Spa Services Market Projected to reach US$ 140.28 billion by 2032, at a CAGR of 10%, Future Market Insights Inc.
The market in North America is expected to witness a rapid growth rate during the forecast period, owing to the growing number of luxurious massage services and facilities in the US. In addition, people from the region have shown an increasing inclination towards rejuvenating treatments. Thus, North America is holding about 25% global market share and is expected to rise across the 2022-2032
August 26, 2022 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd.
EWARK, Del, Aug. 26, 2022 (GLOBE NEWSWIRE) -- The global spa services market is predicted to thrive over the forecast period of 2022 to 2032 by reaching a valuation of US$ 140.28 Bn while exhibiting a robust CAGR of 10% over this duration. Valued at US$ 105.18 Bn in 2022, the spa services market is pushed by swift changes in consumer preferences. The availability of a wide range of therapies such as cryotherapy, hydrotherapy, LED therapy, and sound therapy among others further supplements the spa services market.
With rapid urbanization, peoples’ choice of lifestyle and habits are also changing. Owing to a fast-paced lifestyle and hectic schedules, overall health of the population at large is deteriorating. Rushed lifestyle, extensive travel, and frenzied schedules often lead to muscle cramps and body aches. Hence, a major chunk of the population is inclined towards receiving spa services as it rejuvenates the body.
In addition to this, due to prevailing trends and social media influences, there’s an incredible emphasis on staying fit and groomed. The rising beauty standards among young adults and working professionals is also contributing to the market prospects of spa services during 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 the elderly often access spa service packages that offer comforting treatments, pain management, internal body healing and anti-healing. This factor is likely to push the sales of spa services over the projected period of 2022 to 2032.
“Rising demand of spa services for healing and pain management, especially by elderly, will likely promote the market growth of spa services over the forecast period,” says an FMI analyst.
- Surging demand for relaxation, wellness and meditation activities to boost market potentials.
- High operational cost and low market penetration in developing countries may hinder the market growth.
- North America is predicted to offer plenty of lucrative opportunities over the forecast period.
- Asia Pacific is projected as a highly profitable emerging market for spa services.
- Spa services market in Europe is likely to register 19% CAGR through 2032.
- By product type, hotel/ resort spa services is likely to generate substantial revenue.
- On the basis of 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 S.A., Brenners Park-Hotel & Spa, and others are some of the major players in the spa services market that are profiled in the full version of the report.
Major market players are keen on expanding their package offerings and focus more on self-care, fitness and nutrition packages. These business are also engaged in establishing more branches at local, national, regional and global levels to increase their market penetration.
More Insights into the Spa Services Market Report
In its latest report, FMI offers an unbiased analysis of the global spa services market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (day spa, resort/ hotel, medical spa, thermal/ mineral spring spas, others), service type (massage, beauty/ grooming, physical fitness, others), end user (men, women), and region.
According to the latest FMI reports, based on region, the spa services market in North America is expected to account for 25% of the global market share over the assessment period. The escalating presence of luxurious massage services coupled with a growing consumer inclination toward rejuvenating treatments is responsible for this regional market growth.
In Europe, the spa services industry is anticipated to exhibit 19% CAGR over the forecast period. Heightened interest and spending on health and wellness along with favorable government initiatives regarding the environment are promoting the market growth in this region.
The Asia Pacific spa services market is predicted to present 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 rising popularity of traditional spas such as Thai massage and Ayurveda.
Based on segmentation, by product type, hotel/ resort spa segment is expected to generate the most revenue over the forecast period and on the basis of end user, women, comparatively, frequent spa services more than men during this period of observation.
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Global Spa Services Market by Category
By Product Type:
- Day Spa
- Medical Spa
- Thermal/Mineral Springs Spas
By Service Type:
- Physical Fitness
By End User:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa