing trend of medical spa, are creating a positive outlook for the market. Although the market growth is severely impeded by the mandatory lockdowns imposed due to the sudden outbreak of coronavirus disease (COVID-19), it is expected to recover once the normalcy is regained. Looking forward, the market is expected to grow at a CAGR of around 6% during 2021-2026.
- Based on the type, the market has been segmented into salon, hotel and resort, medical, destination, thermal spring, and others.On the basis of the end user, the market has been bifurcated into male and female.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Canyon Ranch Inc., Emirates Palace, Four Seasons Hotels Limited, Grand Resort Bad Ragaz AG, Harrison Hot Springs Resort & Spa Corp., Lanserhof GmbH, Marriott International Inc., Massage Envy Franchising LLC, Planet Beach Franchising Corporation, Rancho La Puerta Inc. and Six Senses Hotels Resorts Spas (InterContinental Hotels Group).
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