The global spa market is valued at US$ 133.96 billion in 2023. Worldwide demand for spa treatment options is predicted to increase rapidly at a CAGR of 12% and reach a market valuation of US$ 416.05 billion by the end of 2033.
Increasing traction for personal healthcare solutions is estimated to bolster demand for spa therapies around the world. In recent years, there has been a noteworthy increase in the disposable income of people around the world, which has led to the increased spending capacity of individuals on various types of lifestyle products, including personal care products, etc.Hectic and sedentary lifestyles of numerous people have increased their inclination to different spa treatments.
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Why are Spa Treatment Options Gaining Popularity?
“Hectic Lifestyles Driving Demand for Spa Therapies”
Changing lifestyles are predicted to stimulate various consumers to invest in spa treatments for wellness. Moreover, the hectic schedule of various people is leading to mental exhaustion. In addition, some people are also having sleeping and eating disorders around the world due to hectic lifestyles.
Unhealthy lifestyles of people are leading to increased demand for stress management and solutions for detoxification. Increasing requirements to maintain a mentally and physically healthy lifestyle is also predicted to propel the demand for spa therapies.
“Pain Management – Important Treatment Option”
Stress and mental exhaustion owing to hectic lifestyles have resulted in increased expenditure on rejuvenating and relaxing therapies, including aromatherapy and spa. Many people prefer to spend on spa therapies and luxurious services, bolstering demand for relaxing, rejuvenating, and detoxification therapies. These factors are expected to stimulate the demand for various types of spa treatments.
In recent years, there has been a significant increase in the demand for pain management due to hectic routines that leads to physical stress. Prominent companies in the target market are capitalizing on these opportunities and offering numerous types of spa treatment solutions to contribute to market growth.
“Growing Demand for Anti-ageing Treatment Procedures”
Rising requirements for anti-aging treatments for acne, hyperpigmentation, wrinkles, and clogged pores are predicted to impact market growth opportunities. Many people are also spending on numerous non-surgical treatment options such as peel and exfoliation for their mental and physical well-being.
“Rising Cases of Chronic Diseases Generating Opportunities for Industry Players”
The prevalence of various chronic diseases such as asthma is estimated to fuel demand for various types of spa treatment options. Asthma patients can have swollen airways, which generally leads to breathing issues. Wheezing, coughing, and shortness of breath are some popular issues, which asthma patients feel regularly.
Expenditure on saunas and steam rooms helps to eliminate toxins through open airways and skin of asthmatic patients. The rising investment in steam baths to treat upper respiratory problems, bronchitis, and coughing through losing mucus and phlegm and ensuring relaxation are estimated to boost the market growth.
Competitive Landscape:
Key providers of spa therapies are emphasizing the introduction of numerous spa packages, which are oriented toward various consumer segments. Industry players are spending to gain lucrative opportunities in the luxury and premium sectors. The growing digitalization of services is also predicted to intensify the competition among market players.
For instance :
- Zenoti Foundation is a provider of beauty, wellness, and spa services. In March 2021, it entered into a partnership with Sutherland Global to improve customer experiences while providing support via phone-based chat and addressing customer queries.
Key companies in the spa market are Zivaya SPA, Savor SPA, L’Oreal Professional, Lotus Spa Centre Ltd., Amanda Spa, Natural Beauty Spa, MATRIX, Amore Fitness Pvt Ltd., Nirvana Spa, Forte Village Resort, Grand Resort Bad Ragaz, L’Occitane En Provence, COMO Shambhala Estate, Canyon Ranch, and Four Seasons Resort Bora Bora.
Fact.MR, a market research and competitive intelligence provider, offers a detailed analysis of the spa market. Key companies are studied in detail to provide a thorough analysis of product quality and supply chain management. These players are also developing innovative procedures and therapies.
Segmentation of Spa Industry Research:
· By Type :
- Hotel/Resort Spas
- Medical Spas
- Destination Spa & Health Resorts
- Thermal/Mineral Spring Spas
- Other Spas
· By Market Type :
- New Spas
- Renovation or Replacement Spas
· By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Questionnaire answered in the Market outlook Report of Spa include:
- What is the key strategy deployed by large players to maximize Spa Market growth?
- What are the main challenges faced by players in the Spa market Demand?
- With the advent of technological advancement, how will the Spa market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Spa market size?
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