The global spa market size was valued at USD 47.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2021 to 2028. The rise in hectic lifestyle in urban areas, growth in inbound and outbound tourism for the purpose of wellness, rising demand from emerging markets, and awareness are the factors propelling the 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.
With international hotel chains in the market, the industry’s growth remains strong. Factors such as the growing female population and anti-aging spa treatments would add a significant number of potential clients to the spa industry over the forecast period. Spas in the Asia Pacific region accounted for more than half of all spas constructed worldwide. For instance, Starwood Hotels has 65 spas in the area under construction, while Hilton Worldwide has 124 expected.
Key Player Mentioned:
- Planet Beach
- Hot Springs Resort & Spa
- Four Seasons Hotel Limited
- Massage Envy
- Lanserhof
- Jade Mountain
- Rancho La Puerta
- Mandarin Oriental Hotel Group
- Omni Hotels & Resorts
- Emirates Palace Spa
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Product Segment Analysis:
- Hotel/Resorts Spa
- Destination Spa
- Day/Salon Spa
- Medical Spa
- Mineral Spring Spa
- Others
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
In a March 2020 survey of spa industry professionals worldwide, 31% predicted that the number of spa visits decreased by more than 70% during the pandemic compared to the same period the previous year. Maintaining a physically and mentally healthy lifestyle is expected to increase spa therapies’ demand. Moreover, changing lifestyles, rising disposable income, and increasing population are anticipated to drive the market over the forecast period.
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Several companies are adopting strategies such as mergers and acquisitions as an effective way of maintaining or increasing market share. For instance, in March 2021, Zenoti, a Cloud-based spa and salon software supplier announced a strategic partnership with Sutherland Global. This strategic plan allows the company to improve the customer experience by expanding real-time service in both chat and phone-based platforms to address a large portion of customer support issues in minutes.
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